Don't Do These Things Before Buying A Home
You probably have your homebuying to-do list put together already, but don’t forget about this equally important to-don’t list.
What to Expect on Closing Day
To help you feel confident on your closing day, we’re here to tell you everything you can expect to happen before you finally get your hands on those housekeys.
Six Uncommon Features to Consider When Shopping for a Home
There's more to examine during a house hunt than the usual bedroom count and kitchen size. Learn about six less common features you may not have ever thought about.
How To Make An Offer On A House
Make them an offer they can’t refuse with these expert tips on buying a home from the Member One Mortgage Team.
The Member One Mortgage Team takes on six of the most common myths they run into while helping homebuyers!
1.“I need to put 20 percent down.”
Fact: There are other down payment options.
Many homebuyers can qualify for a low or even no-down payment mortgage. Ask your lender to go over your options with you.
2. “Cash is best for closing.”
Fact: Certified funds are required for closing.
Due to government regulations, your lender needs to be able to determine the source of the funds being used. Certified funds could be a cashier’s check or a wire transfer from your bank account.
3. “One little late bill won’t matter.”
Fact: Your credit score reflects ALL your bills.
On-time payment is a major item on your credit report. Pay every bill on time, every month—especially if you plan to apply for a mortgage in the foreseeable future!
4. “Veterans automatically qualify for VA mortgages.”
Fact: They need to meet certain requirements to qualify.
If you served in the military, you may be able to get a zero-down payment VA mortgage—but you will need to qualify for payments and have acceptable credit.
5. “My loan is based on my current income.”
Fact: It may be based on a two-year average.
If you’ve earned variable pay, like commissions, bonuses, or freelance income, your lender will consider your income over the past two years.
6. “My loan is based on my business’s total earnings.”
Fact: It’s based on net income after expenses.
If you’re self-employed, check the bottom line of your income schedule to get an idea of how much house you can afford. Still unsure? We’ll be glad to review your taxes with you!