Home Ownership and Mortgage Podcast with Kathy Lamb

Click Here for a Mortgage Application Click Here for a Pre-Qualification RequestI’ve been servicing Ohio and Kentucky for the last 12 years, so I understand that when it comes to hiring a mortgage professional, you have many choices. I wanted to take some time to let you know how and why we are different from other mortgage professionals. We’re absolutely able to provide competitive rates and cost, but our client-focused service is what really sets us apart. Not only will we save you time and money throughout the process, we will also reduce stress along the way as well. Ask any Realtor - you want a local, experienced, and reliable mortgage professional that has a track record of on-time closings and client satisfaction. My team and Finance of America has just that. Here are the top 10 things you can count on from the Kathy Lamb team: I serve my clients as a home buying and financing coach. That means I help educate you to understand your needs while providing options that meet your short and long term financial goals. Our clients come first. We act with a sense of urgency. Everything we do is aimed at getting your loan closed on time. We have a team of professionals dedicated to catering to all of your mortgage needs. We make update calls every single week so you never have to wonder what’s going on with your loan. “We truly love what we do. ”We’re easily accessible and available so you are always welcome to give us a call, ask questions, or just check in with us. Prompt responses to phone calls, emails, and texts. In-house processing, underwriting, and closing. This allows more control over your loan.We close your loan on time.We love what we do. It is an honor and a privilege to earn your business and help you with the American Dream of owning your home or refinancing your home purchase. If you have any questions, please don’t hesitate to give us a call or send us an email. My team and I would be happy to help you.

Click Here for a Mortgage Application Click Here for a Pre-Qualification RequestIt’s that time of year again! That time of year our American pride will be shown by waving the American flag, hanging it on our homes, boats, bikes, buildings, and cars. It’s easy to forget, though, the proper way to handle and hang the American flag. I thought this would be a good time to review the top practical ways to respectfully honor Old Glory.Orient it correctly. The field of stars should always be at the top-left corner, whether you are hanging it horizontally or vertically. The view should always be from the outside-in, so you still have the field of stars in the top left-corner if it’s horizontal or vertical. It’s important that the flag be flown higher than any other flag if there are others beside it.Leave the light on. Traditionally the flag has flown outside from sunrise to sunset, but if illuminated properly it can be left out for 24 hours. You might try a solar light that gets dim during the day and brightens at night, or a garden spotlight to keep it illuminated throughout the evening.Consider the weather. You do not want the flag subjected to harsh elements of rain, wind, or snow, but long as it is made of weather-resistant materials, it should be able to withstand those elements. Retire the flag once it’s worn out. Traditionally, disposing a flag is is done via burning. If you don’t want to do this yourself, however, you can call the local VFW to dispose of it in a respectful way, or even in ceremony.“It’s important to handle the flag with respect, dignity, and honor. ”Don’t let it touch the ground or anything beneath it. When flying the flag from your vehicle, you want to attach it to your antenna, or to the right side of the fender, or to your window by letting the flagstaff hang from the right side. The flag is not to be used for advertising or promotional purposes. For example, putting it on napkins, plates, and boxes. Anything that’s temporary or can be disposed is restricted.No decorations of any kind. You can use decorative flag banners, for example, but the flag itself should not be used as such.It’s important that we handle the flag with the respect, dignity, and honor that it deserves. There are extensive guidelines, per the U.S. Flag Code, that provide more information. If you’d like to be an authority on that code, go ahead and read it. In the meantime, I hope to be your authority in mortgage funding. My team and I are always happy to provide star-spangled banner service to you or anyone you know needing a mortgage. Please feel free to give us a call or shoot us an email. Happy 4th of July!

Click Here for a Mortgage Application Click Here for a Pre-Qualification RequestKeeping your property and your family safe is no longer as simple as locking doors and installing a security system. There are some other simple things that you can do to keep your loved ones safe:Change your door locks when you move into your home. Even if you haven’t just moved in, if you feel that maybe your security has been compromised, this may be a very good idea. Upgrade your door’s security while changing the locks. Nearly 66% of all break-ins happen through the front door, the back door, or the garage door. Think about purchasing a stronger door when you replace your locks.Remove the hidden key under your doormat. The FBI reports that 12% of break-ins happen because there is an extra key hidden around the exterior of the home. Use timers to turn on lights and televisions remotely. This can give the appearance that your home is occupied. Motion-sensing lights are a good idea, too. Get a dog. This is serious. It’s a very simple and effective thing to do. Even a small dog that’s barking loudly can deter a burglar, and studies have shown that dogs do deter burglars compared to homes without dogs. Fake an alarm system. You can purchase decals that make it appear that you have a security system, which can sometimes be just as effective. Install a camera into your home. Thanks to a lot of DIY systems, you can install a camera for under $100. Thieves will be deterred if they know that you are watching their every move.Check your windows and doors for easy points of entry. Your home is probably not as secure as you think it is. Before you go to bed, make your rounds.Call your local police department and have an officer survey your home for safety purposes. He/she can give you tips on how to better secure your property.Eliminate hiding spots created by landscaping around your property. Walk around your yard and pretend to break into your property. Where would you hide?“Even a fake security system sign can deter burglars. ”Please feel free to share this information with your friends and family. These are great tips to help maintain your quality of life and protect the people that you value most.As always, please don’t hesitate to contact me with any mortgage questions. I look forward to continuing this conversation!

Click Here for a Mortgage Application Click Here for a Pre-Qualification RequestThere is a conventional loan program out there that allows for minimum down payment and reduced mortgage insurance, and it’s not just for first-time buyers. It’s called a Home Ready loan.Cash is a big obstacle for nearly all home buyers. Fannie Mae’s Home Ready loan program was created to help low-to-moderate income buyers with decent credit buy or refinance a home.You don’t need to be a first-time buyer, but you can’t own a home at the time of closing. Your minimum down payment is just 3% of the purchase price, and that includes condos. It’s the only program I know of where you can put that little down payment on a condo.The income limits for this loan are 80-100% of the average median income, which is right around $71,200 in Ohio and Kentucky. Home Ready loans also have a reduced mortgage insurance premium, and are eliminated once your value hits a certain level.“You don’t need a boatload of cash to buy. ”There are no price adjustments on buyers with higher or lower credit scores. There are also no minimum borrower contributions, and all costs and down payments can come from gift funds. Rental income from a border or accessory dwelling can be used to offset high debt-to-income ratios. It also allows non-borrowers’ income to be used. Finally, it can be used to refinance a home. You can do a limited cash out of up to 95% of the value of your home. This is a great program for home buyers and homeowners.If you are interested in buying or refinancing with this type of loan in Ohio or Kentucky, give me a call or send me an email. I’d love to help you out!

Click Here for a Mortgage Application Click Here for a Pre-Qualification RequestWhat’s the difference between a mortgage pre-qualification and a pre-approval? Both terms are used interchangeably, but they are actually quite different. A pre-qualification is simply verbal information taken over the phone or maybe online by your lender. They’ll ask about income, employment, and assets. A pre-qualification also includes a credit report. “Don’t look at homes without a pre-approval. ”A pre-approval letter goes a step farther. Your loan professional collects all the documentation confirming your income, employment, assets, and credit report. The pre-approval helps you find the best products and pricing that will meet your needs. Don’t go looking for houses without the pre-approval. If you have any questions, give me a call or send me an email. I would be happy to help you!

Click Here for a Mortgage Application Click Here for a Pre-Qualification RequestIf you’ve gotten a mortgage in recent years, you know that a lot has changed. The mortgage process today is far different from what it was 5-10 years ago: everything is much more scrutinized and guidelines have tightened significantly. However, the biggest issue that gets people into a tailspin isn’t these things, it’s the seemingly endless requirements for documentation. It’s important that expectations are set early on in the loan process. One of the best articles I have found in recent years is called “The Perfect Loan File,” published in Forbes. Whether you’re buying or refinancing, it really helps borrowers understand that there is more to the process than your loan officer. They are simply a messenger who has to play by the rules. In order to get the best results then there are a few things you need to keep in mind. Here are three things in particular that will make a huge difference in getting your loan to closing:The mortgage process is the great equalizer. Whatever is asked of you while you are going through the process is asked of anyone else. It doesn’t matter how much you make or the price point of the house; every borrower is expected to provide the same documentation. It’s important to provide what is asked, when it’s asked, and in the form that it was asked in the most timely manner.Your mindset is a game changer. Accepting the seemingly endless documentation necessary for lender approval will make everyone’s life easier. Just when you think you have provided everything you can possibly provide to your lender, expect there to be even more! I encourage anyone looking to enter the loan process to come into it with an open mind and do anything it takes to get to closing. The lender knows best. When your lender asks for specific documentation, give it to them. Why? Because they said so! You may not like or understand it, but your lender is the one who knows what it is going to take for you to close on a loan, so it’s best to listen to them. Knowing this and cooperating will make the entire process much less frustrating.As loan officers, we try our best to explain exactly why we need certain documentation, and we are always happy to answer questions. The goal of any loan process is to make it as enjoyable as possible, whether you’re purchasing or refinancing your home. If you would like to discuss your borrowing options, or if you just want to talk shop, please don’t hesitate to reach out to us by phone or email. We’re always available to chat!

Click Here for a Mortgage Application Click Here for a Pre-Qualification RequestOften, when I start working with a borrower, I hear comments like, “My coworker is refinancing, and they’re getting a fixed-rate mortgage,” or, “My sister bought a house last month and she got an FHA mortgage, so that’s what I should get.” And then there’s dad, who says, “I should get a rate of 3.75.” In other words, people often come to me asking about a specific loan program solely because someone else in their life recently had experience with it.It’s crucial to understand that choosing the right mortgage is like finding the perfect pair of blue jeans. Knowing important factors like cut, style, and size, among hundreds of others, will simplify your search for the perfect pair of jeans. The problem is, while most people have an understanding of what their fit of blue jeans are, very few have any understanding of what factors go into choosing the right mortgage. In many instances, mortgage consumers turn to friends, family, the Internet, and other information for their guidance. While doing your own research is prudent, there are many services that could be misleading if they don’t fit your needs. It’s akin to buying the exact pair of jeans your friend has. However, if you go to the store, try them on, and find out that they don’t fit, you’re probably not going to buy them. Mortgages are no different: the right one for you is not necessarily the one your friend suggests or something you read about online, but rather one that directly matches your needs and personal financial situation. Here are a few things to consider before you make your decision:Do you need a short- or long-term mortgage?  Whether you’re purchasing or refinancing, there are short-term and long-term implications of going with an adjustable-rate mortgage vs. a fixed-rate mortgage. You need to examine your plans, such as how long you’re going to be in the house and what is most important to you! An adjustable-rate mortgage is often viewed as riskier than a conventional mortgage, but if you plan on paying it off in 5-7 years, it has the potential to save you thousands in interest in the long-term.The lowest rate does not always mean the best deal. Many times mortgage shoppers are fixated on the lowest rate, and overlook other factors that are important in getting the best fit for them in terms of a mortgage. While a low rate is important, there are other factors to consider, like closing costs and discount points, which have to be considered when comparing the actual costs and whether it’s the best deal. I recently had a client who chose to take a slightly higher rate with me, over a competitor whose closing costs were quite a bit higher. It’s all about looking at the big picture to see what’s best for you! There are many factors to look at. Things that play a huge role in your perfect mortgage fit include your credit score, debt-to-income ratio, the type of property, loan type, down payment, and equity. There are so many things that go into determining your best fit for a mortgage. Just like your blue jean, getting a mortgage is not one size fits all! If you have any questions about how you can find the right mortgage for you, give me a call or shoot me an email. I would love to sit down and get to know you and your situation a bit better. Thanks, and I look forward to talking soon!

Click Here for a Mortgage Application Click Here for a Pre-Qualification RequestToday we are going to answer a question I’m asked quite often, “How do I aggressively pay off my mortgage?” Before answering this question, it’s important to answer a few questions for yourself prior to paying off your mortgage. Ask yourself these three questions:Are all of your credit cards paid off? The lower the debt you have, the more aggressively you can pay your mortgage off.Do you have an emergency fund? It’s a good idea to have at least 6 months of fixed reserves that you could live on in case of an emergency.Have you maxed out your contributions to retirement plans and college funds?If you can say yes to these items, we would suggest that you should have a plan to aggressively pay off your mortgage. The other option is to refinance to a shorter, fixed term. Not only will you aggressively pay down the mortgage, you will also save thousands in interest. One way to easily reduce the time you have to pay off your mortgage is by making one additional payment per year. This will shave anywhere from 7-8 years off your mortgage, and it’s the simplest way to make sure your financial house is in order. If you have any questions about your mortgage, would like us to review your situation, or are looking for a new mortgage, give us a call or send us an email. We’d be happy to help out!