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The Mervin Mortgage Team Video Blog

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Why Now Is the Perfect Time to Buy a New Home

The Mervin Mortgage Team Video Blog ·

2016/10/18

If you’ve been waiting for the best time purchase your next home, the time is now. Here are my top three reasons to buy a Newtown home today.Contact Me Today! If you’re considering purchasing a home, there may not be a better time than right now to do so. There are three primary reasons why: 1. Interest rates are still at all-time lows. This has a major impact on not only your potential monthly payment but your overall home cost as well. While many home buyers think about the cost

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Why Everybody is Refinancing Their Mortgages

The Mervin Mortgage Team Video Blog ·

2016/10/03

There’s a lot of mortgage refinance activity right now, and for good reason. Refinancing can help you meet your financial goals in more ways than you’d think. Contact Me Today! Does it make financial sense to refinance your existing mortgage right now? There has been a significant uptick in refinancing activity over the last 30 to 60 days, and this is due to a number of factors: To begin with, interest rates have fallen even further. They’re sitting very close to their all-time

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How to Use a Second Mortgage in a Home Purchase

The Mervin Mortgage Team Video Blog ·

2016/09/16

Contact Me Today! Sometimes, getting a second mortgage can be a proactive step in making your new home purchase easier and less costly. We’re not talking about a second mortgage where you use a line of credit to pay off debt. We’re talking about using it as a piggyback mortgage to purchase a home. Why would you want to have two mortgages at once? There are a few particular situations where it makes perfect sense. One thing you run into when buying a home is mortgage insurance. If you

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How to Handle Mortgage Insurance as a Home Buyer

The Mervin Mortgage Team Video Blog ·

2016/08/30

Contact Me Today! Have you heard of mortgage insurance? Do you know why it exists and when it comes into play? If you're buying a house with an FHA loan, you use it all the time. FHA loans always require mortgage insurance because there is always some unfavorable factor that comes with these loans. That factor could be a small down payment or below-average credit from the buyer, for example. Because of this elevated risk to the lender, insurance is required. Conventional loans have

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Why Is EFO Important to Us?

The Mervin Mortgage Team Video Blog ·

2016/08/09

Contact Me Today! This video blog is typically dedicated to all things mortgage and real estate. While I can and still will talk about those topics all day long, today I wanted to talk about something near and dear to my heart. About five years ago, my church started going down to Haiti on short-term mission trips for disaster relief after the horrible earthquake left the country in ruins. We helped out a school/orphanage with rebuilding and fixing their water source. We went on a

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Is the Lowest Interest Rate Always the Best Option?

The Mervin Mortgage Team Video Blog ·

2016/07/26

Contact Me Today! Is lowest always best? All things being equal, of course paying the lowest interest rate would be the best option, but there all kinds of scenarios where this simply isn’t true. We don’t want to create unnecessary fear, but you only have to go online and do a little digging to see that the experience people have when buying a home and getting a mortgage is far from uniform. There are all kinds of stories about missed deadlines and false promises. You might have

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New Mortgage Rule Could Hurt Your Mortgage...

The Mervin Mortgage Team Video Blog ·

2016/06/30

Contact Me Today! Recent changes have affected the way that student loan payments will factor into FHA mortgage qualification, and it affects a lot of people looking to buy homes. Prior to September 2015, if you had a student loan debt in deferment at least 12 months past the closing date, those debts weren't counted against you as far as how much mortgage you could qualify for. The rule that changed last fall now states that if a payment is in deferment or the payment is zero (like

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Has TRID Really Affected Mortgage Closing Times?

The Mervin Mortgage Team Video Blog ·

2016/04/29

Contact Me Today! Last October, TRID was enacted to regulate the mortgage process. With new rules, regulations, and timelines, many people feared that it would take longer to close a mortgage. Although many people worried that TRID would prolong the mortgage process, it hasn’t added much time to mortgage closings for the better lenders. Although TRID made the mortgage process more complex, the companies that have always done well will continue to do well while the companies that

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What’s the Difference Between Pre-Approval and...

The Mervin Mortgage Team Video Blog ·

2016/04/29

Contact Me Today! Today, we’re going to discuss the difference between a pre-qualification and a pre-approval. Although people who aren’t in the mortgage business use these terms synonymously, they are actually quite different. AnnieMac Home Mortgage does an excellent job with pre-qualifications. We don’t want customers to get their hopes up thinking they will get approved for a mortgage only to find out they can’t qualify. We look at tax returns, W-2s, and pay stubs. We do a full

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What Are You Doing on May 18th?

The Mervin Mortgage Team Video Blog ·

2016/04/29

Contact Me Today! I want to take a moment to invite everybody to a fun event that we’re holding on Wednesday, May 18th from 3:00 p.m. to 7:00 p.m. at the Northampton Valley Country Club. From 3:00 to 5:00 p.m., you will get to hear a national speaker and trainer provide helpful information on how to turbo-charge your business for 2016 and beyond. After that, there will be a social and happy hour. All of our guests will receive free gifts, and the first 25 people to RSVP will get

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What Are Your Financing Options When You Need...

The Mervin Mortgage Team Video Blog ·

2016/03/22

Contact Me Today! Today I’ll be discussing your financing options for making repairs on your home. You might have moved into a home that may need some larger repairs, or maybe you’re about to sell but you need a little extra help with your finances.What are your options for funding these repairs or remodels?You can file for an FHA repair loan, which is called a 203K loan. Fannie Mae can also help you with their Homestyle Loan. Almost all of the same rules apply to these loans as do

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How You Can Use Seller’s Assist When Buying Your Next...

The Mervin Mortgage Team Video Blog ·

2015/11/17

Contact Me Today! 1. What is seller’s assist? Seller’s assist is a way for the buyer to finance all or some of their closing costs and escrows. The escrow account is the money collected, by the lender, to pay the buyer's taxes and insurance. Closing costs and escrow payments both make up settlement charges. Settlement charges determine the total amount of cash required to close. Thus, seller’s assist allows you to finance a certain percentage of the settlement charges into your new

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What to Expect for a Down Payment on a New Home

The Mervin Mortgage Team Video Blog ·

2015/11/16

Contact Me Today! A lot of people ask me, "How much money is needed for a down payment?" There are a lot of misconceptions about down payments. Today, we'll go over the down payment options available to buyers who use FHA and conventional loans, since that's how most buyers finance their home purchase.The minimum down payment for an FHA loan is 3.5% down. If you were to buy a $200,000 home, that means you would need to put $7,000 down.For conventional loans, the minimum is technically

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