(623) 202-3142
(623) 202-3142
MORTGAGE READINESS
TIMES HAVE CHANGED
The housing market and mortgage industry is forever evolving!
​
Zoltan is a huge advocate of empowering homeowners with the information they need to purchase or refinance a house.
​
Take a look around. And, always feel free to call Zoltan directly at 623-202-3142 with any questions or concerns!
PURCHASE
It has been an interesting past couple of years! Going from multiple offers just 5 minutes after listing to now having a somewhat normalized market. We still do not have a large supply of available inventory. The real estate market can shift very quickly.
​
But, one thing this change has accomplished is that sellers are more willing to negotiate and offer seller concessions. Rates have been very intricate in this change.
​
Of course, there are multiple buying options, low down payment options, even down payment assistance. The important thing to remember is that it is still a great time to buy! There are great programs - like the 2-1 Buydown - that help temporarily lower the interest rate in the early years of your loan, which decreases your monthly mortgage payment for the first two years of your loan!​
REFINANCE
"Lower my rate and my overall payment" is typically the motivation of refinancing. But, did you know that you may be able to use some of the equity you've earned in the home to pay for landscaping, that pool you've always wanted, to update the kitchen or other areas of the home - or even to pay off debt, or buy something new?
​
Also, sometimes restructuring your term to meet your long-term financial goals might be a benefit. Retiring in 15 years? Maybe consider a 15 year mortgage so that your home is paid off by the time you enter your golden years.
​
Reverse Mortgages can be a fantastic benefit for seniors 62+, potentially eliminating monthly payments entirely and possibly providing cash and a credit line!
​
No matter where you are at in life, it's prudent to keep your options open. You never know - a simple refinance could make all the difference in the world!
LOAN COMPARISON
Whether purchasing or refinancing a house, it's always good to have options!
​
When purchasing a home, it might make more financial sense to keep some of those down payment funds for furniture, landscaping, window coverings, or just a rainy day!
​
When refinancing, it might be difficult to immediately pinpoint what debts you should pay off or items you'd like to pay for.
​
In either case, getting a Loan Comparison is a smart way to see loans side-by-side, quickly and accurately see payment, cash to close, and term differences. Doing this can help you make a more educated decision on how to move forward.
DEBT CONSOLIDATION
Debt! Ugh! One of the worst things to have! Sometimes in life, we find ourselves in a LOT of debt. Credit cards that we can never seem to pay down. Maybe a personal loan we have from consolidating some other debt.
​
Perhaps you can relate. Well, that equity sitting in your home is nothing but "paper money" until you tap into it. Did you know that you could potentially qualify for a Cash-Out, Debt-Consolidation mortgage loan, wipe out a chunk, or maybe even all of your debt, and have it all in your mortgage? Of course everyone's scenario is different, and this is where doing a loan comparison can be helpful.
​
In any case, it might be worthwhile to have your mortgage and debt scenario analyzed to see if a debt-consolidation mortgage would put you in a better financial position.
EQUITY POSITION
Equity - one of the genuine joys of homeownership! There are tons of things you can do with your equity. Pay off debt, remodel the house, do some landscaping - put in that pool you've always wanted. Save for your kid's college expenses, maybe even purchase another house.
​
Even if all you do is bask in the pleasure of having the equity, it's good to know where you stand. That said, Zoltan can do a full analysis on your home, your neighborhood, zip code, city, and even the state. So, don't be bashful. Feel free to ask for your personalized equity report.
2-1 BUYDOWN
The 2-1 buydown is an excellent loan option for homebuyers - especially in an increasing rate environment, because it makes homeownership more affordable for borrowers.
​
This program temporarily lowers the interest rate which then reduces the payment for the first two years of the loan.
Apply to see if you're eligible for this program today!
FHA LOANS
An FHA loan is a home mortgage that is insured by the government and issued by a bank or other lender that is approved by the Federal Housing Administration, or FHA.
FHA Mortgages can be a very beneficial option, especially for borrowers who have 580-700 credit scores as FHA's mortgage insurance premium is a standardized percentage, and not based on the borrower's credit score. FHA's guidelines tend to be slightly more lenient in certain areas around credit scores, credit debt, and credit history.
FHA guidelines state that the minimum percentage down on a home is 3.5%, so this tends to save a lot of cash when buyers are looking at houses.
CONVENTIONAL LOANS
Probably one of the most common types of mortgages, Conventional mortgages are any mortgage that is not insured or guaranteed by the government, such as under Federal Housing Administration, Department of Veterans Affairs, or Department of Agriculture loan programs. Conventional Loans can be conforming or non-conforming.
​
One of the positives about Conventional mortgages are that their private mortgage insurance (PMI) can potentially be removed after you reach a 22% equity position, meaning your mortgage balance is only 78% of the value of the house.
Another great benefit is that, if you put 20% down on a property while purchasing, you have no PMI at all, saving you potentially hundreds each month.
VA LOANS
Active-duty service members, veterans and eligible surviving spouses, and those who serve in the National Guard may be eligible to have a VA Home Loan.
​
If eligible, VA Loans are often the best option for qualified buyers!
​
The VA guidelines state no down payment is required for a purchase. Interest rates are typically competitively lower than those of Conventional financing. There is no Private Mortgage Insurance, and closing costs may be limited.
​
VA Loans do have funding fees unless the eligible person is qualified to have that waived.
DO'S AND DON'TS
Navigating the mortgage process can be difficult. you can avoid major hurdles by applying these quick lists of Do's and Don'ts!
-
Keep your paystubs & bank statements. You may need to provide updated documents before the close of escrow.
-
Ask me! You will get opinions from family, friends, co-workers, the news, etc. Remember, I am licensed to handle your loan - and all of your questions.
-
Be as available as possible. Your team may consist of a realtor, escrow officer, home inspector, and possibly others. The more you're available, the faster we can complete the process.
-
Stay positive! The home-financing experience can be strenuous. Remember to ask me as many questions as needed! I am here to help!
DO
-
Change your job status without discussing the ramifications with me. It is phone-verified on the day of closing. Some changes can result in an immediate decline.
-
Allow anyone to pull your credit. You are plugged into a debt-monitoring system and each inquiry will need to be explained. Depending if you were to open new debt, that new balance and payment may result in a loan decline.
-
On that note, don't make any major purchases: ie. furniture, cars, electronics, appliances, until AFTER we close.
-
Make any non-payroll deposits into your bank account that cannot be sourced and documented.
-
Forget that I am here to help! Call me with any questions!
DON'T
DOCUMENTATION
The most important thing to remember is to not get overwhelmed by the documentation requested. Remember that the underwriter's job is to make sure they have checked, and re-checked every box, verifying you can afford the house you are buying or refinancing, and that you will continue to be able to afford it.
​
Every scenario is different, and a lot of documentation can be electronically verified once submitted to the lender. Rest assured I will clearly communicate what we need to package your file correctly for the lender and to get your Clear to Close as quickly as possible!
OCCUPANCY
Occupancy fraud is the #1 type of mortgage fraud. The maximum penalty for mortgage fraud is 30 years imprisonment and $1,000,000 fine!
-
Occupied by the owner the majority of the year
-
May not be occupied by a tenant
-
Is usually the address of record on tax returns, bank statements, paystubs, etc.
PRIMARY RESIDENCE
-
Occupied by owner for some portion of the year and cannot be occupied by someone other than the owner
-
Has some type of vacation feature, ie. cooler/warmer climate, located in the country, pines, by the ocean...
-
Must be located a reasonable distance from the primary residence - usually 50 miles+
SECOND/VACATION HOME
-
Usually rented and not occupied by owner
-
Primarily considered a source of income - whether rented or fix/flip
INVESTMENT PROPERTY
PURCHASE
It has been an interesting past couple of years! Going from multiple offers just 5 minutes after listing to now having a somewhat normalized market. We still do not have a large supply of available inventory. The real estate market can shift very quickly.
​
But, one thing this change has accomplished is that sellers are more willing to negotiate and offer seller concessions. Rates have been very intricate in this change.
​
Of course, there are multiple buying options, low down payment options, even down payment assistance. The important thing to remember is that it is still a great time to buy! There are great programs - like the 2-1 Buydown - that help temporarily lower the interest rate in the early years of your loan, which decreases your monthly mortgage payment for the first two years of your loan!​
REFINANCE
"Lower my rate and my overall payment" is typically the motivation of refinancing. But, did you know that you may be able to use some of the equity you've earned in the home to pay for landscaping, that pool you've always wanted, to update the kitchen or other areas of the home - or even to pay off debt, or buy something new?
​
Also, sometimes restructuring your term to meet your long-term financial goals might be a benefit. Retiring in 15 years? Maybe consider a 15 year mortgage so that your home is paid off by the time you enter your golden years.
​
Reverse Mortgages can be a fantastic benefit for seniors 62+, potentially eliminating monthly payments entirely and possibly providing cash and a credit line!
​
No matter where you are at in life, it's prudent to keep your options open. You never know - a simple refinance could make all the difference in the world!
LOAN COMPARISON
Whether purchasing or refinancing a house, it's always good to have options!
​
When purchasing a home, it might make more financial sense to keep some of those down payment funds for furniture, landscaping, window coverings, or just a rainy day!
​
When refinancing, it might be difficult to immediately pinpoint what debts you should pay off or items you'd like to pay for.
​
In either case, getting a Loan Comparison is a smart way to see loans side-by-side, quickly and accurately see payment, cash to close, and term differences. Doing this can help you make a more educated decision on how to move forward.
DEBT CONSOLIDATION
Debt! Ugh! One of the worst things to have! Sometimes in life, we find ourselves in a LOT of debt. Credit cards that we can never seem to pay down. Maybe a personal loan we have from consolidating some other debt.
​
Perhaps you can relate. Well, that equity sitting in your home is nothing but "paper money" until you tap into it. Did you know that you could potentially qualify for a Cash-Out, Debt-Consolidation mortgage loan, wipe out a chunk, or maybe even all of your debt, and have it all in your mortgage? Of course everyone's scenario is different, and this is where doing a loan comparison can be helpful.
​
In any case, it might be worthwhile to have your mortgage and debt scenario analyzed to see if a debt-consolidation mortgage would put you in a better financial position.
EQUITY POSITION
Equity - one of the genuine joys of homeownership! There are tons of things you can do with your equity. Pay off debt, remodel the house, do some landscaping - put in that pool you've always wanted. Save for your kid's college expenses, maybe even purchase another house.
​
Even if all you do is bask in the pleasure of having the equity, it's good to know where you stand. That said, Zoltan can do a full analysis on your home, your neighborhood, zip code, city, and even the state. So, don't be bashful. Feel free to ask for your personalized equity report.
2-1 BUYDOWN
The 2-1 buydown is an excellent loan option for homebuyers - especially in an increasing rate environment, because it makes homeownership more affordable for borrowers.
​
This program temporarily lowers the interest rate which then reduces the payment for the first two years of the loan.
Apply to see if you're eligible for this program today!
FHA LOANS
An FHA loan is a home mortgage that is insured by the government and issued by a bank or other lender that is approved by the Federal Housing Administration, or FHA.
FHA Mortgages can be a very beneficial option, especially for borrowers who have 580-700 credit scores as FHA's mortgage insurance premium is a standardized percentage, and not based on the borrower's credit score. FHA's guidelines tend to be slightly more lenient in certain areas around credit scores, credit debt, and credit history.
FHA guidelines state that the minimum percentage down on a home is 3.5%, so this tends to save a lot of cash when buyers are looking at houses.
CONVENTIONAL LOANS
Probably one of the most common types of mortgages, Conventional mortgages are any mortgage that is not insured or guaranteed by the government, such as under Federal Housing Administration, Department of Veterans Affairs, or Department of Agriculture loan programs. Conventional Loans can be conforming or non-conforming.
​
One of the positives about Conventional mortgages are that their private mortgage insurance (PMI) can potentially be removed after you reach a 22% equity position, meaning your mortgage balance is only 78% of the value of the house.
Another great benefit is that, if you put 20% down on a property while purchasing, you have no PMI at all, saving you potentially hundreds each month.
VA LOANS
Active-duty service members, veterans and eligible surviving spouses, and those who serve in the National Guard may be eligible to have a VA Home Loan.
​
If eligible, VA Loans are often the best option for qualified buyers!
​
The VA guidelines state no down payment is required for a purchase. Interest rates are typically competitively lower than those of Conventional financing. There is no Private Mortgage Insurance, and closing costs may be limited.
​
VA Loans do have funding fees unless the eligible person is qualified to have that waived.
DO'S AND DON'TS
Navigating the mortgage process can be difficult. you can avoid major hurdles by applying these quick lists of Do's and Don'ts!
-
Keep your paystubs & bank statements. You may need to provide updated documents before the close of escrow.
-
Ask me! You will get opinions from family, friends, co-workers, the news, etc. Remember, I am licensed to handle your loan - and all of your questions.
-
Be as available as possible. Your team may consist of a realtor, escrow officer, home inspector, and possibly others. The more you're available, the faster we can complete the process.
-
Stay positive! The home-financing experience can be strenuous. Remember to ask me as many questions as needed! I am here to help!
DO
-
Change your job status without discussing the ramifications with me. It is phone-verified on the day of closing. Some changes can result in an immediate decline.
-
Allow anyone to pull your credit. You are plugged into a debt-monitoring system and each inquiry will need to be explained. Depending if you were to open new debt, that new balance and payment may result in a loan decline.
-
On that note, don't make any major purchases: ie. furniture, cars, electronics, appliances, until AFTER we close.
-
Make any non-payroll deposits into your bank account that cannot be sourced and documented.
-
Forget that I am here to help! Call me with any questions!
DON'T
DOCUMENTATION
The most important thing to remember is to not get overwhelmed by the documentation requested. Remember that the underwriter's job is to make sure they have checked, and re-checked every box, verifying you can afford the house you are buying or refinancing, and that you will continue to be able to afford it.
​
Every scenario is different, and a lot of documentation can be electronically verified once submitted to the lender. Rest assured I will clearly communicate what we need to package your file correctly for the lender and to get your Clear to Close as quickly as possible!
OCCUPANCY
Occupancy fraud is the #1 type of mortgage fraud. The maximum penalty for mortgage fraud is 30 years imprisonment and $1,000,000 fine!
-
Occupied by the owner the majority of the year
-
May not be occupied by a tenant
-
Is usually the address of record on tax returns, bank statements, paystubs, etc.
PRIMARY RESIDENCE
-
Occupied by owner for some portion of the year and cannot be occupied by someone other than the owner
-
Has some type of vacation feature, ie. cooler/warmer climate, located in the country, pines, by the ocean...
-
Must be located a reasonable distance from the primary residence - usually 50 miles+
SECOND/VACATION HOME
-
Usually rented and not occupied by owner
-
Primarily considered a source of income - whether rented or fix/flip
INVESTMENT PROPERTY
PURCHASE
It has been an interesting past couple of years! Going from multiple offers just 5 minutes after listing to now having a somewhat normalized market. We still do not have a large supply of available inventory. The real estate market can shift very quickly.
​
But, one thing this change has accomplished is that sellers are more willing to negotiate and offer seller concessions. Rates have been very intricate in this change.
​
Of course, there are multiple buying options, low down payment options, even down payment assistance. The important thing to remember is that it is still a great time to buy! There are great programs - like the 2-1 Buydown - that help temporarily lower the interest rate in the early years of your loan, which decreases your monthly mortgage payment for the first two years of your loan!​
REFINANCE
"Lower my rate and my overall payment" is typically the motivation of refinancing. But, did you know that you may be able to use some of the equity you've earned in the home to pay for landscaping, that pool you've always wanted, to update the kitchen or other areas of the home - or even to pay off debt, or buy something new?
​
Also, sometimes restructuring your term to meet your long-term financial goals might be a benefit. Retiring in 15 years? Maybe consider a 15 year mortgage so that your home is paid off by the time you enter your golden years.
​
Reverse Mortgages can be a fantastic benefit for seniors 62+, potentially eliminating monthly payments entirely and possibly providing cash and a credit line!
​
No matter where you are at in life, it's prudent to keep your options open. You never know - a simple refinance could make all the difference in the world!
LOAN COMPARISON
Whether purchasing or refinancing a house, it's always good to have options!
​
When purchasing a home, it might make more financial sense to keep some of those down payment funds for furniture, landscaping, window coverings, or just a rainy day!
​
When refinancing, it might be difficult to immediately pinpoint what debts you should pay off or items you'd like to pay for.
​
In either case, getting a Loan Comparison is a smart way to see loans side-by-side, quickly and accurately see payment, cash to close, and term differences. Doing this can help you make a more educated decision on how to move forward.
DEBT CONSOLIDATION
Debt! Ugh! One of the worst things to have! Sometimes in life, we find ourselves in a LOT of debt. Credit cards that we can never seem to pay down. Maybe a personal loan we have from consolidating some other debt.
​
Perhaps you can relate. Well, that equity sitting in your home is nothing but "paper money" until you tap into it. Did you know that you could potentially qualify for a Cash-Out, Debt-Consolidation mortgage loan, wipe out a chunk, or maybe even all of your debt, and have it all in your mortgage? Of course everyone's scenario is different, and this is where doing a loan comparison can be helpful.
​
In any case, it might be worthwhile to have your mortgage and debt scenario analyzed to see if a debt-consolidation mortgage would put you in a better financial position.
EQUITY POSITION
Equity - one of the genuine joys of homeownership! There are tons of things you can do with your equity. Pay off debt, remodel the house, do some landscaping - put in that pool you've always wanted. Save for your kid's college expenses, maybe even purchase another house.
​
Even if all you do is bask in the pleasure of having the equity, it's good to know where you stand. That said, Zoltan can do a full analysis on your home, your neighborhood, zip code, city, and even the state. So, don't be bashful. Feel free to ask for your personalized equity report.
2-1 BUYDOWN
The 2-1 buydown is an excellent loan option for homebuyers - especially in an increasing rate environment, because it makes homeownership more affordable for borrowers.
​
This program temporarily lowers the interest rate which then reduces the payment for the first two years of the loan.
Apply to see if you're eligible for this program today!
FHA LOANS
An FHA loan is a home mortgage that is insured by the government and issued by a bank or other lender that is approved by the Federal Housing Administration, or FHA.
FHA Mortgages can be a very beneficial option, especially for borrowers who have 580-700 credit scores as FHA's mortgage insurance premium is a standardized percentage, and not based on the borrower's credit score. FHA's guidelines tend to be slightly more lenient in certain areas around credit scores, credit debt, and credit history.
FHA guidelines state that the minimum percentage down on a home is 3.5%, so this tends to save a lot of cash when buyers are looking at houses.
CONVENTIONAL LOANS
Probably one of the most common types of mortgages, Conventional mortgages are any mortgage that is not insured or guaranteed by the government, such as under Federal Housing Administration, Department of Veterans Affairs, or Department of Agriculture loan programs. Conventional Loans can be conforming or non-conforming.
​
One of the positives about Conventional mortgages are that their private mortgage insurance (PMI) can potentially be removed after you reach a 22% equity position, meaning your mortgage balance is only 78% of the value of the house.
Another great benefit is that, if you put 20% down on a property while purchasing, you have no PMI at all, saving you potentially hundreds each month.
VA LOANS
Active-duty service members, veterans and eligible surviving spouses, and those who serve in the National Guard may be eligible to have a VA Home Loan.
​
If eligible, VA Loans are often the best option for qualified buyers!
​
The VA guidelines state no down payment is required for a purchase. Interest rates are typically competitively lower than those of Conventional financing. There is no Private Mortgage Insurance, and closing costs may be limited.
​
VA Loans do have funding fees unless the eligible person is qualified to have that waived.
DO'S AND DON'TS
Navigating the mortgage process can be difficult. you can avoid major hurdles by applying these quick lists of Do's and Don'ts!
-
Keep your paystubs & bank statements. You may need to provide updated documents before the close of escrow.
-
Ask me! You will get opinions from family, friends, co-workers, the news, etc. Remember, I am licensed to handle your loan - and all of your questions.
-
Be as available as possible. Your team may consist of a realtor, escrow officer, home inspector, and possibly others. The more you're available, the faster we can complete the process.
-
Stay positive! The home-financing experience can be strenuous. Remember to ask me as many questions as needed! I am here to help!
DO
-
Change your job status without discussing the ramifications with me. It is phone-verified on the day of closing. Some changes can result in an immediate decline.
-
Allow anyone to pull your credit. You are plugged into a debt-monitoring system and each inquiry will need to be explained. Depending if you were to open new debt, that new balance and payment may result in a loan decline.
-
On that note, don't make any major purchases: ie. furniture, cars, electronics, appliances, until AFTER we close.
-
Make any non-payroll deposits into your bank account that cannot be sourced and documented.
-
Forget that I am here to help! Call me with any questions!
DON'T
DOCUMENTATION
The most important thing to remember is to not get overwhelmed by the documentation requested. Remember that the underwriter's job is to make sure they have checked, and re-checked every box, verifying you can afford the house you are buying or refinancing, and that you will continue to be able to afford it.
​
Every scenario is different, and a lot of documentation can be electronically verified once submitted to the lender. Rest assured I will clearly communicate what we need to package your file correctly for the lender and to get your Clear to Close as quickly as possible!
OCCUPANCY
Occupancy fraud is the #1 type of mortgage fraud. The maximum penalty for mortgage fraud is 30 years imprisonment and $1,000,000 fine!
-
Occupied by the owner the majority of the year
-
May not be occupied by a tenant
-
Is usually the address of record on tax returns, bank statements, paystubs, etc.
PRIMARY RESIDENCE
-
Occupied by owner for some portion of the year and cannot be occupied by someone other than the owner
-
Has some type of vacation feature, ie. cooler/warmer climate, located in the country, pines, by the ocean...
-
Must be located a reasonable distance from the primary residence - usually 50 miles+
SECOND/VACATION HOME
-
Usually rented and not occupied by owner
-
Primarily considered a source of income - whether rented or fix/flip