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Finding the Best Mortgage

Monday, September 28, 2015
by The Mike Parker Team

As rates are inching up but still very affordable, buyers should remember that there is an alternative to a fixed rate mortgage that can provide the lowest cost of housing for the homeowners who understand the parameters.

 

A $300,000 fixed-rate mortgage at 4% has a principal and interest payment of $1,432.25 per month for the entire 30 year term. A 5/1 adjustable mortgage at 3% has a $167.43 lower payment for the first five years and then, can adjust, up or down, based on a predetermined index.

Another interesting fact is that the unpaid balance on the ARM at the end of the first five years is $4,624 lower than the fixed-rate mortgage. The total savings in the first five years on the ARM is $14,669.00.

Adjustable rate mortgages are not the right choice for everyone but buyers should at least consider the options based on their individual situation. It could be an obvious choice for a buyer who is only going to be in the home for five years or less.

Use the ARM Comparison worksheet to see what possible savings you could have based on your actual numbers. A trusted mortgage professional can help you to understand the advantages and disadvantages based on your situation. You need the facts to make the best decision. 

Make Good Offers Better

Monday, June 30, 2014
by The Mike Parker Team

Make Good Offers Better

 

It’s disappointing, frustrating and sometimes, discouraging when you lose a home you want to buy.

One of the hardest lessons for today’s buyers is that writing an offer doesn’t mean that you’ll get the home or even a counter-offer.  The low inventory affecting many of the housing markets requires a different strategy to give you the best chance to get the home you want.

  1. Make your best offer initially; you may not get a chance to accept a counter.
  2. Submit a written pre-approval letter from the lender.
  3. Increase earnest money above what is considered normal.
  4. Make a larger down payment.
  5. Eliminate unnecessary contingencies.
  6. Don’t ask for personal property not included in the listing agreement.
  7. Pay your own customary closing costs.
  8. Shorten the inspection period.
  9. Buy the home “as is” subject to inspections which still allows you to get your earnest money back if the inspections are unacceptable but doesn’t require the seller to make repairs.
  10. Write the seller a hand-written, personal letter telling them why you want their home; include a picture of your family.
  11. Offer to use the seller’s or listing agent’s preferred title company.
  12. If you can pay cash, do so and arrange financing after closing.  Be prepared to show proof of available funds.
  13. Schedule the closing as soon as possible but let the seller know you can be flexible.
  14. Once you decide on a home, act with expedience.
  15. Ask your real estate professional if they have any other suggestions. 

 Think of making an offer like applying for a job. You want to make your best impression and show why you are the best choice.  You won’t always know that there are multiple offers.  Approach the process like the competition is doing their best to get the home. 

Great Rates On Fantastic Homes...Why Rent When You Can Buy

Friday, November 8, 2013
by The Mike Parker Team

When you pay your landlord every month do you ever feel like you could be living in a place of your own for less then your rent payment?  You could be right.  Check out these fantastic homes today:

4385 Kidwell Ln., Taylor Mill, KY
$150,000

* FHA 3.5% Down, 4.125% Rate, 5.732% APR, P&I-$713.81, MIP-$875.41, RE Tax-$162.25, Insurance-$56.25, TOTAL - $1093.91
* 3 Bedrooms, 2.5 Bathrooms
* Bella Laminate & Ceramic Tile Thru-Out
* Open Great Room, Kitchen & Breakfast Area with Cathedral Ceilings
* Kithen features Stainless Appliances, Island, Counterbar & Walkout to Deck
* Finished Lower Level Family Room with Walkout to Patio, Half Bath and Laundry
* Cul-de-sac, Extrememly Convenient Location
* Immediate Possession
* Fowler Ridge Subdivision
* Boone County Schools


6836 Highridge Ave., Florence, KY
$109,900

* FHA 3.5% Down, 4.25% Rate, 5.763% APR, P&I-$530.85, MIP-$118.39, RE Tax-$104.17, Insurance- $41.67, TOTAL - $795.08
* 2-3 Bedroom, 2 Full Baths
* 1 Car Garage
* Big Backyard
* Finished Lower Level wih Walkout & Full Bath
* All Appliances in Kitchen Stay
* Security System, Newer Roof, Updates Thru-Out
* Possible Quick Possession
* Boone County Schools
* Located in the Heart of Florence, Easy Access to Everything

** This scenario is an estimate, and actual interest rate will depend on the specific characteristics of the loan transaction and credit profile up until the time of closing. The displayed APRs include total points and additional prepaid finance charges but do not include other closing costs. For an Adjustable Rate Mortgage (ARM), the Monthly Principal and Interest payment is based on the initial interest rate, which is subject to change after consummation, which may result in a different monthly payment amount. Rates available as of date of printing and subject to change without notice. ** Total Est. Initial Payment (PITI) includes principal and interest as well as tax, insurance, homeowner dues. Mortgage insurance has been included in the initial payment for loans with less than a 20% down payment or if the loan is FHA. For FHA loans, the Upfront Mortgage Insurance Premium amount has been included in the loan amount. HUFF Realty is an affiliate of HomeServices Lending. Please speak to your real estate agent for more information on this affiliation. All first mortgage products are provided by HomeServices Lending, LLC. HomeServices Lending, LLC may not be available in your area. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act. Georgia Residential Mortgage License Number: 32253. Kansas Licensed Mortgage Company, License Number: SL.0026321. 333 South 7th St. 27th Floor Minneapolis, MN 55402.

©2013 HomeServices Lending, LLC. All Rights Reserved. NMLSR ID 490683
Contact Colleen Parsons - Home Services Lending
Colleen.r.parsons@hslcincinnti.com - 513-647-5582

For more information feel free to contact Mike Parker/HUFF Realty.  Mike@MikeParker.com.  859-647-0700

 

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Photo of Mike Parker - CRS Real Estate
Mike Parker - CRS
HUFF Realty
60 Cavalier Blvd.
Florence KY 41042
859-647-0700
859-486-3300
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