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Refinancing Traps to Watch Out For

February 1st, 2020 by Inlanta Staff

Refinancing can be tricky, but a little preparation before starting the process can help you to avoid mishaps along the way. Here are some common traps that you many run into while refinancing your home and tips to avoid falling for them.

The automatic payment trap

Did you know it can take up to two weeks to have automatic payments canceled? If your payments are made this way, be sure to turn it off before closing. You don’t want to pay for the same month twice!

The missed or late payment trap

Believe it or not, lots of people think they don’t have to keep making payments once they apply to refinance. Missing a payment could damage your credit and even preclude closing. Just be careful regarding your very last payment, as it should be made in time to assure it’s credited toward your payoff balance.

The tax escrow trap

The funds in any existing escrow account will typically be held until after the current loan is paid off. Since this money will not be available at closing, you need to be able to establish a new escrow account and/or pay any upcoming taxes from savings or the new loan proceeds.

The insufficient funds trap

The tax escrow trap can contribute to this, and so, too, can many other factors. For example, a low appraised value could limit your loan amount. As many loans are set up to cover all closing and escrow funds, it’s important to know that any necessary or unexpected adjustment could change the cash to close requirements accordingly.

We want you to be aware of these potential pitfalls before they have a chance to occur. Of course, we will work with you and on your behalf to prevent and avoid them. If you’re looking to refinance, or are already going through the process, feel free to Contact Us! We’re always happy to help.

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    Top 3 Credit Misconceptions

    January 13th, 2020 by Inlanta Staff

    You are not alone if you have been putting off having your credit reviewed for the purposes of getting a mortgage.  There are so many things that run through people’s heads.  They want to pay off all their debt, close accounts, try to quickly build credit and their intentions are in the right place, BUT it can all backfire.  Credit is complex and everyone’s situation is completely different.

    If you are even starting to think about purchasing a home, having your credit reviewed by a professional is absolutely the first step in the process.  A mortgage lender can offer you not only a review but also guidance on anything that could improve your unique situation.  Do you have these misconceptions?

    • Credit Misconception #1- I Know My Credit Scores
    • Credit Misconception #2- My Credit Scores will go Down if my Credit is Pulled
    • Credit Misconception #3- I Need to Pay Down/Off My Debts

    Read the rest of this entry »


    TOP 3 Reasons to Stop Renting & Buy Your Own Home

    September 10th, 2019 by Inlanta Staff

    Is it time to leave renting behind and purchase a home to call your own?

    There are many advantages to becoming a homeowner in 2020.  We are sure you have seen the news, interest rates have dropped to all-time lows once again, making homeownership more affordable than many rising rent payments.  When considering buying a home you want to evaluate your current circumstance and stage in life.  Buying a home is not always right for each  situation. Read the rest of this entry »


    The Best Way to Use Your Tax Refund

    February 26th, 2019 by Inlanta Staff

    A Down Payment on a New Home is the Best Option for your Tax Refund!

    The tax season is well underway.  If you are receiving a refund, have you planned what you are going to do with it?  Utilizing your tax refund towards the purchase of a new home is a great long-term investment.  Typically, there is a minimum down payment of 3.5-5% on the purchase of a primary residence. The thought of this large down payment is one of the biggest challenges for home buyers to overcome.

    One benefit of tax season is being able to utilize your IRS or State tax refund for a down payment. In some cases a refund is also helpful to pay off outstanding debts or credit cards to improve credit or qualify for a larger mortgage.  The most important step is start a conversation, where we can review your situation to know the best way for you use your refund and get you closer to a new home. Read the rest of this entry »


    Do You Have the Best Mortgage Quote?

    August 28th, 2018 by Inlanta Staff

    Check Your Current Mortgage Quote

    Get a custom review of your current mortgage quote to ensure you are in the best mortgage for your individual situation.  Mortgage quotes are not all created equal.  It is important to take into account your goals today as well as in the future.  Check your current mortgage quote now!

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      3 Tips for Choosing the Right REALTOR and Best Mortgage Lender

      August 16th, 2018 by Inlanta Staff

      Purchasing a home is one of the largest financial decisions of most people’s lives.  When the right REALTOR and Best Mortgage Lender are chosen the process becomes much smoother and you experience a “dream team”.  This team will be one you can trust with not only your financial information but more importantly, they will educate and guide you through the ins and outs of the home buying process.

      The mission of the Guild Mortgage Inlanta is to be the Best Mortgage Lender that you trust to not only take care of your home financing but also your family, friends, and community.  Our Ada, MI team prides themselves on being well connected with many REALTORs across Michigan to provide seamless service to all involved.

      When choosing your “Dream Team” consider the following 3 Tips:

      1. Experience is invaluable, but not everything.  You want to have a team that works with you as much as for you.  Choose a team that is real and that you can relate to.  You will be spending quite a bit of time with your REALTOR and your Mortgage Lender must be relatable with your best interest at heart.
      2. Passion will make the difference.  Passion for not only real estate, but also you as their client can be the difference between your transaction being successful or not.  You want your REALTOR to tell you honestly what their professional opinion is with your long-term goals top of mind.  Furthermore, you want a Mortgage Lender that will go out of their way to assist in getting your offer accepted and communicate consistently with all parties.  You want to hear the passion in their voices!
      3.  Support makes for a seamless process.  Everyone will tell you that there is nothing simple about buying a home.  Once you find the perfect house and get your offer accepted, it will feel like the mortgage company wants everything short of a blood test 🙂 But, if you are working with a REALTOR and Mortgage Lender who have adequate support and knowledge the process can move along without anyone missing a beat.  In the best situation, each member is focused on what they do best and control of your transaction is in the hands of your Loan Originator to ensure you close on time without issues.

      Let us Help You Put Together Your Dream Team.  Who can we connect you with?


        REALTOR to Purchase a HomeREALTOR to Sell my HomeInsurance AgentFinancial Advisor

         


        Tax Time Down Payment

        February 5th, 2018 by Inlanta Staff

        Should you be using your Tax Refund for your Down Payment on a new Home?

        In preparation for purchasing a home saving for the down payment can be the most challenging piece to the puzzle. Typically there is some sort of down payment or out of pocket expense for the home buyer. The average down payment is 3.5% – 5% of the purchase price of the home.  This makes tax time the perfect opportunity to maximize available funds for the down payment on a new home.

        An IRS tax refund is a great, acceptable source for a down payment on a new home.  Even a small refund may be enough to provide you with an ideal amount toward a down payment.  The first step would be to begin the mortgage pre-approval process by either applying online, downloading our phone app to apply or simply give us a call: (616) 918-6564.  You can begin with the pre-approval right away, even before your tax return has been filed.

        Being pre-approved will give you the insight to how much home you can afford as well as how much of a down payment will be required based on the best mortgage product for you.  There is not a “one-size fits all” solution, your personal situation must be taken in to account to be provided with the most suitable options.

        Yes, NOW is the best time to use your Tax Refund towards a Down Payment.

        Monthly mortgage payments can cost less than renting an apartment or house and your payments, as well as any improvements to the home, are building your equity, not your landlord’s.  More importantly, it is ideal to purchase a home now because there is less competition, sellers are motivated to sell, interest rates are still low (though interest rates are projected to increase throughout the year) and you can close quickly, before the spring market.


        5 Reasons You Should Purchase Your Home Over the Holidays

        November 13th, 2017 by Inlanta Staff

        1. Less Competition

        The holidays are a busy time and combine that with the ever-changing cool Michigan weather and you will find less Real Estate transactions taking place.  The advantage of fewer people shopping for a home is less competition and multiple offer situations.  For an upper hand make sure to get a copy of Inlanta’s 5 Secrets to Winning in a Tight Real Estate Market.

         

        2. Sellers Are Motivated

        People who are selling their home during the holidays tend to be more motivated.  If the home has been on the market for some time prior to the holidays they may be even more eager to sell.  Use this urgency to your advantage to negotiate a fair offer with the sellers.

        3. Interest Rates

        Interest Rates remain low making owning your dream home more affordable than rent! Interest rates fluctuate daily and long-term projections are mixed, so it is best to take advantage of these rates now. To give you an idea, on average a one percentage point increase in interest rates can reduce your overall purchasing power by eleven percent.  Make sure you know all your mortgage options and how to choose the best mortgage.

        4. Streamline Closings

        With the end of the year in sight, everyone is looking to get things wrapped up quickly. There are fewer transactions during the holidays leaving a perfect window of opportunity to close on your purchase as soon as possible.  The mortgage process does not have to be complicated; take a look at our 10 Step Guide to the Mortgage Process.

        5. Potential Tax Advantages

        At this time if you itemize your taxes you may be able to deduct points, property tax, and mortgage interest. This advantage varies depending upon any other deductions you may have for the year. As you may know, there are many discussions on tax changes that may be coming, so we always advise that you consult with a tax professional to know how a home purchase can benefit you.

        So what does all this really mean to you?

        If you are looking to purchase a home over the holidays the homes that are for sale have motivated sellers, there are fewer buyers to compete with, interest rates are still great and you should be able to close your loan quickly; potentially with tax advantages.  So what are you waiting for?  Get Started Today


        Guild Mortgage Inlanta Grand Rapids Sponsors New Breakaway Music Festival

        May 22nd, 2017 by Inlanta Staff

        BreakAway Grand Rapids music festival sponsored by Guild Mortgage Inlanta Grand Rapids, MIGuild Mortgage Inlanta Grand Rapids is delighted to be a part of Grand Rapids’ new and promising Music Festival, Breakaway, slated for BelKnap Park August 25 and 26th.

        The Festival is expected to draw record crowds with a Coachella-caliber lineup including chart throbs like Zedd and Travis Scott. Organizers currently project 10,000 visitors over the two days, which would make it the largest outdoor festival in Grand Rapids.

        “Grand Rapids is a cool city, and we just wanted to help make it a little bit cooler,” said Inlanta manager Jonathan Arnold.

        Stay tuned for the lineup, which will publish soon at http://BreakawayFestival.com, where tickets are on sale now.

        Inlanta will be hosting special ticket giveaway promotions throughout the summer so stay tuned!

        This just in: Check out the lineup!

        This video will give you a glimpse of last year’s Breakaway Music Festival where Chance the Rapper headlined. 

        https://www.facebook.com/breakawayfestival/videos/1527962020569851/


        Michigan Housing Shortages

        January 26th, 2017 by Inlanta Staff

        Where have all the homes gone?

        On a national level there are only 1.65 million homes for sale equating to about 3.6 months of inventory, down from 3.9 months last year at the same time.  In an ideal situation, there will be six months of inventory to provide for healthy and well balanced market.  The National Association of Realtors (NAR) provided the info-graphic at the left comparing where existing home sales where in 2015 compared to 2016.

        The city of Grand Rapids continues to be one of the hottest housing markets, thus causing a severe lack of available homes for sale.  According to The Grand Rapids Association of  Realtors (GRAR), there where only 1.7 months of inventory for sale at the end of 2016.

        With these bleak levels of inventory home buyers must be prepared to act quickly, expect multiple offers and potentially need to offer over list price to get their dream home.


        What does all this mean?


        How can Guild Mortgage Inlanta help you?

        The Inlanta team is here to create a long-term relationship that starts with a great conversation.  It is important to learn up front what is most important to you, what makes the most sense for your life circumstances and what long term goals you have.  Our proactive approach means getting to know your story, so together we can meticulously prepare the best mortgage loan for you.

        Lets Start the Conversation Today.


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