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6 Things Buyers Can Do To Ace An Open House

1. Request a private home tour before the open house

2. Get friendly with the seller’s agent

3. Get to the open house first

4. Take advantage of open houses on weekdays

5. Explore the neighborhood around the home

6. Keep excitement about the home for sale to a minimum

Do you know the difference between a conventional and non-conventional mortgage?

Simply put, a conventional mortgage means that the mortgage is not obtained through a government program while non-conventional mortgages are obtained through government-backed programs such as the VA home loan program or FHA mortgage program. Also, non-conventional mortgages require borrowers to pay extra up-front or ongoing fees in addition to their monthly mortgage payment. For more information give us a call,

Chris Miller

Manager

Miller Mortgage, LLC.

978-535-1822 (office)

New Fannie Mae Home Style Renovation Program

Fannie Mae Home Style Renovation Program

The HomeStyle Renovation program allows borrowers to obtain a single loan to purchase a property or refinance an existing loan and complete renovations/repairs/improvements after loan closing using the “After-Improved” value of the property.

·         No minimum dollar amount for repairs.  Renovation/repair costs allowed up to 50% of the “After-Improved” value of the property

·         Mortgage amount based on the projected value of the property with all work completed

Are you curious as to how Mortgage Amortization Works?

Amortization is the technical term for how your mortgage is paid off over time and determines the amount of your monthly mortgage payment. Except for interest-only mortgages, all mortgages amortize, which means the vast majority of mortgages amortize. For amortizing mortgages, the mortgage payment is split between principal and interest. The principal component of your mortgage payment goes to paying down the mortgage balance. The interest component of your mortgage payment represents the cost of borrowing money from the lender and does not reduce your mortgage balance.

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.

What if your offer is rejected?

They often are! But don't let that stop you. Now you begin negotiating. We can help you with this. You may have to offer more money, but you may ask the seller to cover some or all of your closing costs or to make repairs that wouldn't normally be expected. Often, negotiations on a price go back and forth several times before a deal is made. Just remember - don't get so caught up in negotiations that you lose sight of what you really want and can afford!

Are you curious as to how Mortgage Amortization Works? Here is all you need to know

Amortization is the technical term for how your mortgage is paid off over time and determines the amount of your monthly mortgage payment.  Except for interest-only mortgages, all mortgages amortize, which means the vast majority of mortgages amortize. For amortizing mortgages, the mortgage payment is split between principal and interest.  The principal component of your mortgage payment goes to paying down the mortgage balance.  The interest component of your mortgage payment represents the cost of borrowing money from the lender and does not reduce your mortgage balance.

No Minimum Borrower Contribution Unit Primary Residence!

 

Transaction Type:

  • 95% 1-4 Unit, PUD, Condo and Manufactured Home.
  • LTV/CLTV:
    • Home Possible: 1-4 Units - 95% Max LTV/CLTV
    • Home Possible Advantage: 1 Unit - 97% LTV / 105% CLTV *Affordable Second®.
  • Owner Occupied, Primary Residence.
  • Reduced MI Coverage.
  • Homeowner Education Program Required.
  • Eligible Terms.
  • Home Possible: 30 yr, 20 yr and 15 yr Fixed Rate Mortgages
  • Home Possible Advantage: 30-Year Fixed Rate

 

 

 

Miller Mortgage now offers a new "Fresh Start" program

The Fresh Start portfolio product is designed to help borrowers buy or refinance a home after having been forced into bankruptcy or foreclosure, but have since rebuilt their credit. Fresh Start offers the following features and benefits:

Miller Mortgage, LLC is GIVING 3.5% towards the down payment on a single or two family home!

Miller Mortgage, LLC is GIVING 3.5% towards the down payment on a single or two family home!  Call today to get preapproved for this limited time offer 978-535-1822! 

 

Program Benefits

 

1.     Down payment assistance- up to 3.5% of the loan amount in the form of a grant- never has to be repaid!      

2.     Not limited to first-time homebuyers.

3.     No sales price limits. 

4.     Credit scores down to 620.

5.     Eligible on FHA, VA, and USDA Loan Programs.

 

Borrower must meet the following requirements:

 

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