Mortgage Planning Archives - Page 2 of 3 - Chris Jordan Mortgage Team

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…

Expert Advise Home Buyer Strategy Home Buyer Tips Misc Mortgage Advice Mortgage Planning Self employed

Thinking of becoming self-employed? A few things to consider first…

February 11, 2018 CJMT No Comments

Being self-employed can be great, but before you quit your salary job, you should be absolutely sure that you will not need a mortgage in the next 2-3 years. Lenders have very strict rules with regards to documenting income for a self-employed person. In order…

Down Payment Assistance Expert Advise MCC Mortgage Advice Mortgage Planning

Down Payment Assistance Programs

October 11, 2017 CJMT No Comments

If you’re buying a home in Maryland, DC, or Virginia, you may be eligible for down payment assistance. Most down payment assistance programs have maximum income requirements and in some cases, you must be a first time home buyer; however there are some cases where…

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…

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

Home Buyer Tips Misc Mortgage 101 Mortgage Planning

Recast your mortgage vs. refinancing – the basics

May 16, 2017 CJMT No Comments

What is recasting? It's actually really simple, but it's not advertised very often, so most people have never even heard of it. Recasting your mortgage is simply making a large payment toward your principal balance, paying a one time processing fee and then having your mortgage…

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