E Mortgage Blog

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Carl Ashton
Mortgage Banker

VA Loans

VA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans.

 

Other benefits of a VA loan include:

• Negotiable interest rate.
• Closing costs comparable – and sometimes lower - than other financing types.
• No private mortgage insurance requirement.
• Right to prepay loan without penalties
• Mortgage can be taken over (or “assumed”) by the buyer when a home is sold.
• Counseling and assistance available to veteran borrowers having financial difficulty or facing default on their loan.

 

Although mortgage insurance is not required, the VA charges a funding fee to issue a guarantee to a lender against borrower default on a mortgage. The fee may be paid in cash by the buyer or seller, or it may be financed in the loan amount.

 

A VA loan can be used to buy a home, build a home and even improve a home with energy-saving features such as solar or heating/cooling systems, water heaters, insulation, weather-stripping/ caulking, storm windows/doors or other energy efficient improvements approved by the lender and VA.

 

Veterans can apply for a VA loan with any mortgage lender that participates in the VA home loan program. A Certificate of Eligibility from the VA must be presented to the lender to qualify for the loan.

Call or Email us today about your new VA Loan!

www.premiermortgagestore.com

www.vamortgagesstore.com

Mortgages are available at any credit score!

With bad credit mortgages, you can still qualify for some great offers rates lately have gone as low as 4.25% for 620 borrowers and loans.

How do we get you a low rate?

We have the latest software to get your credit score to the magic number very quickly, then you can qualify for rates that are prime in the market and purchase just like every other borrower out there…….
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Bad credit mortgage refinance -

The bad credit debtors also have the options to avail a bad credit mortgage refinance and those with bad credit scores usually get higher interest mortgage refinance rates, Don’t pay to refinance a loan call me or apply now and I can run your credit report and tell you exactly what to pay off how to pay it off and when to pay it off to maximize your score, fee free. If I can improve your credit a $ 129.00 application fee will apply.
 
If I cannot its free, Fair enough?

Bad credit debtors, who are applying for new home loans should seek to improve their credit reports or scores. With a slighter better credit rating, your chances of getting low interest loans are higher and thus you should avoid getting new home mortgage with bad credit ratings.

Apply now at www.premiermortgagestore.com to get you credit scores up so you can buy TODAY!

Premier Mortgage Store
1605B Prosperity Farms Road
Lake Park, FL 33403
Phone: 5612103000
Fax: 5616241764

HomePath® Mortgage Financing

This special financing is available on Fannie Mae homes with the following logo:

The benefits include:

• Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
• You may qualify even if your credit is less than perfect
• Available to both owner occupiers and investors
• Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
• No mortgage insurance*
• No appraisal fees
• Also eligible for HomePath Renovation Mortgage

Premier Mortgage Ft Lauderdale

Premier Mortgage Store Naples

Premier Mortgage Store Florida

Premier Mortgage Boca Raton

FHA Mortgage Store

VA Mortgage Store

USDA Mortgage Store

Holding Title

Before you reach the closing day, you will want to make a decision as to how you will "hold title" to the property. This decision has legal, tax and estate planning ramifications. Therefore, it may be prudent to consult an attorney or certified public accountant (CPA).

The following information is supplied for informational purposes and should not be relied upon as legal definitions.

Buying Alone

• Sole Ownership
  • A single individual who has not been legally married.
  • An unmarried individual who was married and is now legally divorced.
  • A married individual who wishes to acquire title in his or her name alone. At the time of closing, the spouse of the buyer will be required to specifically disclaim or relinquish his or her right, title and interest to the property.

• Living Trust
  A living trust is created while an individual is alive and gives the individual control of the distribution of his or her estate. The individual transfers ownership of his or her property and assets into the trust.

Buying with Others

• Tenancy in Common
  Enables each partner in the property to sell, lease or will to his/her heirs that share of the property belonging to him/her.
  • Who can take title? Any number of individuals.
  • Ownership Division: Any number of interests, equal or unequal.
  • Who holds title? A separate legal title to his undivided interest is held by each co-owner.
  • Possession: Equal right of possession.

• Joint Tenancy
  Property owned by multiple individuals where if one of the owners dies, the remaining owners acquire the share of the deceased owner automatically.
  • Who can take title? Any number of individuals.
  • Ownership Division: Interests cannot be divided.
  • Who holds title? There is only one title to the whole property.
  • Possession: Equal right of possession.

• Community Property
  Property owned equally between a husband and wife. Each must sign all agreements and documents of transfer.
  • Who can take title? Only a husband and wife.
  • Ownership Division: Interests are equal.
  • Who holds title? Similar to title being in a partnership, title is held in "community."
  • Possession: Equal right of possession.

Additional Ways to Hold Title

• Corporation
  A corporation is a legal entity, created under state law, consisting of one or more shareholders but regarded under law as having essentially the same as those of an individual. The entity has continuous existence until it is dissolved according to legal procedures. Land owned by a corporation cannot be attached for personal debts or judgments rendered against any of its shareholders.

• A Partnership
  A partnership is an association of two or more persons who can carry on business for profit. A partnership may hold title to real property in the name of the partnership with partners having an equal or an unequal interest in the property.

• A Trust
  A trust is an arrangement whereby legal title to property is transferred by the grantor (or trustor) to a person called a trustee, to be held and managed by that person for the benefit of the people specified in the trust agreement, called beneficiaries.

Carl Ashton

Mortgage Banker

 

 

1605A Prosperity Farms Rd

Lake Park Florida 33403

Phone: 561-210-3000

Fax: 561-624-1764

premiermortgagestore@live.com

 

Our websites:

 

Premier Mortgage Ft Lauderdale

Premier Mortgage Store Naples

Premier Mortgage Store Florida

Premier Mortgage Boca Raton

FHA Mortgage Store

VA Mortgage Store

USDA Mortgage Store

 

Closing the Sale

Escrow
To finalize the sale of the home a neutral, third party (the escrow holder, a.k.a. escrow agent) is engaged to assure the transaction will close properly and on time. The escrow holder insures that all terms and conditions of the seller's and buyer's agreement are met prior to the sale being finalized, including receiving funds and documents, completing required forms, and obtaining the release documents for any loans or liens that have been paid off with the transaction, assuring you clear title to your property before the purchase price is fully paid.

The documentation the escrow holder may be collecting includes: Loan documents Tax statements Fire and other insurance policies Title insurance policies Terms of sale and any seller-assisted financing Requests for payment for various services to be paid out of escrow funds

Upon completion of all instructions of the escrow, closing can take place. All outstanding payments and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the property is then transferred to the seller and appropriate title insurance is issued as outlined in the escrow instructions.

At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. As your real estate agent, I'll inform you of the acceptable form.

The Escrow Holder Will:

• Prepare escrow instructions
• Request title search
• Comply with lender's requirements as specified in the escrow agreement
• Receive funds from the buyer
• Prorate insurance, tax, interest and other payments according to instructions
• Record deeds and other documents as instructed
• Request title insurance policy
• Close escrow when all instructions of seller and buyer have been met
• Disburse funds and finalize instructions

• Give advice - the escrow holder must maintain neutral, third-party status
• Offer opinions about tax implications

Mortgage Escrow Account

A Mortgage Escrow Account is established to pay on-going expenses while there is a loan on the house. These expenses include property taxes, home insurance, mortgage insurance, and other escrow items. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

Carl Ashton

Mortgage Banker

 

 

1605A Prosperity Farms Rd

Lake Park Florida 33403

Phone: 561-210-3000

Fax: 561-624-1764

premiermortgagestore@live.com

 

Our websites:

 

Premier Mortgage Ft Lauderdale

Premier Mortgage Store Naples

Premier Mortgage Store Florida

Premier Mortgage Boca Raton

FHA Mortgage Store

VA Mortgage Store

USDA Mortgage Store