Blog Category: Sales

condo building

Do Condo Fees And HOA Fees Affect How Much I Qualify For?

Condo HOA fee impact a mortgage pre-qualification. When pre-qualifying someone for a condo mortgage a loan officer will have to make some assumptions if there is no ratified contract on a particular condominium. In those assumptions would be an estimate of what the monthly condominium fees would be. I personally use $1.00 per thousand of the sales price when I am working up my numbers when prequalifying someone. Read More

What Who Where When How Why

Does It Really Matter Where Your Loan Officer Is Located?

It is very common for realtors to ask a homebuyer who their mortgage loan officer is and where they are located. There is a belief that a lender, and for that matter all the service providers to a real estate transaction, needs to be very local.

Realtors assign some magical powers to a mortgage loan officer who is Read More

Contract Agreement Signature

How to Make an Offer on a House: 5 Important Topics

Do you know how to make an offer on a house? It’s simple, right? There are many things to consider when you are making an offer on a house. When it comes to making an offer there are some key things that can make a difference! Below are some important topics related specifically to the mortgage when you’re getting ready to write up an offer on a home. Read More

confused

Is It Better to Overprice or Underprice Your Home For Sale?

When sellers set an asking price for their home I always imagine big dollar signs in their eyes. Most human beings suffer from wishful thinking and confirmation bias. How should you price your home: high, low or right at market value? In other words, should you overprice or underprice, or price it right at market value? If sellers are underpricing they may hope to sell faster, or hope for a bidding war. Overpricing a home may allow you to get more for your house than it’s really worth with luck and hope that one buyer loves your home. Underpricing or overpricing your home can be a gamble. And the best thing you can do is come to terms with how much your house is really worth. Read More

doughnut

Look Out! There Is A Loan Officer Hiding In The Doughnut!

Yes, there really is a loan officer in the doughnut at times. What I am talking about is how business referrals are sourced in the mortgage industry. I’m afraid business is still referred the old-fashioned way. Not by who earns it, but by who brings the freshest doughnuts to the Realtor office meeting. Or who picks up the tab at happy hour, or buys your Realtor tickets to the hockey game. And also, who hangs around the most in the realtor offices. Does this sound like a professional way to analyze a business vendor? Read More

house for sale

Losing Fees Paid For Services When A Loan Does Not Close

Fees paid during a home buying process are at risk? Every now and again a loan does not make it to closing. Common reasons for this are home inspection issues that cannot be resolved or a condo that cannot be approved. Unfortunately, some of these issues arise and cause a deal to cancel after some services have already been performed and therefore have to be paid for. And this is where debate will sometimes arise. The debate is related to fees paid during the home buying process. Read More

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Mortgage Paperwork Is Getting Easier

Here at Capital Bank Home Loans we have a new dynamic loan application that we use, to help ease the mortgage paperwork. Being dynamic means that it can potentially verify your assets and income during the application process, allowing you to avoid having to upload any documents. And of course we all love to avoid mortgage paperwork!

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spending money

Spending More Money Saves Money?

How much to spend on real estate? Does spending more money in the short run save more money in the long run? That may be the case with real estate. When you consider the transaction costs involved in buying and selling real estate, you need to be thinking that you are buying something that you’ll love and will want to stay in for as long as possible. This is to avoid repeating the transaction costs too many times over in your life. Read More

fifty percent off

The Best Mortgage Rate

Often a client will start a mortgage loan conversation with, “I need to get the best rate.” And that often confuses me. What does the “best rate” mean? Does that mean you won’t work with a lender who doesn’t have the very lowest interest rate on the day you are ready to lock-in an interest rate? Does it mean you won’t give any consideration to experience, execution, responsiveness and delivery?

Would most people work with a mortgage lender willing to lose money? Read More