at 6525 N Quail Hollow Rd, Memphis, 38120 United States
I have been in the mortgage industry for 20+ years. I feel very blessed in many ways in helping families obtain there dream of owning a home! NMLS#771201
Thank you for visiting my Facebook page. In today's real estate market it is important to choose an experienced mortgage lender who can help you plan your next move in home financing. I have built my reputation on providing outstanding service to my clients and being knowledgeable of the maze of mortgage products available today. Over the years I have experienced many changes in the industry but have never changed my belief in the "customers for life" philosophy. As a result I promise to you my best efforts in delivering the kind of service you deserve. I have over 20 years’ experience in helping many people achieve their goal of homeownership. Whether you want to purchase a home or refinance an existing loan, I am knowledgeable of the local real estate market and have the experience to help you close your loan quickly.
104 FB users likes Debbie Howard "Your Mortgage Banker Professional." NMLS 771201, set it to 27 position in Likes Rating for Memphis, Tennessee in Bank/financial services category
Fall Weather is here this weekend! It will be a great time to go house shopping! If you need a fast pre approval over the weekend message me or give me a call!!
"Advantaqges of Working With a Local Lender" One of the greatest advantages of working with a local lender is that they are better able to communicate with you. We live in the age of technology and making use of the newest developments is important in any business, but nothing can replace a good face to face conversation. I maintain an open door policy with my clients. Day or night I am available. I personally get to know each of my borrowers and can update them within moments on their loan status and what, if anything is required. Accessibility is an important ingredient for success.
Why should I have a Real Estate Agent? Real estate agents are advocates, consultants, representatives, advisers, mediators, social workers, guidance counselors, or anything that a home buyer needs to accomplish their goal of owning a home! LOL. The real estate agent will literally take you by the hand, and lead you from beginning, to closing, if necessary. * Market Knowledge :Realtors will answer all questions about the current market, prices, and other home buying concerns. * Available Homes: Agents use the Real Estate Information Network (REIN) also still known as the MLS. It is a database that contains every single house listed for sale. It is still the source for the most current and reliable information on listed homes. All the other popular home websites is either directly, or indirectly, receiving their data from this source. Internet searches, open houses, and newspaper ads just will not have all of the homes that are for sale. * Viewing Homes: Real estate professionals have the expertise to assist you in narrowing your home search. Seeking only on the homes that match your features, interest, and price range. * Contracts & Negotiations: You and the realtor have been working together and you found the home you want... now what? Your realtor will now help you in making a written offer of purchase. They will explain each paragraph in the offer to you. Nest they will present your offer to the seller, and negotiate as your advocate. They help you determine exactly what to offer, not only the amount but also in other important factors. Such as contingencies, various inspections, appliances, seller's assistance with required closing costs, and other very important issues. If you need a referral for a good Real Estate Agent- Let me know I work with several experienced & professional realtors! * FINANLIZING THE SALE: After everyone agrees to the contract and it is accepted, there is still a lot of work to do. Your agent continues to help you through this process. The realtor makes sure the necessary steps are taken, such as finalizing the loan, appraisals, home inspections, moisture inspections, termite inspections, performing a title search, final Article Source: http://EzineArticles.com/4434203
It is time to buy or refinance now! Mortgage rates are low right now, BUT not for long. The clock is ticking for home buyers and owners to take advantage of this opportunity. If you are able to act quickly and stay on top of your finances, you can also obtain a low mortgage rate. Below are three tips that will aid your mortgage decisions this year. 1.KEEP DOCUMENTS OF YOUR FINANCES- Since the rules apply pressure on the lenders to verify that the borrowers have the ability to pay back their loans, it is important that you keep good records of your finances which include bank statements, tax returns, W-2s, investment accounts and any other assets you own. 2.GRAB A RATE AS SOON AS POSSIBLE- the Federal Reserve is expected to reduce the pace of its economic stimulus program which has in turn made mortgage rates low. Because of this mortgage rates are more likely to increase. As a result of this, it is important to lock a mortgage rate as soon as you are comfortable with the number. 3.MAKE YOUR CREDIT SCORE A PRIORITY- It is almost impossible to get a mortgage without a decent credit score. If you are planning to get a mortgage, monitor your credit history and score until your loan closes. The best mortgage rates usually go to borrowers with credit scores of 720 or higher. You may still get a mortgage with a score of 680, but lower scores will mean higher rates or higher closing costs. Need more advise on mortgage rates or how to go about owning a home? Message me on Facebook or visit my website-http://magnahomeloans.com/dhoward
FHA Mortgage Insurance … What it IS and ISN’T Your home loan has funded and escrow closed. The house is yours and now the fun begins as you settle in. In a month or so the first mortgage payment comes due as the memory of all those pages of loan documents you signed are beginning to fade. Being a new homeowner makes you a very important person to many businesses who believe you need their services. Soon your mailbox fills with solicitations for all kinds of stuff including mortgage insurance to protect your home. Then you start questioning … I already have that … don’t I? Let’s clear up the confusion. FHA mortgage insurance IS protection for lenders against losses that result if a homeowner defaults on their mortgage. Lenders are willing to take the risk of purchasing these high LTV mortgages because of FHA’s guarantee. FHA collects the up front and monthly mortgage insurance premiums paid by homeowners to fund the program. FHA mortgage insurance ISN’T designed to payoff your mortgage in the event of your death or disibility. If you want that kind of protection, you need to purchase your own insurance. The solitations you might receive in the mail will likely offer this kind of insurance. It can be very expensive so consider all your options. If you have life insurance with your employer, ask about the cost of increasing benefits sufficient to cover your mortgage. Another option is to purchase an inexpensive term policy that would accomplish the same objective. Your heirs will thank you.
Do you wonder if you should close credit cards that have a zero balance? Read below on some helpful advice on keeping your credit score high! Credit Utilization Score: the sum of all credit card balances divided by the sum of all credit card limits. Credit Utilization of 50% or greater will have a negative impact on your credit score. This figure is 30% of your credit score. Example: you have three credit cards. Each credit card has a $3,000 credit limit. Your total credit limit is $9000 ($3000 X 3 = $9000). One credit card has a balance of $1,000, the second a balance of $2,000, and the third a zero balance (not in use). Your total balance owed is $3,000. To determine your Credit Utilization Ratio, divide $3000 (total balances owed) by $9000 (total credit limits) which equals 33%. If you close your third card, your total credit limit will fall to $6,000. You still have a balance of $3,000 and your credit utilization rate then increases to 50%. If you have older credit cards that have good history, it is best to keep them active and in good standing this will weight your credit score in positive ways.
Are you in need of a 100% Loan?! A USDA loan (also called a Rural Development Loan) is a government insured home loan that allows you purchase a home with NO Money Down. USDA Home Loans offer 100% financing to qualified buyers, and allow for all closing costs to be either paid for by the seller or financed into the loan. I will be glad to see if you qualify for this program!
DEBT to INCOME RATIOS: When you apply for a mortgage, I will analyze your debt ratios, which are also known as your debt-to-income ratios, or DTI. We calculate DTIs to ensure you have enough income to comfortably pay for a new mortgage while still being able to pay your other monthly debts. There are two debt-to-income ratios that your lender will analyze: Housing ratio or "front-end ratio" I will add up your anticipated monthly mortgage payment plus other monthly costs of homeownership. Other costs of homeownership could include homeowner association (HOA) fees, property taxes, mortgage insurance and homeowner's insurance. To calculate your housing ratio or front-end ratio, I will divide your anticipated mortgage payment and homeownership expenses by the amount of gross monthly income. Total debt ratio or "back-end ratio" In addition to calculating your housing ratio, we will analyze your total debt ratio. At this time your other installment and revolving debts will be analyzed and added together. Installment and revolving debts will appear on your credit report. These payments are expenses like minimum monthly credit card payments, student loan payments, alimony, child support, car payments, etc. The payments from these will be totaled with your estimated monthly mortgage payment and housing expenses and divide that number by your monthly gross income. Debt-to-income limits are generally, your front-end and back-end debt ratios should be 28/45. Give me a call & I will be glad to help you figure debt to income ratios!
Have you had a Foreclosure or Short Sale? Foreclosure- the waiting period is generally 3 years form the completion date of the foreclosure. Short Sale- If the loan was in default at the time of the short sale then the waiting period is 3 yeas from date of pre -foreclosure sale or if you were current at the time of the short sale then a 12 month pay history with no mortgage or no installment debt late pays preceding the short sale.
Have you had a bankruptcy in the past? Here are some general guidelines: Chapter 7 Bankruptcy- 2 years from the date of the discharge with reestablished credit. Chapter 13 Bankruptcy- 1 year since file date & good payment history in the bankruptcy along with a letter of permission from the court.
Should I pay off my home early? Some analysts suggest paying off your mortgage and own your home outright. This doesn’t always make sense. It is best to look all financial factors to evaluate before making this decision. Here are five reasons why you shouldn’t pay off your mortgage early. 1. You carry a hefty credit card bill. If you have outstanding credit card debt, or debts with high interest rates, you should pay this off first. 2.You are not contributing the maximum to your retirement plan. If you are still working, you are better off adding extra dollars to a tax-favored retirement account such as an IRA or a 401(k). After you have contributed the max to your retirement plan, then consider if it makes sense to pay off your mortgage. 3.You need to invest in your future. After you have done both of the above you may want to invest extra cash in other types of tax-free vehicles, such as a 529 college savings plan for your kids, or in the market by choosing index funds or stock-owning mutual funds. Talk to a certified financial planner or financial professional. 4. You need extra cash for other monthly expenses. You may be house rich and cash poor after you pay off your home. This isn’t a good place to be if you are retired. Make sure you are liquid at this point in your life. 5. You don’t want to pay a penalty. Read the fine print about any prepayment penalties in your mortgage agreement. You don't want to incur a prepayment penalty.
It is almost time for school to start back. Don't miss the opportunity to get in your dream home before the summer is over! I can get you pre-qualified in less than 24 hours!
The Top Reasons to buy a home now! 1. Mortgage rates are still low! 2. It's still cheaper to buy than rent. 3. It may be easier to get a mortgage than you think?! 4. Avoid the cost of rising rent. 5. Invest in your future
"Do You Know How to Reduce Your Mortgage by Years?" 1.Make biweekly mortgage payments. Half of a monthly payment paid every other week equates to 26 payments per year. This is equivalent of 13 monthly payments in a one-year period. 2.Divide the current monthly mortgage payment by 12. Add this one-twelfth payment to each monthly payment to add one extra mortgage payment per year. This is a good alternative to Step 1 if the mortgage servicer charges for a biweekly mortgage payments. 3.Save up one full month payment, or use a bonus or commission check, to make the additional monthly payment each year. Be sure to mark the payment as "principal reduction payment" and not as a future payment to have the payment properly credited to the mortgage account. 4.Set a goal for making two extra monthly payments per year to see the mortgage term reduce even further. For the 30-year, fixed-rate mortgage, two extra monthly payments made per year will cut the term almost in half.
Clarification of Student Loans & Qualifying for a Mortgage Loan: Student loan debt has tripled from a decade ago. It is one of the largest segments of consumer debt in our nation. We now owe more on student loans than owed on credit card debt, averaging $20,000 per student. This now has become a significant consideration in the approval process for new buyers. On a conventional loan, the lender must count the monthly payment or a minimum of 2% of the balance when calculating debt to income ratios. In order to not count a student loan debt on a FHA loan, the loan(s) need to be deferred for a minimum of 12 months.
Own VS Rent: Mortgages are still Cheap. In certain areas it is still cheaper to own vs rent. A basic apartment: 1 bedroom, 1 bath with kitchen and living area will be $800 – $1000 a month. One can own a 3 bedroom 1 bath home for around $800 a month. Your life, your way. Want to landscape? Want to get a family pet? Remodel your kitchen? Add a bedroom? If you own your own home you have the freedom to make your home truly your own. Credit. Mortgage companies report to the credit bureaus. Rental companies typically don’t report. This will show financial responsibility and general stability with on time mortgage payments. Equity. Having equity in your home can be tapped into if necessary; this is a big plus for a homeowner. This could be used for emergency expenses, home improvements, or college. If you have say $75,000 in home equity, a bank will feel much better loaning you $20,000 to buy a boat than if you were renting an apartment. Home is not necessarily an investment but still better than renting for your financial health. Here are some numbers. You buy a $200,000 home, and you put $40,000 down. This would make your mortgage payment $810.70 for 30 years at a 4.5% interest rate. At the end of 30 years, you own the home free and clear, and hopefully it has appreciated significantly in value. If you pay the same amount in rent, after 30 years, you’ll have paid a total of 291,852 in housing payments. This is a glorified scenario as rental rates go up after the first year’s contract, which would make your actual total even more. At the end of the 30 years, you will have absolutely nothing to show for all of the money you spent. By Matthew Frankel
FIGHTING BACK AGAINST MATERINITY DISCRIMINATION Nation’s Housing WASHINGTON — It doesn’t get much publicity compared with other home-mortgage issues, but it appears a persistent problem: Lenders and mortgage insurers allegedly delay or deny loan applications when a borrower is pregnant or heading for maternity leave. Their rationale: When a borrower or co-borrower is on maternity leave or expected to be on leave, mortgage companies assume that the household income may decline for an extended period, or the woman may not return to the same employment and salary, thereby increasing the risk of delinquency or default. But federal law is emphatic: Cut it out. Any denial or delay of a mortgage application, according to fair-lending regulations, violates the federal Fair Housing Act, which prohibits any form of unequal treatment based on gender or familial status. Both the Justice Department and the Department of Housing and Urban Development have settled with — and levied monetary penalties against — a variety of lenders and insurers on maternity-discrimination grounds during the past several years. The latest settlement came June 25, when HUD outlined a “conciliation agreement” it reached with Utah-based Mountain America Credit Union, with $3.6 billion in assets and the 35th largest in the country. Mountain America, as did the previously mentioned companies, denied any wrongdoing as part of the settlement. According to HUD, which has a specialized staff that handles fair-housing and lending complaints, a married couple who applied for a mortgage from their credit union had the application put aside because the wife told the loan officer she was on maternity leave. Allegedly the credit union told the couple they could reapply “only when the wife returned to work and received a paycheck.” Mountain America, which agreed to pay $25,000 to settle the charges, said it was following the underwriting requirements of the private loan insurer it uses, CMG Mortgage Insurance. CMG, which changed its name to Arch Mortgage Insurance earlier this year, said it had no comment. However, last September, CMG, which is a major provider of private mortgage insurance to credit unions, settled two fair-housing complaints filed by HUD and agreed to make payments of $30,000 while denying any violations of federal law. The agreement quoted language from the company’s underwriting manual: “If the [applicant] is on [family medical leave of absence] and is not expected to return to work before the loan closes, only the income the [applicant] is currently receiving may be used to qualify.” If the person seeking the mortgage “is not currently receiving income,” the underwriting guide instructed, “their regular full-time pay may not be used to qualify — even if they plan on returning to work at some future specified time.” Commenting on the latest settlement, Bryan Greene, HUD’s general deputy assistant secretary for fair housing and equal opportunity, said “the birth of a child, a joyous event for a family, should not become the basis for denying that family a home mortgage.” A spokeswoman for HUD said “there is a steady flow of complaints” on maternity-related mortgage discrimination and that the agency is working on additional cases. Why does this type of alleged breach of the law continue within the mortgage field? Part of the problem, says Kristin Rowe-Finkbeiner, executive director of MomsRising, a Seattle-based national advocacy group with more than a million members, is that some lenders have “outdated notions about women in the workplace, if indeed those notions were ever valid.” These include the assumption that a woman’s commitment to the workplace ends or diminishes once she has a child or that a birth in the family will mean the mortgage payments will stop or be late. “It’s ridiculous,” Rowe-Finkbeiner said in an interview. “Three-quarters of moms are working, many of them at more than one job,” because they know the income they earn is essential for the economic support of their families, including paying the mortgage. Whatever the attitudinal cause of the problem, though, this much is clear: Lenders legally cannot turn down an otherwise qualified applicant — or tell her to come back later — simply because she is pregnant or taking family leave. Ken Harney’s email address is email@example.com
"Top 8 Reason to Buy a Home" 8. So you don't throw your shelter money in the wind 7. You will no longer live near your closest 100 strangers 6. Big foot will no longer be living upstairs 5.Your parking place will always be reserved for you 4. No more hauling groceries up 3 flights of stairs in the rain 3. You can let Fido go outside cold in the rain 2. Uncle Sam may be writing you a check for mortgage interest 1. Mortgage Interest Rates are still near historic low!
Does anyone know the history of the Fourth of July? I found this very interesting! Independence Day, July 4th has been a federal holiday in the United States since 1941, but the tradition of Independence Day celebrations goes back to the 18th century and the American Revolution (1775-83). In June 1776, representatives of the 13 colonies then fighting in the revolutionary struggle weighed a resolution that would declare their independence from Great Britain. On July 2nd, the Continental Congress voted in favor of independence, and two days later its delegates adopted the Declaration of Independence, a historic document drafted by Thomas Jefferson. From 1776 until the present day, July 4th has been celebrated as the birth of American independence, with typical festivities ranging from fireworks, parades and concerts to more casual family gatherings and barbecues.
The 101 on who can talk to the Real Estate Appraiser & who receives a copy of the appraisal: Will the homebuyer receive a copy of the appraisal? YES. The Equal Credit Opportunity Act (ECOA) requires lenders to send the borrower a free copy of the appraisal along with any other written valuation of the property after they are completed, regardless whether credit is extended, denied, incomplete or withdrawn. Can the real estate agent talk to the appraiser? YES. Regulations allow agents to communicate with the appraiser and provide additional property information, including a copy of the sales contract or other supporting documentation. The Realtor can prepare an “Appraiser’s Package” and make it available to the appraiser. The package could contain: plats, surveys, deeds, covenants, HOA documents, floor plans, specifications, inspection reports, neighborhood details, recent comparable, or upgrades and energy efficient features. The appraiser may not disclose any confidential information at any time to the agent. Can the Loan Officer talk with the appraiser? NO. Loan Officers, or other lender production associates may not discuss the appraisal with the appraiser. Appraisal concerns are handled through the lender’s underwriters or non-production staff.
Good news for First Time Home Buyers! There is down payment assistance funds available. There are several programs to choose from. Let me know if you are interested in seeing if you qualify.