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Are you aware that your middle credit score matters?

When you apply for a mortgage loan, the lender will pull your credit scores from three credit bureaus (Transunion, Equifax and Experian) to help them determined if you are credit worthy. Your middle score of the three is what lenders will use for loan qualification. However, the underwriter will review all three scores as part of the loan underwriting process. One thing that you should know is that if you pull your own credit score through a website online, the credit scores displayed to you may be different than what lenders use because they use different reporting systems.

Are you aware that mortgage rates change?

Just like the stock market, mortgage rates change throughout the day. Therefore, the mortgage rates you see today may not be available tomorrow. If you are in the market for a mortgage loan, be sure to check the current rates being offered. If you have already done your research and have found your dream home, consider locking in your rate as soon as possible with Miller Mortgage. If you have any questions give us a call.

 

Chris Miller

Manager

Miller Mortgage, LLC.

978-535-1822 (office)

866-289-7495 (fax)

877-538-7967 (toll free)

How to figure out equity

Market value - All mortgage debt = Equity

Example:
Sarah and Bill bought a house four years ago. Today, it's worth $200,000 and they owe $120,000 on the mortgage. Their equity is:

$200,000 market value 
- $120,000 mortgage debt
= $80,000 equity

Why should you buy instead of rent?

A home is an investment. When you rent, you write your monthly check and that money is gone forever. But when you own your home, you can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes. This will save you a lot each year, because the interest you pay will make up most of your monthly payment for most of the years of your mortgage. You can also deduct the property taxes you pay as a homeowner. In addition, the value of your home may go up over the years. Finally, you'll enjoy having something that's all yours.

VA Loans

  • Conforming Loan Sizes:
    • Streamline IRRRL with Mortgage Rating Only.  i.e. You can qualify as long as your mortgage has been paid on time!
    • 580 Minimum FICO for 
      Purchase/Refinance
    • No credit score requirement for Streamline refinance IRRRL
    • No points and no closing costs!

 

  • Up to 100% financing
  • Loan Amounts up to $1,500,000

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Learn More - Non-Owner Occupied Renovation Loans

Do you own an investment property and looking to renovate?  Check out the non-owner occupied renovation loan programs below.

·      85% LTV of After Improved Value on Purchase Transactions

·      Borrowers can have up to 4 Financed Properties

·      Purchase and Rate/Term Refinance Transactions

·      No Minimum Repair Amount

·      SFR, PUDs, Condos (Attached/Detached)

·      Minimum Credit Score of 620

·      1-Unit Allowed

·      Improvements Must be Permanently Affixed and Add Value to the Property

Non-Owner Occupied Renovation Loans

Do you know what Non-Owner Occupied renovation Loans are? Here's a scoop:

1) 85% of after improved value on purchase transactions.

2) Borrowers can have up to 4 financed properties.

3) No minimum repair amount

4) SFR, PUDs,Condos (attached or detached)

5) Credit Score

6) 1-unit allowed

7) Improvements must be permanently affixed and add value to the property.

The difference between a lender’s title insurance policy and an owner’s title insurance policy?

What’s the difference between a lender’s title insurance policy and an owner’s title insurance policy?  Owner’s title insurance policy protects YOUR financial investment in a home.  Learn more below.    

What is owner’s title insurance?

The Importance of Declaring Homestead

Declaring Homestead

As a homeowner, it is important to declare homestead.  Below one of our attorneys describes a homestead and why you should declare homestead.  

Brexit - Stocks and Rates Improve

Stocks and Rates Improve  

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