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Is Your Home Ready for Winter?

Dec 16
4:42
PM
Category | General

Winter is coming. We’re talking about wind chills, frosted windshields, early sunsets, snow in the mountains and plenty of hot chocolate. We won’t complain about the hot chocolate, but we could do without some of the other stuff.

Regardless of your feelings about winter, now is the perfect time to ensure your home is ready for the colder days ahead. And while cleaning gutters, disconnecting hoses and moving outdoor furniture inside are great places to start, there are plenty of other ways to prep your house. We’ve found some ways to better help your home stay efficient while keeping the cold where it belongs, outside. 

Start Small

Winterizing your home doesn’t have to be a major chore. Little things like putting a new weather strip or draft guard on your doors is a simple yet effective step to getting ready for winter. From there you can close vents in rooms you don’t use often and make sure the fireplace flue is shut, if you have one and aren’t using it. Another easy thing that will help increase your home’s efficiency is installing a water heater blanket. Which is exactly what it sounds like. An insulated wrap for your water heater. Also, don’t forget to switch the direction your ceiling fans turn. 

Don’t Forget The Exterior

Cleaning the gutters and disconnecting your sprinklers are always top of mind when it comes to winterization. But there are a few other things you can do outside to help your home this winter. Check the exterior of your windows and re-caulk any that need it. It’s inexpensive and easy to do. This will go a long way to keep the cold out. Do the same for your doors jams. Have a grill? Roll it inside or at least store the propane tank inside. Sure, it won’t help keep your home warm but it will help make sure your grill is ready to go at the first signs of summer.

Upgrade

Now is the perfect time to make some upgrades to increase your home’s efficiency and value. For starters, have a professional come out for a quick health check on your HVAC system. This check is usually inexpensive and is a better option than dealing with a busted heater on a frigid night. Upgrade to a smart thermostat. These thermostats are user-friendly and do a ton of work in the background to ensure your home’s HVAC is running at max efficiency without leaving you in the cold. Most smart thermostats know if you are home or away and will adjust the temperature accordingly. And if re-caulking those windows hasn’t quite done the trick, look into replacing them. Now, some of these are big investments but sometimes they’re completely necessary and will go a long way to keep the cold outside while increasing the value of your home. That’s a win-win in our book.

Whether you’re ready or not for winter, we hope these tips make it easy to get your home ready for the chilly time of year. And don’t forget to stock up on the hot chocolate to help get you through.

 

 

 

This ad is not from HUD, VA, or FHA and was not reviewed or approved by any government agencies.


There are more myths with Reverse Mortgages than any other loan program. Some used to be true, and some are downright false. We’re here to try and help debunk some of those myths, as well as explain exactly what a Reverse Mortgage is, who qualifies, and what your options are.

First off, what does the term “Reverse Mortgage” mean? A reverse mortgage in its simplest form is the equity in your home being used as your savings account, making your payments for you. Instead of paying down the Principal amount as with a traditional or “Forward Mortgage”, you are using the equity in your property to add to your principal amount. For this reason, you must have a minimum of 50% equity in your property to be eligible. The other main qualifier is at least one of the borrowers on the transaction must be 62 years of age or older. There are many different circumstances to qualifying so please reach out to one of our local Mann Mortgage Reverse Mortgage Specialists for all the details.

One of the most common myths is, “if I’m under water when I pass, or move to assisted living, my heirs are responsible for the past due debt”. Only part of this statement is true. Your heir(s) are responsible for your home after you move on. They will have one year to either purchase the house from your estate or sell the home. In the unlikely event you are underwater on your home, there is no recourse for your heirs. The bank will simply take over the home, and the heirs do not need to pay the difference. This is part of the new and improved Reverse Mortgage. In the other scenario, if you move on, and there is still equity in the home, your heirs can:

1). Purchase the current note as a primary, second or investment property, or;
2). List the house for sale, and gather the equity from the sale

Another scary aspect to most Reverse Mortgage inquirers is that they can lose their home while they still live in it. This is only partially true. The only way you can be removed from your home is if you let your property taxes or insurance lapse, or the county deems you are not keeping up your property. The main thing to note on that point, is the exact same thing will happen to you if you have a Traditional Forward Mortgage. So, that aspect should not be attached to Reverse Mortgages, but all mortgages. A perk of the Reverse Mortgage program however, is if you have enough equity in your home, you can add your taxes and insurance into your Reverse Mortgage, and never have to worry about paying them!  

Our specialists here at Mann Mortgage always sit down with our clients and fully explain every option. Each scenario is different and Reverse Mortgages are in no way “one size fits all”. That is why sitting down locally with someone you know, and trust is so important. We will never push a certain loan program on you. We will work with you to find the best and most viable option for you and your entire family.

I’ll leave you with this thought, imagine if you could eliminate your mortgage payment, allowing you to retire, and spend more time with your family and friends. The burden a mortgage payment can have on seniors, many times forces them into assisted living homes much too early. A reverse mortgage could allow you to hold on to your family home, and possibly, from the extra cash flow, hire an in-home care provider.

 

 

This ad is not from HUD, VA, or FHA and was not reviewed or approved by any government agencies.


Advantages of Being Pre-Approved

Nov 15
8:14
PM
Category | General

Shopping for a home can be exciting and nerve-wracking.  When the market is tight and you’re competing against multiple offers – especially when some of those offers are for cash – it can be downright frustrating.

Mann Mortgage offers a pre-approval process that helps combat the competition.

Getting pre-approved allows you to get fully approved for your financing prior to finding your home.  This puts you in the running with cash offers, as the financing is not at issue. So, how does it work? Let’s dig in.

You apply for your loan with no property attached to the application. The loan is processed and fully underwritten and a preliminary approval is issued.  This approval will have a loan amount attached to it, stating the maximum loan (or any loan amount lower than the maximum) that you qualify for. Once you get a property in contract, the loan is moved along in the system, and you’re given a full approval with the property address once the property is appraised and reviewed by the underwriter. 

It’s important to note that both the initial approval and final approval may have conditions attached to them.  These conditions can be simple, and things that the loan officer needs to resolve within the transaction – or they can be more complex.  It's important that you work closely with your loan officer to get them the documents needed to clear these conditions as quickly as possible so that your loan is not delayed.

The great news is that if you get pre-approved prior to going into contract, then go into contract on a home, the closing time can be greatly expedited.

You might be asking yourself if there are any other benefits to utilizing a pre-approval, and there most definitely are.  In an active real estate market, the seller and their agent often field multiple offers on the listing.  Getting an offer with a loan approval attached not only tells them that you’re serious, it also allows them to look at your offer more closely, like they would a cash offer, as opposed to an offer with no financing in place. It’s not quite the same as cash, but it definitely lets you compete!

If you have questions about getting pre-approved, contact your loan officer today!

 

 

This ad is not from HUD, VA, or FHA and was not reviewed or approved by any government agencies.


Basic Tips for Getting a Home Loan

Oct 16
5:49
PM
Category | General

Buying a home can be a daunting task.

 

It’s important to take the home purchase process step-by-step.  Your mortgage professional at Mann Mortgage wants you to know that help is available to understand and streamline the process for you.

 

Prepare to apply.  In order to apply for a mortgage, you will want to do your homework first.  This means knowing your financial picture.  Assess your household budget and savings, seeing just how much you can afford to spend on a down payment as well as monthly mortgage-related expenses.  You will next want to request your credit report.  Your credit report will have an impact on what the interest rate will be on your home loan and if you will, in fact, qualify for a loan.  Your credit score shows a lender essentially how trustworthy you are.  While a poor credit score can hurt your chances of obtaining a low rate, don’t let it completely discourage you.  There are ways to purchase a home even with a less-than-perfect score.  There are also ways to raise your score, so you may be able to qualify in the near future.

 

Get pre-qualified.  Once you know you want to purchase a home, you will want to consider getting pre-qualified.  This can help speed up the process, not to mention it can help you avoid potential headaches down the road.  For example, you might have found the home of your dreams, but getting approved for a mortgage could take time which could cost you an opportunity to buy your dream home.  As long as your financial situation doesn’t change once you are pre-qualified, you should be all set when you do decide you’ve found the right home.

 

Finding a home.  By getting pre-qualified, you’ll know how much home you can afford.  Now your home search can begin in earnest with the confidence that you’ll be choosing a home that you can afford.

 

Final loan approval You will receive final approval for a home loan if you have a good credit score and debt-to-income ratio.  Keep in mind that approval could depend on certain financial or property conditions that must be met.

 

 

 

 

This ad is not from HUD, VA, or FHA and was not reviewed or approved by any government agencies.

 


Nearly 25% of first-time home buyers use cash gifts as a down payment on a home, according to the 2017 National Association of Realtors Profile of Home Buyers and Sellers report.  But getting gift money for a down payment isn’t as easy as just taking the money.  Rules and regulations must be adhered to when getting someone to close on their dream home.

 

Here are some do’s and don’ts if you are thinking about using a gift for your down payment.

 

General Rules:

Conventional:  You can only use gift money on primary residences and second homes.

FHA, USDA, and VA:  You can only use gift money on primary residences.

 

The Do’s

  • Paper trail everything!
  • Do get a gift from parent, grandparent, sibling, spouse, domestic partner or significant other if you’re engaged to be married.  FHA: also includes a close friend or an employer
  • Do have the gifter get a verification of funds document from their bank showing what their current balance is and the withdrawal.
  • Do get a copy or a picture of the check or cashier’s check.
  • Do get a Bank Statement or Transaction History from your account showing the deposit of the gift money.
  • Do include a gift letter.   We’ll provide one with all the necessary information.

 

The Don’ts

  • Don’t get the gift in cash!!!
  • Don’t let the gifter cross out their account number on anything.
  • Don’t get a gift from the seller, builder or real estate agents involved in the transaction.
  • Don’t use gift funds on investment properties.

 

Gifts of Equity

A “Gift of equity” refers to a gift provided by the seller of a property to the buyer.  The gift represents a portion of the seller’s equity in the property and is transferred to the buyer as a credit in the transaction.  The seller must be a blood or legal relation.  The gift must be a part of the contract.  An official gift letter will still need to be completed.

 

Every loan and every situation is different.  Come on in and talk with a mortgage officer today to find out more details that would relate to your specific situation.

 

This ad is not from HUD, VA, or FHA and was not reviewed or approved by any government agencies.


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