mortgage

Please read this article!

 I don’t want any of my friends, colleagues, or clients falling victim to this!

https://www.cnbc.com/2017/10/19/scammers-are-conning-home-buyers-out-of-their-down-payment.html

 

Information About Mortgage Tax Benefits

  • One of the most important benefits of buying a home and having a mortgage is the mortgage interest expense income tax deduction.  For most borrowers, the mortgage tax deduction provides a significant, positive financial impact and is an important factor in determining how much home they can afford.  The interest expense tax benefit helps to offset property taxes, homeowners insurance and other monthly housing expenses you pay when you own a home.

 

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Are you familiar with the lender fees worksheet?

The Lender Fees Worksheet provides a detailed breakdown of the up-front closing costs and expenses associated with a mortgage. The Lender Fees Worksheet also includes estimated total monthly housing expense including your mortgage payment, property taxes, homeowner's insurance and other applicable housing-related expenses. To give yourself a clear understanding,ask for the Lender Fees Worksheet when you submit your loan application or request a mortgage proposal.

Do you know the difference between Gross and Net Income for Mortgage Borrowers?

It is important to understand the difference between gross and net income and how both figures factor into the mortgage process.  Most borrowers think about how much of their net income they should spend on their monthly mortgage payment when determining what size mortgage they can afford. Most lender mortgage qualification guidelines look at a borrower's monthly gross income (and debt) to determine what size mortgage they qualify for.

Gross Income

                      -Monthly gross income is the amount of money you make before any

What do you need to take with you when you apply for a mortgage?

If you have everything with you when you visit your lender, you'll save a good deal of time.

Curious as to what your mortgage will cover? Take a look

Most loans have 4 parts: principal: the repayment of the amount you actually borrowed; interest: payment to the lender for the money you've borrowed; homeowners insurance: a monthly amount to insure the property against loss from fire, smoke, theft, and other hazards required by most lenders; and property taxes: the annual city/county taxes assessed on your property, divided by the number of mortgage payments you make in a year. Most loans are for 30 years, although 15 year loans are available, too.

In addition to the mortgage payment, what other costs do you need to consider?

Well, of course you'll have your monthly utilities. If your utilities have been covered in your rent, this may be new for you. A broker here at Miller Mortgage will be able to help you get information from the seller on how much utilities normally cost. In addition, you might have homeowner association or condo association dues. You'll definitely have property taxes, and you also may have city or county taxes. Taxes normally are rolled into your mortgage payment. Again, we will be able to help you anticipate these costs.

If you have any questions give us a call 

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