Pre-paid interest is one of the most confusing terms you will hear... it is quite simple once you understand it. So let me give it a try...
Now... as you look at the chart; you will see house payment due July 1st: This means when you make that payment then you are paying the interest for June in that payment. The lender will collect upfront at closing the 16 days of interest in May because that was no included in your house payment... meaning you are paying 16 days of pre-paid interest.
Now remember this will vary depending on what day of the month you close. If you close toward the end of the month you will pay less pre-paid interest and more if you close at the beginning of the month.
I hope this helps... I had to have this explained to me several times before I really understood. Now it seems very simple; if you have any questions you may leave me a comment or e-mail me. Also, if you have any questions or topics just leave them in the comments and I will do my best to answer you!
Click here for a poat on: I am Confused... Closing Costs, Pre-paids are what ?
If you have any questions contact Brenda at brenda@imsiloans.com
Integrity Mortgage Services, Inc.
Let me be your Friend in Financing!
You have found the perfect Realtor, Loan Officer and House...
Now it is time to write an offer.
Your Realtor says...
What terms do you want when we write your offer to purchase this property?
Then you are hearing closing costs, pre-paids, pro-rated taxes...
STOP; you are thinking. What does all this mean!
When you have a contract to purchase a home; it will determine how much money you will be spending; for the price of the home, financing and out of pocket expenses. Plus, things like who is going to provide what service such as: termite inspection, title work, closing, survey and more. The contract will also give time limits for everything that needs to be done such as: home inspections, moving in/out of property, applying for financing, closing date and more. This is when you need a good Realtor on your side.
I will cover all the above topics but for now let's talk about ...
Closing Cost, Pre-paids and Pro-ration of Taxes.
CLOSING COST: Closing costs are charges for services rendered by the various companies involved to bring your home loan to the closing table. The lender requires these services to close your loan. Closing cost will vary from lender to lender and loan program to loan program. Closing costs include items such as credit report, appraisal, processing fees, lender fees, title fees, lender/owner title policies, attorney fees and state/county/city transfer taxes. You will see other items such as termite inspection, repairs & home warranties but they are not included in closing cost limits. Listed are common charges but are not all inclusive.
PRE-PAID ITEMS: Pre-paid items include pre-paid interest, one year hazard insurance premium, two to three months hazard insurance for escrow, city and county property taxes for escrow (this will vary depending on if your home is subject to city and/ or county taxes and when you close), two months private mortgage insurance for escrow (PMI), if required and up front PMI, if required.
ESCROWis the bank account used to pay your hazard insurance, PMI and property taxes for future years when they become due. Your escrow account is held by your lender and you will receive account information yearly. You will receive a refund of any overage and/or charged for shortages yearly, normally you will receive a yearly statement. When you sell your home any unused portion held in your escrow account will be returned; after you sell your home. Some loans do not require escrow accounts, if you are paying 20% or more down payment but lenders may charge you extra for that option; ask to be sure that it is not costing you a higher interest rate.
PRE-PAID ITEMS are paying upfront for your homeowners insurance (hazard insurance), setting up your escrow account for property taxes, homeowners insurance and private mortgage insurance (if required).
PRO-RATION OF TAXES: Pro-ration of taxes is a division of the property tax bill determined by the closing date. The pro-ration of taxes is not considered a closing cost or pre-paid item but it will show up on the settlement statement at closing. If closing is July 1, XXXX, the seller, since he or she owned the property from Jan 1st is responsible for the taxes from Jan through Jun 30, XXXX. The buyer is then responsible for the taxes from Jul 1st through the end of the year. The buyer will receive credit for the seller's portion of property tax and will be required to pay the full tax bill for that year. If you have an escrow then the lender will pay the tax bill out of the escrow account.
If you have any questions contact Brenda at brenda@imsiloans.com
Integrity Mortgage Services, Inc.
Let me be your Friend in Financing!
DICKSON COUNTY FAIR 
SEPTEMBER 1ST - 7TH
Schedule of Events
Sunday: September 7, 2008 $$$$ DOLLAR DAY $$$$
12:30 - 2:30 pm Exhibitors Pick-up all Crop Barn Entries
1:30 - 3:00 pm Exhibitors Pick-up all 4-H & Home Economics Entries
FREE GATE 1:00 PM - 6:00PM
FREE PARKING
ALL RIDES $1.00 EACH$1.00 COKE ** $1.00 CANDY APPLE ** $1.00 POPCORN
$1.00 COTTON CANDY
CANDYLAND BOOTH ONLY
Above information taken from Dickson County Fair insert:
Announcements made on grounds by Fair Officials take precedence over all printed materials.
Enjoy the Fair... drive safely!
Fair information courtesy of Brenda Tressler (loan officer), Integrity Mortgage, Inc.
Contact Brenda at: brenda@imsiloans.com
I specialize in VA Loans & 100% Financing! 
Schedule for all days of Fair... just click below!
Sept. 1
Sept. 2
Sept. 3
Sept. 4
Sept. 5
Sept. 6
DICKSON COUNTY FAIR 
SEPTEMBER 1ST - 7TH
Schedule of Events
Saturday: September 6, 2008
7:00 am Mule Weigh-in
8:00 am - 4:00 pm Sheep Check-in: (sheep must be on grounds by 4:00 pm, no exceptions)
8:15 - 9:15 am 4-H Pullet Check-in
9:00 am Mule Pull
9:30 am 4-H Fairest of the Fowl Contest
10:00 am 4-H Pullet Show & Sale
10:00 am - 10:00 pm Exhibit Buildings Open
10:00 am Baby Division Pageant: (0-47 months Girls & Boys (will be held in Greer Building)
2:00 pm JR Miss Fairest of the Fair: (Girls Ages 13-15 (will be held in Greer Building)
2:00 pm 4-H Outdoor meat Cookery Contest
6:30 pm Open Sheep Show
7:30 pm Demolition Derby
Gates Open at 8:00 am Rides start at 6:00 pm
Gate: Adults $5 3-12 yr. $3.00 Children under 3 FREE
12:00 noon - 4:00 pm *** Save $8 off Armband $12 Armband Parking $2.00
4:00 - 6:00 pm All Rides Shut Down
*******
Gates Re-Open at 5:00 pm Rides start at 6:00 pm
Gate: Adults $6 3-12 yr. $3.00 Children under 3 FREE
$20 Armband Parking $2.00
Above information taken from Dickson County Fair insert:
Announcements made on grounds by Fair Officials take precedence over all printed materials.
Enjoy the Fair drive safely!
Fair information courtesy of Brenda Tressler (loan officer), Integrity Mortgage, Inc.
Contact Brenda at: brenda@imsiloans.com
I specialize in VA Loans & 100% Financing!
Schedule for all Fair... just click below!
Sept. 1
Sept.2
Sept.3
Sept. 4
Sept. 5
DICKSON COUNTY FAIR 
SEPTEMBER 1ST - 7TH
Schedule of Events
Friday: September 5, 2008 STUDENT NIGHT
5:00 - 10:00 pm Exhibit Building Open
6:00 & 8:00 pm Princess Miss Fairest of the Fair: 6:00 pm Girls Ages 7-9 8:00 pm Girls Ages 10-12
(will be held in Greer Building)
7:00 pm Antique Tractor Pull & TN City Mini Tractor Pullers
Gates Open at 5:00 pm Rides start at 6:00 pm
Gate: Adults $5 3-12 yr. $3.00 Children under 3 FREE
$20 Armband Parking $2.00
STUDENT NIGHT 9:00 pm - 1:00 am Save $2.00 off Armband $18
Above information taken from Dickson County Fair insert:
Announcements made on grounds by Fair Officials take precedence over all printed materials.
Enjoy the Fair drive safely!
Fair information courtesy of Brenda Tressler (loan officer), Integrity Mortgage, Inc.
Contact Brenda at: brenda@imsiloans.com
I specialize in VA Loans & 100% Financing!
Schedule for all days of fair... just click below!
Sept. 1
Sept. 2
Sept. 3
Sept. 4
Sept. 6
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Brenda Tressler (Realtor/Lender) I specialize in customer care for all your loan & real estate needs in the Ft. Campbell / Clarksville area. "Let me be your friend in Real Estate & Financing"
I work too hard and care too much... and that is why you should contact me!
I just called a customer that I am working with that lives out of state and I asked her ... why did they chose me?
Katie was so kind... she said "that they were expecting someone that was business only but found that I was open, friendly and caring." She said "I was easy to talk to, dependable and most important she felt that she could trust me." Wow... I always try my best to take care of each customer like they are my family but to hear these kind words I was overwhelmed. Thanks Katie!
Let me introduce myself...
What can I say I am honest & hard working. I am a mother of two girls and a grandmother of three. They are my pride & joy plus I LOVE just being with them.
My husband is retired military and we have lived in Korea, Germany, Ohio, Indiana, Maryland and Tennessee. I understand the stress of moving with family and pets in tow. This is why I understand your needs and will do everything possible to make your move easier and stress free. 
We now live on 18 acres with our dog Chappie... I enjoy the country life and being outdoors.
My customers normally become my friends because I truly care.
I am available when you need me even nights & week-ends and I promise to always return your calls or e-mails.
I have been in the Real Estate/Mortgage business since 1995; I have experience in all parts of the real estate/loan process. That is why I can truly tell my customers what to expect and how to avoid potential problems.
I found my heart is in helping people! I find great pride in working with people to find their dream home. I truly believe everyone should be able to purchase their own home.
So please make my day and choose me to assist you with your new home! Thank-you for taking the time to visit and good luck in what ever you do!
Best Wishes,
Brenda Tressler
Superior customer service is my priority... if you are buying or selling a home!
I can assist you with your financing and all your real estate needs ...
Starter Homes: First-Time Home Buyers:
First let me say thank-you to all my past first-time home buyers! To be part of one of the most exciting times and one of your largest investments of a customer's life; it is a true honor. I take special care to insure that my first-time home buyers are not overwhelmed by the piles of paperwork and foreign terms. I've been there and know how confusing this process can be, so I will always insure you understand what & why of everything you do. I promise that I will go to the closing with you (as long as you are in the Ft. Campbell, Clarksville, Dickson & Nashville area).
I promise to...
Empty Nester's: Downsizing:
I'm there, so I understand that you need to sell that larger home and move into one that fits your lifestyle now. This process is normally complicated by the fact you own a home (which you need to sell) but want to make sure you find a home you like before you commit. I can save you money on your current home closing/commission and insure you receive a great deal on your new home. Many times we can have same day closings for both; this way you are never homeless. I will work closely with all parties to keep this as stress free as possible.
I promise to...
Moving up Buyer's: Need a larger Home:
This is an exciting time; you know what you want in a new home. I can offer you financing options; this way you can decide if you sell your current home or take advantage of having an investment properties and I can tell you from my personal experience the good, bad & ugly of investment properties.
Investors: Buying for the long/short term Investment:
Many people are in this category; all the above and the individuals who want to acquire several investment properties. Again, because I have owned investment properties I can tell you from my personal experience the good, the bad & the ugly of investment properties. I will sit down with you and discuss your goals; such as how many properties you want to own, type of properties (commerical, land, single family or multi family homes) and location. Together we can plan how to acquire the properties and financing options. The Ft. Campbell / Clarksville area is a great place to invest; even in todays market properties are selling with a profit.
Military Loans: VA Home Loans:
If you have ever served in the military then call me! I will be honored to assist you in using one of your best benifits. Clarksville is just outside Ft. Campbell, KY; so we process hundreds of VA loans... I am here for you and to answer all your questions.
Feel free to contact me if I can assist you in any way. Let me say THANK-YOU for all you & your family have given! Listed below are some common questions & concerns.
I am not sure if I am eligible for a VA Loan... If you have ever served in the military as Active Duty, National Guard or Reserves you may qualify for a VA Loan. Contact me at brend@imsiloans.com or call me at 931-206-1907 and together we can find out if you are eligible.
I can only use my VA eligibility once... not so you can use your VA benefit over & over. You may even be eligible to purchase a second home using the same eligibility with bonus entitlement; if your first home was under $144,000.
What type of property can I buy with my VA Entitlement... you can buy a home in which you, and/or your family, intend to live in. This means a single family home, an apporved condo or it could be a multi-family unit (up to 4 units) as long as you will occupy one unit. You may even purchase a home with land as long as the house has most of the value. (I have financed up to 40 acres with a nice home using VA Loans)
Matthew: A Sergeant, U S Army, Ft. Campbell, KY writes...
"Brenda Tressler was welcoming from the start. Being in the Army I have limited time off. She took my phone calls and office visits when it was convenient for me, and kept me updated on the status of my loan application. I have already recommended her to several friends who are also looking to buy houses soon. Brenda was patient in fielding my questions, offered helpful information rarely given by other mortgage brokers (in my experience), and in the end gave me the best deal possible. She went to bat for me until the lenders gave me the rate I was comfortable with, and she was instrumental in processing my loan faster than normal. What more cold a home buyer ask? Brenda is tenacious, professional and personable. When I purchase my next rental property, I am taking my business straight to her."
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