Tag Archives: Loan

How to sell your home fast!

In today’s market, homes are selling faster than ever. Have your sights set on your next dream home and need to get your current home ready to sell? Let’s take a look at a few ways to help you get your house to SOLD!

We can’t stress enough how important it is to get connected with an experienced real estate agent right away. Working with a quality real estate agent will not only give you the advantage of having their experience on your side but they can also help you get more from the sale of your current home, giving you a healthier budget for furnishing your beautiful new home!

Now, how do we get this place sold? One thing your real estate agent may share with you upfront is that the home needs to be priced appropriately. Okay, we can get a bit sentimental when it comes to putting a price on the house we made a home. After all, how can you put a price on the whole summer it took to get those flowers to grow in the back yard or the upgrades you paid an arm and a leg for to make the kitchen your morning oasis? While those items need to be accounted for to determine the home’s total value, the price that is set needs to be realistic for where your home is located and what it has to offer.

Vamp up your curb appeal:

This will be a potential buyer’s first impression of your home. The moment they pull into the driveway, buyers will make a snap decision before they even step out of the car. Bringing life to your home’s exterior is easier than you think.

  • Give a fresh coat of paint to old front and garage doors.
  • Clean the siding and clear out cobwebs and debris from the entryway.
  • Revamp landscaping by adding potted plants to the front porch and walkway.
  • Trim back overhanging tree limbs and lay down fresh mulch.
  • Lastly, don’t forget the welcome mat!

Create an inviting atmosphere:

Now that you have ensured potential buyers want to enter your home by dazzling them with newly enhanced curb appeal, it’s time to awaken their senses. When potential buyers are walking through your home, you want their first impression to be a great one! There is nothing that turns people away like a stinky sink or foul-smelling carpet. While getting the carpets cleaned may be an obvious check off the to-do list, adding simple scents to the atmosphere have been shown to help sell your home!

  • vanilla
  • orange
  • lavender
  • fresh baked cookies

Yes, fresh baked cookies! Popping a couple rounds of cookie dough in the oven when you have a showing will help buyers feel warm and invited into your space and make them want to stay.

Declutter, depersonalize and brighten up the place:

When families are walking through your home, they want to feel at home themselves. Clearing all the clutter and stowing all personal items will help open up the space and let their imagination run freely. Removing excess items will allow potential buyers to visualize the space with their own furniture. Painting the walls a neutral color and opening the blinds to brighten up the place will insure your home is looking its best.

The forgotten details:

Taking the time to check off a few last items on the list will ensure your home is walk-through ready.

  • Park vehicles down the street to allow for easy access
  • Take the pups for a walk or arrange for a place for pets to stay while your home is being shown by a real estate agent. An anxious pet can cause tension during a walk-through and deter potential buyers.
  • Leave a detailed list on the kitchen countertop describing the features of your home and neighborhood. Buyers want to know as much as possible, such as history of the home, upgraded features, school districts and amenities that set your neighborhood apart. Do you have great neighbors? Tell them about it! After all, who could know better than you?

 

Which Loan Type is Right for Me?

Searching for the right loan program

Cutting Through the Confusion

Getting lost in all the mortgage lingo? You are not alone. According to a study performed by the Mortgage Bankers Association of America, “many borrowers say they get too much information when they go through the home-lending process…” Working with an experienced mortgage lender will save you a world of frustration by cutting through all the confusion. Your Lender will present the relevant information to get you on your way to moving day!

Which Program is Right for Me?

When purchasing a new home, a little research can go a long way. Asking the right questions will help us identify the right program that meets your needs.

  • Are you a first-time homebuyer?
  • Are you active or retired military?
  • Where is your future home located?
  • Which government programs do you qualify for?\

Common Loan Programs

You may have heard of these common loan programs: Conventional, VA, FHA, USDA, ARM (Adjustable Rate Mortgage), Jumbo…but what do they mean?

Conventional

The conventional mortgage is the most commonly used loan program for borrowers with good credit and steady income and can be used for purchasing a primary residence, second home or rental property. Conventional loans do require a down payment that can be as low as 3% of the purchase price of the home. PMI, or private mortgage insurance, is required when the down payment on the home is less than 20%. After 20% equity has been built up, the loan becomes eligible to have PMI removed.

VA

As a thank you in advance for those who are currently active duty, retired military or eligible reservists, this loan program offers veterans 0% down payment! The VA loan is guaranteed by the Veterans Administration and is government insured. Rather than having a monthly mortgage insurance fee, this loan program has a VA funding fee that is calculated into the initial loan amount. For borrowers who are considered disabled, the VA funding fee is waived entirely.

From all of us here at Alpha Mortgage Corporation, thank you for your service!

FHA

Insured by the Federal Housing Administration, the FHA loan requires a down payment as low as 3.5% and comes with a maximum loan amount that is determined by the location of the property. The FHA loan is helpful to borrowers who may have a higher debt to income ratio and allows for less than perfect credit. The FHA loan program does require PMI, or private mortgage insurance.

USDA

The USDA loan is insured by the US Department of Agriculture and is offered if your potential property is located in a USDA acceptable rural area. One of the benefits of the USDA loan is that it offers 0% down payment. Check here for USDA eligibility and income limitations: https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do;jsessionid=12MOUsHhXtG476sIGOnK5FRY#

JUMBO

The Jumbo loan is meant for loan amounts exceeding $453,100. In order to qualify for the Jumbo loan, borrowers must have a higher credit score.

 

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How to Apply for a VA Loan in North Carolina

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A VA loan, formally known as a Veteran Affairs loan, is a mortgage loan in the United States guaranteed by the US Department of Veteran Affairs that is designed to offer long-term financing to eligible American Veterans in order to help secure housing. VA loans are available for the primary residences of Veterans, active duty members, certain surviving spouses, certain Reservists, and National Guard members, and provide excellent benefits for those who are approved. Benefits of getting a VA loan include equal opportunity, little to no down payment, no monthly PMI, home appraisal and reasonable value calculated, negotiable interest rate, reasonable closing costs, assistance to borrowers, and the ability to finance the VA funding fee.

The US Department of Veteran Affairs doesn’t directly fund the loans through the program, but instead backs them from private lenders such as banks and mortgage companies,  which is why Alpha Mortgage can provide VA Loans to those who qualify in North Carolina with more favorable loan terms than they may normally receive.

In order to apply for a VA loan in NC, there are a few preliminary steps one must take in order to reach the application process. The first thing you will need is a Certificate of Eligibility that one obtains from the VA. A Certificate of Eligibility (COE), provides lenders with the evidence that they need to determine if one is qualified to receive a VA loan. As stated on the official website, “The evidence you need depends on the nature of your eligibility.” They provide a table to reference during this process here.  It is important to make sure that all of the qualifications

After you figure out what specific evidence you need, and that evidence  has been collected, there are multiple ways to go about actually applying for the loan- including online, through your lender, or through mail. Once the loan is approved through the U.S. Department of Veterans Affairs, the rest of the process can be taken care of through your lender.

Whether you have been approved for a VA loan already, or need assistance in the process, remember that Alpha Mortgage is here to help with all of your VA loan needs! Contact us today!