Edgar Ferreras, Mortgage Banker, Total Mortgage, NMLS# 2356101

This week's mortgage term is all about home appraisals! A home appraisal is a crucial step in the mortgage process, determining a property's value. Get in touch with me for more information!

The National Association of Realtors (NAR) found that the average down payment for first-time homebuyers is 6%, while repeat buyers put down an average of 17%. Start planning for your next home purchase now!

According to the National Association of Realtors, 96% of homebuyers use online resources during their home search. Sometimes, those online calculators autofill information that aren't consistent with your particular set of circumstance. Not to worry, though! We've got you covered! We're here to guide you through the process! Visit our website or send us a message for more information.

It's not just about the house... It's also about the neighborhood! The NAR reports that 49% of homebuyers prioritize community when making a purchase.

APR plays a crucial role in the mortgage process. It's the true cost of borrowing and includes more than just the interest rate. Make sure you understand it before making your next mortgage move!

Don't let renting hold you back. Owning a home can be more affordable than you think, and the benefits of building equity and creating a sense of community are priceless. If you want to explore your options and see what makes sense for your specific set of circumstances, feel free to reach out to me! My team and I are here to help you figure out just that.

In many cases, buying a home has significant advantages over renting one. Homeownership gives you the freedom to make changes and truly make it your own. Plus, you'll be building equity and potentially benefiting from tax breaks.

First-time buyer? Read these rapid-fire tips that'll help with your first purchase:

-Keep your credit score in check
-Get PRE-APPROVED
-Save, save, save
-Only look at what you can afford

Now let's look at some of the most common mistakes made by new homebuyers. If you need any help during your home search, get in touch! I'm happy to educate and walk new borrowers through every step of the process.

The FHA recently announced brand new loan limits for 2023! Depending on your location and property size, you could get anywhere between $472,030 and $2,095,200 toward your next home financing project.

Remember: these new limits vary by location and county. DM me if you'd like to discuss your exact options.

Make sure you follow these guidelines! They are crucial to ensuring a smooth mortgage process.

Making a down payment is a crucial part of the mortgage process that every borrower should be prepared for. Take five minutes to read through this blog and learn more about what a down payment is, how it factors into your mortgage, and more.

What Is a Down Payment? - Total Mortgage Before deciding to purchase a house, you need to know what a down payment is and how much you need to put down on a house. This article explains everything you need to know about down payment options.

Buying a house with student loans can be a challenge, but it doesn’t mean it’s impossible. Having student loan debt increases your debt-to-income (DTI) ratio and can hurt your credit score, which lenders classify as being at a greater risk of loan default.

However, there are steps you can take to improve your financial health and your ability to qualify for a mortgage.

If you’re thinking of buying a house with student loans, then here’s how it can affect your ability to get a mortgage and ways to minimize its impact.

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Getting a mortgage is a big deal and it’s important to work with a lender you can trust!

Working with the right lender could mean the difference between stress and success during your homebuying process. With in-house underwriting, local knowledge, and flexible availability, we’re ready to make sure your experience is as easy as possible.

Having an exceptional lender is the key to an easy homebuying experience! If homebuying is on the horizon for you or someone you know, let's talk! My team and I are here to help you !

Down payments vary by age group! Check out this data from the National Association of Realtors (NAR)!

Of course, every homebuyer has a different journey. If you'd like to learn more about loan options with low down payment requirements, message me anytime! I'm happy to help.

BIG news for home buyers. The FHFA just announced new loan limits that will allow home buyers to get a mortgage up to $726,200 - a $79,000 increase from 2022.

In some parts of the country, loan limits may be as high as $1,089,300. These increases could help buyers save big by avoiding high jumbo loan rates.

FHA loan limits will be released soon.

If you’re just getting started with the mortgage process, make sure you know about this big myth…

MYTH: you need a great credit score to get a mortgage.

Wrong!

Now let’s cover the facts. A good credit score is always helpful, of course, but isn’t always necessary to obtain the right home loan for your needs. There are mortgage products specifically designed to help borrowers with lower credit. FHA loans, for example, typically have lower requirements for both borrower credit score and down payment amount.

If you’re interested in learning more, just send me a DM! I’m always available and happy to help.

"Oh, we talkin' teams?!" - Drake & Future (Big Rings)

Look, the mortgage process has a lot of moving parts, so it’s ALWAYS important to be prepared!

To do this, make sure you work with a set of TRUSTED and local industry professionals. From realtors to home inspectors, be sure to do your research and choose the professionals best suited for YOUR needs. Having the right team will go a long way and make your experience as EASY as possible!

For more info, message me anytime. My team and I are always here to help.

The first step on your path to homeownership is getting pre-approved. Whether you’re self- employed or traditionally-employed, you’ll need to present records of your finances over the years in order to prove your eligibility. Typically, a lender will look at your credit score, your credit history, and your debt-to-income ratio. So, what does it take to get pre-approved?

Luckily the process is easy. All it takes is a brief call and an application where you'll submit five simple forms of personal documentation to set you up for success. Through the application process, you’ll:

-Verify your employment (or self-employment), income, and assets
-Confirm that your credit is in good standing
-Provide additional documents (bank statements, gift letters, etc.)
-Get approved for a loan budget that you can take on your home search and show to sellers

Whenever you're ready to get pre-approved, my team and I can help you get started in minutes – contact us anytime!

Getting pre-approved is an important first step towards homeownership—not only does it give you an idea of the budget you’re working with, it also shows your lender that you’re serious about becoming a homeowner. With a pre-approval letter in hand, you’ll have a clear idea of the housing budget that best suits you.
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The three east steps to get pre-approved are as follows:

1 - 15 Min Initial Phone Call
2 - Apply Online (tms.loan/ferreras)
3 - You're Pre-Approved!
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Every tenant is regularly faced with the question: “Should I buy? Or is continuing to rent the right path for me?”

If you’re in an ideal financial position, the answer is usually pretty simple. Buying a home comes with proven advantages that just aren’t available to those renting – you’ll have a place of your own, build healthy credit with regular mortgage payments, and ultimately own a piece of property that will naturally grow in value over time. The benefits are amazing!

If you have any questions or want to transition from tenant to owner, contact me anytime! My team and I are happy to help.

In honor of Veterans Day, let's highlight the VA loan! Did you know eligible veterans can use their VA home loan benefit to purchase a 1 to 4 unit residential property with no money down, and no PMI?! What?! That's an amazing wealth-building opportunity for those who've served! Whether you're a veteran who is looking to buy a single family home, or a multifamily property, let's talk! If you're not a veteran, we've got other options to match your specific set of circumstances. Our team at Total Mortgage Services, LLC, is here to help you achieve your homeownership goals.

On behalf of our team at Total Mortgage Services, LLC, we'd like to wish all of our nation's veterans a Happy Veterans Day! Thank you for your selflessness, and service to our country. If you are, or someone you know is, a veteran and are interested in using your VA benefit to purchase a property, let's talk. My team is at the ready to serve those who've served in the United States military.

Before I became a Mortgage Banker with Total Mortgage Services, LLC, I was a client. My team made the mortgage process so easy, we were able to focus on the other stressors associated with buying, selling, and moving. My goal for each of my clients is to help them have a similar, easy mortgage process. By anticipating the needs of underwriting and obtaining all that we can upfront, we can help you focus on the other things. If you're a realtor who wants that kind of experience for your clients, or are simply someone interested in buying a house, let's talk! We're happy to help you mortgage easier.

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