Mortgage 101 Archives - Page 2 of 4 - Chris Jordan Mortgage Team

Purchase & Renovate In One Mortgage

August 23, 2018 CJMT No Comments

If you have ever seen a home that is almost perfect, but it needs a little TLC, there are available loan programs that will allow you to purchase and finance the repair or renovation costs right into one mortgage. These programs are called renovation loans and there…

Down Payment Assistance Expert Advise Home Buyer Strategy Market Updates Mortgage 101 Mortgage Advice Mortgage Planning Prince Georges County Maryland

Prince Georges County -Down Payment Assistance

July 14, 2018 CJMT No Comments

PRINCE GEORGES COUNTY PURCHASE ASSISTANCE PROGRAM (PGCPAP) (Prince Georges County, Maryland only – all zip codes) The Prince Georges County Purchase Assistance Program (PGCPAP) is offered through the Prince Georges County Housing Investment Trust Fund and administered by the Redevelopment Authority of Prince Georges County.…

Expert Advise Home Buyer Strategy Home Buyer Tips Mortgage 101 Mortgage Advice Mortgage Insurance Mortgage Insurance Strategy mortgage interest deduction Mortgage Planning Tax Savings

Mortgage Insurance Explained

March 21, 2018 CJMT No Comments

For any Conventional mortgage with less than 20% down, mortgage insurance is required. Mortgage insurance is a form of insurance that protects the lender in the case of a default on the mortgage. The actual cost of the mortgage insurance and how it can be…

Credit Tips Expert Advise Home Buyer Tips Mortgage 101 Mortgage Advice Mortgage Planning

How can we protect our credit & identity?

September 14, 2017 CJMT No Comments

In response to the recent data breach at Equifax, lots of clients have been inquiring about what to do and what not to do with regard to their credit. Some of the clients are currently shopping for homes and others are not looking to qualify…

Expert Advise Home Buyer Strategy Home Buyer Tips Mortgage 101 Mortgage Planning Total Cash Required

Verifying your cash assets – Do’s and don’ts when buying a home

August 14, 2017 CJMT No Comments

Sourcing funds is one of the most cumbersome and time consuming aspects of the mortgage approval process. Lenders must verify where your cash is coming from and document any non-payroll large deposits, or unusual recurring deposits. Typically, a large deposit would be anything $1000 or…

Expert Advise Home Buyer Tips Misc Mortgage 101 Mortgage Advice

Termite Inspections

August 2, 2017 CJMT No Comments

Termite inspections are typically not a mortgage requirement. VA loans, however, do require a termite inspection with the exception of condos that are not on the ground floor. For all other loan types, a termite report would not be mandatory unless the appraiser were to…

Budgeting Home Buyer Strategy Home Buyer Tips Misc Mortgage 101 Mortgage Advice Mortgage Planning Purchase

Budgeting for a mortgage payment

July 31, 2017 CJMT No Comments

When determining how much you should spend on a mortgage payment, there are several factors you have to consider first. You first need to determine what your take home pay is. Lenders look at your gross income, but after Uncle Sam takes his cut, you…

Down Payment Assistance Home Buyer Tips Misc Mortgage 101 Mortgage Planning Purchase

Avoid your home sale contingency

July 13, 2017 CJMT No Comments

If you have ever written a contract with a home sale contingency, you already know that it puts you, as a buyer, at a serious disadvantage over your competition. If your home has plenty of equity and you know it will sell, but the timing…

D.C. Tax Abatement Home Buyer Tips Misc Mortgage 101 Mortgage Planning

DC Tax Abatement Program

June 22, 2017 CJMT No Comments

FHA Mortgage Home Buyer Tips Misc Mortgage 101 VA Mortgage

Is this condo FHA / VA approved?

June 13, 2017 CJMT No Comments

For anyone purchasing a condo with FHA or VA financing, the first step is to look and see if that condo building is on the FHA or VA approved list. This is very simple process and anyone can do it. First, you will need the…

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