|
Keep copies of all earnest money checks and proof that the checks have cleared your bank. Provide this documentation to your lender so that you get proper credit on your closing documents. Notify your mortgage company of the final sales price at least five days prior to your closing. If your sales price changes from the original contract, the lender will need copies of all addendums and change orders for the upgrades. The final closing documents cannot be prepared until both builder and buyer agree to the final sales price. A final inspection is required on all new construction before the loan is closed. The appraiser must inspect the property to ensure that it was completed to the original plans and specifications. The mortgage company schedules this inspection. The home must be COMPLETE and READY TO MOVE-IN before the appraiser can perform the final inspection. The charge for the final inspection is $100 which will be included in your closing costs. If the home is not complete when the appraiser goes out, he will have to inspect it again which will be an additional $100 charge. Please consult with your lender as to the best date for the final inspection. Your home must be completed before closing. This includes landscaping, pool, fence, etc. If you would like to arrange to escrow for these improvements and close before they are complete, notify us at the time of locking in your rate. Only a few investors will allow for escrow holdbacks. Bring a cashier's check made out to the title company for your closing cost Tell your lender if your salary or other compensation has changed from what has been noted on your loan application. Inform your lender if your address changes from what appears on your original loan application. They must complete rental and mortgage verification for all of your residences within the last two years. Obtain homeowner's insurance with minimum coverage equal to the amount of your total loan or the replacement value of the house. Call your lender with your agent's name and phone number at least 10 days before closing. Keep documentation (or a "paper trail") on any large deposits into your account. A "paper trail" should include copies of all paperwork necessary to prove a financial transaction: copies of all checks, deposit slips, loan paperwork, forms to liquidate assets, etc. Notify your lender if you move funds from one account to another and provide a "paper trail" on any transactions. Do not acquire any additional debt or make any large purchases on existing credit without first consulting your lender. For example: purchasing a car or buying appliances for your new home will change your debt to income ratios. Do not change jobs without consulting your lender. A change in compensation may affect your ability to qualify. Buyers must have a two-year history of bonuses and/or commissions to be counted as income. Lenders may verify employment on the day of closing as a quality control check. Do not co-sign with anyone to obtain a line of credit or make a purchase. The payment will show up on your credit report as an additional debt. Do not negotiate your contract with an allowance and expect to get money back at closing. An allowance can be used only to pay closing costs or reduce the sales price. |
"Bad credit? No problem!"
Unscrupulous mortgage brokers and lenders use lines like this to aggressively target families and steal their single largest source of wealth-home equity. As families work hard to build wealth through homeownership, abusive loans can quickly sabotage their progress and even push them into foreclosure.
Predatory lending is most common in the subprime market, where home loans cost more and often come with monthly payments that increase over time. Subprime loans result in foreclosure far more frequently than mainstream "prime" loans. To make matters worse, many of the families steered into high-cost subprime loans could qualify for more affordable, less risky financing.
Only a decade ago, the subprime market was a small fraction of the home loan market. At year-end 2005, it had grown into a $665 billion business, representing about 20 percent of all home loans. Policymakers are faced with the challenge of balancing the economic benefits of this growing industry with the need to place appropriate restrictions on unscrupulous lending practices.
An appraisal of real estate is the valuation of the rights of ownership. Instead of just creating the property value, the appraiser uses market data to derive a value estimate. The appraiser must take the site, amenities and the physical condition of the property into consideration when compiling the report. Before the appraiser can come to a final opinion of value, there must be a good deal of data conducted and collected. He will inspect the property as part of preparing the report. The need to accurately define the purpose of the appraisal is essential due to the many types of value, such as Fair Market Value, Insurance Value, Tax Value and Value In Use. Mortgage companies request the majority of real estate appraisals to confirm the property's purchase price for loan purposes. The mortgage company's position is the following: · It has two sources of repayment: the purchaser's income and the property. · The responsibility to repay the loan is not based upon the property's value, so the purchaser is obligated to pay the note even if the property value declines to zero. · The loan may be insured or guaranteed by a government agency. · The government does not promise to pay the purchaser's debt if the property value is wrong. · If the loan is greater than 80% of the value, a private mortgage insurer may insure a portion of the loan. · There is no decrease in risk for the purchaser regardless of the loan-to-value ratio. The investment by the purchaser is the same, a mixture of personal cash and a loan that must be repaid.
An owner's title insurance policy protects the owner against title defects in the property. A mortgage title policy protects the holder of the mortgage on the property. Separate policies are required to protect both interests.
After the buyer's deed is delivered and recorded, the owner's policy of title insurance is issued. Typically, a purchaser's policy is issued after both parties have executed the contract and the title agent has recorded the deeds.
The coverage of your policy applies only to matters that appeared of record up to the date of issuance of your policy. Some documents may have been recorded since that time; some of these may affect the title to your land. There may be accrued and unpaid taxes and assessments along with possible court actions affecting your title. The purchaser is entitled to have full information and protection as to the condition of the title right up to the date of his/her purchase. In addition, there may be matters of record which would prevent either the seller or buyer from selling, buying, or mortgaging land until such matters have been cleared. These items include such things as federal tax liens, judgments, divorce actions and other conditions, which the title search may disclose.
The source of funds for your down payment and closing costs is a high level concern for lenders when they review your loan package for approval.
|
Most likely, you will be asked to provide statements for the last two or three months on any of your liquid assets. This includes checking accounts, savings accounts, money market funds, certificates of deposit, stock statements, mutual funds, and even your company 401K and retirement accounts. If you have been moving money between accounts during that time, there may be large deposits and withdrawals in some of them. The mortgage underwriter (the person who actually approves your loan) will probably require a complete paper trail of all the withdrawals and deposits. Although potentially quite tedious, you may be required to produce cancelled checks, deposit receipts, and other seemingly inconsequential data. While it might seem to be an added frustration to the process, the lender is better able to serve you with this documentation. To ensure quality control and eliminate potential fraud, it is a requirement on most loans to completely document the source of all funds. Moving your money around, even if you are consolidating your funds to make it "easier," could make it more difficult for the lender to properly document. For a smoother process for your lender and for yourself, it is best not to change banks and to leave your money where it is until you talk to a loan officer. |
 |
|
|
Homes for sale in Mobile Alabama. Real Estate for sale in Mobile Alabama. Mortgage, Home Loans, Mobile Al. FHA and 100% financing in Mobile Al and Baldwin County Alabama.
Prime Lending takes pride in being recongnized as a premier mortgage lender offering a wide array of loan products. FHA, VA, USDA, 100% loans, Jumbo's, renovation loans, fixer up loans and 203k loans.
I've made a commitment to serve the mortgage and home loans needs of my community - one family and one home at a time. My real estate and mortgage knowledge and expertise are completely dedicated to you.
In fact, as Mobile, Alabama was voted as one of the top 300 places to live in America by Money Magazine and CNN, it has been attracting families and investors alike looking to live in a stable and prosperous community, one that has even drawn one of the largest companies to move to the US in 40 years, the ThyssenKrupp Group.
For all the information you need on living in Mobile, Daphne, Fairhope, Malbis, the Mobile Metro area, Montrose, Point Clear, or Spanish Fort, Alabama contact me, Whether it's questions on Gulf Coast listings, Mobile, Alabama new homes, Fairhope, Alabama new homes, I can answer them and assist you in finding your perfect home in Daphne, Fairhope, Malbis, Mobile, the Mobile Metro area, Montrose, Point Clear, or Spanish Fort, Alabama.
People from Mobile are described as Mobilians.
Cities in Mobile and Baldwin County Alabama
Theodore, Semmes, Satsuma, Saraland, Irvington, Grandbay, Citronelle, Chickasaw, Springhill, Midtown, West Mobile, Daphne, Fairhope, Montrose, Point Clear, Spanish Fort, Malbis
Mobile Zip Codes
36601 36602 36603 36604 36605 36606 36607 36608 36609 36610 36611 36612 36614 36615 36616 36617 36618 36619 36621 36622 36623 36624 36625 36626 36628 36630 36631 36633 36640 36641 36644 36652 36660 3666336670 36671 36675 36685 36688 36689 36690 3669136693 36695
Mobile Alabama is the perfect place to start your family, start a career or give yourself an opportunity to live the kind of life you've always dreamed.
Mobile, Alabama is a wonderful southern city and the third most populous city in Alabama and is the county seat.
. The population within the city limits was 198,915 as of the 2000 census.
Mobile is the principal municipality of the Mobile Metropolitan Statistical Area, a region of 399,843 residents which is composed solely of Mobile County and is the second largest MSA in the state. Mobile is included in the Mobile-Daphne-Fairhope Combined Statistical Area with a total population of 540,258, the second largest CSA in the state.
Mobile recently ranked #1 for the "fastest growing economy over the next five years" by Moody's Economy.com & Forbes.com (financial magazine)
Have you thought of moving SOUTH.....Come see why so many people are loving our cities.
When I travel, I more times than not get the question about us being slower or even naturally lazy, all beacuse we speak slowly..... What these people don't understand .....Southerners have love affairs with words..
We speak slower because our love of the words is so great that we can't stand to part with them. We caress them, massage them, polish them and linger over them lovingly before allowing them to go on their way with a lilt and an inflection found nowhere else in the world.
I'm told by many it's because we have a habit of taking a sip of the elixir of life with every word and sentence. Who know's .....what I do know ,I love this place and the wonderful people who make the place I live so great.
Mobile is ranked #1 (forbes) as the city with best job/income growth in America for the next 5 years. In laymens terms, Mobile's leaders got the infrastructure in place that IS NOW ramping up the economic growth in the city.
A trade magazine for economic development put Mobile at the verge of adding over 55,000 jobs over the next 7 years.. and most of those will pay over $35,000 annually according to their report with over 73,000 moving into Mobile in that same period. Personally I think Mobile could literally see its population double in 7 to 10 years as if the economy continues to worsen, people will flock to cities that have job opportunities as Mobile is becomming recession-proof.
ThyssenKrupp AG of Dusseldorf, Germany, has chosen north Mobile County for a steel mill now valued at $3.7 billion, ending a fierce bidding war over incentives between finalists Alabama and Louisiana.
The company's board of supervisors made the decision today in Dusseldorf
The Alabama site, which is near Mount Vernon and on the Tombigbee River, was chosen over a site along the Mississippi River near Convent, La.
"This is a game-changing decision for Mobile, Alabama," Mobile Mayor Sam Jones said in a written statement. "We are no longer living on potential - we are living up to it. This plant will have a tremendously positive impact on our citizens for years to come."
If the Air Force contract holds up, and Northrop Grumman and its European partner EADS are allowed to proceed, Barnidge said the employment payoff for Mobile and Pensacola could be enormous.
"The economic impact in Alabama and Florida is expected to be about 6,500 high-paying jobs," he said. "And the spin off jobs from suppliers and other services associated with the assembly plant in Mobile could be in the hundreds of millions of dollars for Northwest Florida.
"And Pensacola sits at the epicenter of what could be only the third wide-body jet assembly plant in the world," he noted.
Economics club member Connie Crosby said of the tanker project: "I think it's fantastic, and I'm all for it."
Mobile County Commissioner Stephen Nodine said the 173 KC-45 tankers that would be built at the proposed $600 million assembly plant at Mobile's Brookley Industrial Complex would be just the beginning.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
