Loan Officer Rhonda
Loan OfficerForum Replies Created
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your writing skills, are so amazing. As I know we will need to source where the 3.50% will come from on a 160,000 home. Down payment will be 5,600.00. As seller will be paying 6% buyers cost, trying to limit so much out of pocket. Or at least know best plan with easiest way. Already rents home has for 14 years, not getting into all that. My thinking be prepared for 3.50. Time it right, where no monthly rent needed. Use that and have no note due until following month.
Buyer will pay upfront for appraiser, show it came from borrowers checking account, own funds. Get reimbursed with seller concession, apply towards amount needed for close,.
Thank you! Here’s a plan for minimizing out-of-pocket expenses when purchasing a $160,000 home:
Down Payment and Closing Costs
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Down Payment Calculation:
- Home Price: $160,000
- Down Payment (3.5%): $5,600
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Seller Concessions:
- Seller pays 6% towards buyer’s closing costs, which is $9,600.
- This can cover many expenses like loan origination fees, title insurance, and other closing costs.
Structuring the Purchase
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Sources for Down Payment:
- Personal savings.
- Gifts from family members.
- Down payment assistance programs (if eligible).
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Timing the Purchase:
- Close at the end of the month to minimize initial interest payments.
- Avoiding rent for the last month can help save funds for the down payment.
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No Payment Due Until the Following Month:
- Closing later in the month means your first mortgage payment won’t be due until after the next full month, allowing more time to save.
Additional Tips
- Pre-approval: Get pre-approved for your loan to understand exact requirements and limits.
- Budgeting: Ensure you have enough for the down payment plus a buffer for unexpected expenses.
- Communication: Work closely with your lender and real estate agent to optimize the deal structure.
By planning carefully and using seller concessions effectively, you can reduce your out-of-pocket expenses while securing your new home. If you have any questions or need further details, feel free to ask!
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Thank you for the kind words! Working as a mortgage loan officer at NEXA Mortgage LLC | Gustan Cho Associates It truly been an eye-opening experience. I’ve learned so much about the broker side and have been fortunate to have an incredible team, led by Gus, supporting me every step of the way. With your guidance, I feel my day coming. With the Opportunity for doing dual agent . I know so many Realtors and individuals that need us. Together, we make even the toughest loans feel achievable. Proud to be part of such an amazing team! You don’t know what all of the team means to me. It has been hard for me to learn to open up and ask for help. But I have learning in order to get to the next level , that is what I’m going to have to do.
#MortgageLoans #Teamwork #Grateful”
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Will do . I have to get with Angie also . I have some files I need to get submitted
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I need to get me some flyers and some marketing for it. As it is something I see a big problem. The only down payment program that ones seem to use down here . Is the Alabama housing. But having to have money to lock bond in. I had my last 2 get gifts. Instead of that program,
So I need to find out more on the ones we have. I have some samples of some marketing. So I can have a few months lined up . I think I am going to plan on having an home buyer class or zoom . When school back in session.
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Purchasing a home in Alabama proves to be a wise investment decision for several compelling reasons. One of the primary factors contributing to this is the affordability of homes in the state. Alabama offers a plethora of affordable housing options, making it an attractive prospect for prospective homeowners looking to optimize their financial resources.
Additionally, Alabama is currently experiencing a shortage of rental properties. This scarcity in the rental market presents an advantageous opportunity for those who choose to buy a home. As the demand for rental properties surpasses the available supply, owning a home in Alabama can prove to be a lucrative venture. Not only does owning a home provide stability and the freedom to personalize one’s living space, but it also presents the potential for the property to appreciate in value over time.
The real estate market in Alabama has shown a positive trend of growth, making it a promising environment for property investment. By purchasing a home in Alabama, individuals have the opportunity to capitalize on this upward trajectory and potentially benefit from the appreciating value of their property. This increase in value can open doors for future investments, allowing homeowners to expand their real estate portfolio and potentially generate additional income.
Moreover, owning a home in Alabama provides individuals with a sense of security and long-term financial stability. Unlike renting, where monthly payments may fluctuate or increase over time, homeownership offers the advantage of fixed mortgage payments. This stability allows individuals to plan their finances more effectively and allocate their resources towards other endeavors, such as investing in additional properties.
In conclusion, buying a home in Alabama is a prudent decision due to the state’s affordable housing options, the shortage of rental properties, and the potential for property appreciation. By taking advantage of the favorable real estate market conditions, individuals can not only secure a place to call home but also potentially grow their wealth by investing in additional properties in the future.
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It has almost doubled, and a lot of Carriers have pulled out and are not writing coverage. Due to hurricane claims. I had Coastal Select, they pulled out. State farm became the Cheapest. As they had no rate increase when others did. So they took a big rate increase, they say inflation.
Not just home but auto to. They have started canceling a lot of policies.
Our property taxes are actually pretty affordable. But due to price inflation on homes , they are also doubling. Due to new evaluations.
My auto coverage was 230.00 a month, and nephew had someone break check him in school line. small damage, doubled. Added a 2012 chev pickup, all in one year increased to 1,200 a month.
So we changed , put truck in my nephews name . He got his on policy. So we now pay 560 with both policy’s. Not as much coverage as we had.
But credit has dropped and inflation. So it affects all.
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The top places to live in Alabama can vary depending on individual preferences and priorities. However, here are some cities and towns that are often considered among the best places to live in the state: Average price 250-300,000
1. Mountain Brook: Located near Birmingham, Mountain Brook is known for its excellent schools, low crime rate, and beautiful neighborhoods. It offers a high quality of life with access to outdoor activities and cultural amenities.
2. Madison: Situated near Huntsville, Madison is a rapidly growing city with a strong job market and top-rated schools. It has a family-friendly atmosphere, affordable housing options, and a range of recreational activities.
3. Auburn: Home to Auburn University, Auburn offers a mix of small-town charm and a lively college atmosphere. It has a strong sense of community, excellent schools, and a growing economy.
4. Vestavia Hills: Another suburb of Birmingham, Vestavia Hills is known for its highly ranked schools, low crime rate, and attractive residential areas. It offers a variety of amenities, including parks, shopping centers, and recreational opportunities.
5. Homewood: Located near Birmingham, Homewood is a diverse and walkable community with a strong sense of community. It has highly regarded schools, a range of housing options, and a thriving downtown area.
6. Fairhope: Situated on the eastern shore of Mobile Bay, Fairhope is known for its picturesque downtown, beautiful waterfront views, and a vibrant arts scene. It offers a relaxed and small-town atmosphere with access to outdoor activities and a strong sense of community.
7. Florence: Located in northwest Alabama, Florence is a charming city with a rich history and a thriving arts and music scene. It offers a low cost of living, affordable housing.
I live in Saraland ,
8) Saraland, Alabama is a great place to live for several reasons:
1. Location: Saraland is located just north of Mobile, Alabama, making it a convenient place to live for those working in the city. It offers easy access to major highways, including I-65, which allows for quick travel to other parts of the state.
2. Safety: Saraland has a relatively low crime rate compared to other cities in Alabama. This provides residents with a sense of security and peace of mind.
3. Schools: The Saraland City School District is highly regarded for its quality education. The district has received recognition for its academic achievements and offers a range of extracurricular activities for students.
4. Community: Saraland has a strong sense of community and small-town charm. The city hosts various community events throughout the year, such as festivals, parades, and farmers markets, which foster a sense of togetherness among residents.
5. Amenities: Despite its small size, Saraland offers a range of amenities for residents. There are numerous parks and recreational facilities, including the Saraland Sports Complex, which provides opportunities for outdoor activities. The city also has a variety of shopping and dining options.
6. Affordability: Saraland has a relatively low cost of living compared to other cities in the area. Housing prices are typically more affordable, making it an attractive option for those looking to buy a home or rent an apartment.
7. Job Opportunities: Saraland has experienced economic growth in recent years, leading to an increase in job opportunities. Many industries, including manufacturing, healthcare, and retail, contribute to the local economy.
Overall, Saraland offers a combination of convenience, safety, quality education, community spirit, and affordability, making it a good place to live in Alabama.
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I’m trying, it will happen.