Total Cash Required Archives - Chris Jordan Mortgage Team

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…

Closing Costs Escrows Expert Advise Mortgage 101 Total Cash Required

Closing costs, escrows and prepaid expenses

April 14, 2017 CJMT No Comments

Closing Costs Explained Closing costs consist of all of the transactional costs that someone would pay when purchasing or refinancing a home. Overall, the costs are much lower during a refinance as many of the costs are not required. The closing costs could be categorized…

Home Buyer Tips Loan Origination Mortgage 101 Purchase Total Cash Required

Down Payment Options

January 9, 2017 CJMT No Comments

Minimum down payments can range greatly depending on the type of property, loan type and borrower credentials. Here are a few of the more common down payment options explained. No down payment required - There are several loans that can be categorized as having no…

Home Buyer Tips Mortgage 101 Mortgage Planning Total Cash Required

Seller Credits / Lender Credits

January 2, 2017 CJMT No Comments

A seller credit is an agreed upon amount of money that the seller of a home will credit the buyer at settlement. This amount is negotiated for in a sales contract. The credit is then applied towards the buyers closing costs, prepaids and escrow costs…