• Sample Page

Hanover Mortgages

The Refined Mortgage Lending Company & Home Loan Lenders

title search

Mortgage Refinance Guide (When & How to Refinance)

February 2, 2023 by Brett Tams

I’d like to share our latest refi experience: a story in which two homeowners with perfect credit, payment history and a property that, miraculously, had retained its value through the housing bust, were almost unable to refinance due to a string of clerical errors and delays at the bank.

The post Mortgage Refinance Guide (When & How to Refinance) appeared first on MintLife Blog.

Posted in: Financial Planning, Investing, Mortgage, Real Estate Tagged: 15-year, 15-year mortgage, 2, 2022, 30-year, 30-year mortgage, 529, All, Amount Of Money, ARM, ask, author, balance, Bank, banks, before, Blog, Borrow, building, Built, Buy, buy a home, Buying, Buying a Home, Cash-Out Refinance, CEO, closing, closing costs, College, color, cost, covid, COVID-19, COVID-19 pandemic, Credit, credit score, credit scores, data, Debt, Debt Repayment, Down payments, Economy, Emergency, Emergency Fund, equity, existing, expense, expenses, expensive, experience, fed, Federal Reserve, Fees, FHA, FHA loans, FHA mortgage, FHA streamline refinance, Financial Goals, Financial Planning, financial well-being, Financial Wize, FinancialWize, fund, funds, future, gig, goals, good, government, great, guide, history, home, home equity, Home Improvement, Home Improvements, home loan, Homebuyers, Homeowner, homeowners, hourly, house, Housing, How To, impact, improvement, improvements, Income, inspection, Insurance, interest, interest rate, interest rates, jump, layout, lenders, Life, loan, Loans, low, LOWER, Make, making, market, MBS, Mint, mint.com, mobile, Monetary policy, money, More, more money, Mortgage, mortgage lenders, Mortgage Rates, mortgage refinance, mortgage refinancing, Mortgages, Most Expensive, Move, Moving, new, new home, offer, Original, Other, pandemic, Paying Off Debt, payment history, payments, percent, plan, Planning, Popular, premium, principal, project, property, protect, Purchase, questions, rate, Rates, Real Estate, Refinance, refinance your mortgage, refinancing, Research, returns, Review, right, save, Saving, savings, search, searching, securities, selling, Selling Your Home, smart, story, Style, survey, tax, tax returns, the balance, time, title, Title Insurance, title search, tuition, under, value, Ways to Save, white, will, workers

What Is Escrow?

February 1, 2023 by Brett Tams

Escrow is a big part of real estate transactions and protects buyers and sellers during the home purchase process. It also allows homeowners to easily pay their property taxes and insurance premiums. Although it isn’t always required, there are several steps to the escrow process. Here’s what it means to be in escrow and how… View Article

The post What Is Escrow? first appeared on Total Mortgage.

Posted in: Refinance, Renting Tagged: 2, agent, All, average, before, big, bills, Blog, business, Buy, buy a home, buyer, buyers, Buying, Buying a Home, Buying a house, Cash-Out Refinance, closing, closing costs, company, Conventional Loans, cost, disclosure, down payment, earnest money, escrow, Escrow accounts, estate, expense, experts, Fees, FHA, FHA loans, Financial Wize, FinancialWize, financing, funds, hoa, hold, home, home loan, Homeowner, homeowners, homeowners insurance, house, Insurance, insurance premiums, items, Legal, list, loan, Loans, Local, Make, money, More, Mortgage, mortgage payment, Mortgage servicer, new, new homeowner, offer, office, Origination, party, payments, property, property taxes, Purchase, questions, rate, ready, Real Estate, Real Estate Attorney, Reverse, right, save, search, seller, sellers, shortage, tax, taxes, title, Title Insurance, title search, Transaction, VA, VA loans, waiver, will, work

8 Refinance Tips That Will Save You Time and Money

January 30, 2023 by Brett Tams

If you’re like most homeowners in America, you most likely had to take out a mortgage to pay for your home. A mortgage is a loan that helps you buy a house, and your mortgage lender will tack on an interest rate on top of your loan amount for their risk of lending you money.

The post 8 Refinance Tips That Will Save You Time and Money appeared first on MintLife Blog.

Posted in: Minimalist LIfestyle Tagged: 2, 2022, action, All, Amount Of Money, ask, author, Bank, Bathrooms, Bedrooms, before, Blog, Budget, building, Built, Buy, buy a house, calculator, car, car loan, Cash-Out Refinance, chance, cleaning, clear, closing, closing costs, color, conventional loan, cost, Credit, credit bureau, credit card, credit cards, Credit Report, credit reporting bureau, credit score, credit utilization, curb appeal, data, Debt, Debts, decision, decluttering, desk, education, Employment, Equifax, equity, existing, expenses, expensive, experian, Fees, FHA, FHA loan, Financial Goals, Financial Wize, FinancialWize, flowers, free credit report, front, front door, fun, General, Giving, goals, good, great, guide, history, home, Home & Refinance, home equity, home equity loan, Home Improvements, home loan, homeowners, house, Housing, Housing Finances, How To, improvements, Income, inspection, Insurance, interest, interest rate, interest rates, investment, items, journey, jump, layout, Learn, lenders, lending, Life, lighting, list, loan, Loans, low, LOWER, Main, Make, market, Market Trends, Mint, mint.com, missed payments, mobile, money, More, more money, Mortgage, mortgage loan, mortgage payment, Mortgages, needs, Negative Items, new, new home, offer, offers, Original, Other, outdoor, paint, painting, Pay Off Debt, payments, Personal, personal information, plan, points, Popular, premium, projects, property, questions, Raise, rate, Rates, Refinance, refinance your mortgage, refinancing, Research, retirement, retirement savings, Review, right, risk, safe, save, Saving, saving money, savings, Savings Account, search, security, self-employed, shopping, social security, spouse, stage, student, Student Loans, Style, subscriptions, tax, time, tips, title, Title Insurance, title search, tools, tour, TransUnion, trends, trust, Underwriting, updates, upgrades, value, W-2, white, will, windows, work, wrong

Who pays for closing costs in a cash sale?

January 29, 2023 by Brett Tams

So you’re paying for your new property in cash. Congrats! Making a home purchase with cash can give you a lot of power at the negotiating table. But at the same time, it can also leave you stuck wondering who’s paying for the closing costs. To make sure you’re fully prepared, read on for our… View Article

The post Who pays for closing costs in a cash sale? first appeared on Total Mortgage.

Posted in: Refinance, Renting Tagged: agreements, All, Amount Of Money, Appraisals, assessment, before, bills, Blog, Budget, buyer, buyers, Buying, Buying a Home, closing, closing costs, collecting, company, construction, cost, Credit, credit score, decision, deposit, earnest money, escrow, estate, expense, expenses, experts, Fees, Finance, Financial Wize, FinancialWize, financing, front, funds, General, good, guide, Hiring, history, home, inspection, inspections, Insurance, investment, job, Learn, Legal, legal documents, lenders, lending, liens, loan, Loan officer, Local, low, LOWER, Make, making, market, money, More, more money, Mortgage, mortgage loan, mortgage points, needs, negotiating, neighbors, new, new construction, offers, Origination, Other, ownership, party, payment history, payments, plumbing, points, project, property, property lines, protection, public records, Purchase, questions, Real Estate, Research, right, risk, room, sales, search, seller, sellers, states, survey, taxes, termites, time, title, title companies, Title Insurance, title search, Transaction, under, value, wants, will, work

Explaining the Loan Process Part 4: Underwriting Mortgage

January 27, 2023 by Brett Tams

There are many steps associated with securing a home loan. After the preparation, paperwork, pre-approval and appraisal, you’ll find that you’re still not quite ready to pick up the keys to your new property. Final verification from your lender is required to ensure you’re equipped to repay your mortgage in full and on time. This is where the mortgage underwriting process comes into play. During the underwriting stage, your application moves from the loan processor to the mortgage underwriter. The underwriter will ensure your financial profile matches your lender’s qualification guidelines and loan criteria. Then, the underwriter will make the final decision to approve or deny your loan application. The mortgage underwriter plays a crucial role in finalizing your loan, so it’s important to set yourself up for success during this stage. In fact, there are several steps you can take to improve your overall financial health and increase your chances of being approved. What Is the Role of a Mortgage Underwriter? A mortgage underwriter is responsible for analyzing your risk to determine if your loan terms are acceptable. The underwriter will investigate to make sure your application and documentation are truthful, and they will double-check you have described your finances accurately. Mortgage underwriting standards have become more stringent, thanks in large part to new Consumer Financial Protection Bureau requirements enacted in the last few years. This requires mortgage underwriters to look closely at the applicant’s employment and financial history before approving a loan. Depending on your lender, the mortgage underwriter may be part of an in-house underwriting team or a separate processing/underwriting company your lender uses to outsource the underwriting process. The underwriting process may vary slightly among lenders, who can delegate responsibilities to originators, processors and underwriters accordingly. Make sure to check with your loan originator for guidance on what information to send to whom. How Long Does Underwriting a Mortgage Take? Underwriting mortgages is an essential part of the overall home loan process and generally takes about 30–60 days, depending on the type of loan, lender and current volume of borrowers. The underwriting process itself demands only a small fraction of that time, typically only a few days. That said, because authentication and verification of the loan are the primary reason for underwriting, mortgage companies are very thorough in reviewing every aspect of the loan before they are willing to finalize it. This means that if the underwriter encounters an issue, it may delay your closing. Determining Your Risk In order to assess a borrower’s risk, mortgage underwriters primarily look at the “Three C’s” of underwriting: Capacity: Do you have the means and resources to pay off your debts? Underwriters assess your available resources by reviewing your employment history, income, debts and asset statements. (Note: If you are self-employed, you may be asked to provide additional documentation such as income and work status.)They will also review your savings, checking, 401(k) and IRA accounts to ensure you can still pay your mortgage if expenses arise unexpectedly. Underwriters will pay particular attention to your debt-to-income ratio; they want to ensure you have enough money to fulfill your current financial obligations, as well as take on a new mortgage. Credit: Do you have solid repayment and credit history? Your credit is one of the most important factors in the loan approval process. The underwriter will review your credit score and determine your ability to make the proposed mortgage payments on time and in full. Collateral: What is the value and type of property being financed? The mortgage underwriter must make sure the loan amount meets the loan-to-value requirements of the product. Otherwise, in the case of a default, a lender may not be able to recover the unpaid balance of the loan. In order to place a value on the property, an underwriter will typically order a home appraisal, which will assess the home’s current worth.In addition, the underwriter will likely review the type of property you are looking to buy. This is important for several reasons.First, different types of properties carry different risks. For example, many lenders consider an investment property a riskier investment. This is because, historically, a borrower who is in a difficult financial situation is more likely to walk away from an investment property than their primary residence.Second, lenders need to be sure that the property they are helping you purchase doesn’t already have any legal claims on it. The lender will likely work with a title company during underwriting; mortgages, liens, claims, easement rights, unpaid taxes, restrictive covenants and pending legal action already attached to the home can derail a possible loan. Performing a title search ensures that the property can be transferred to you once the mortgage is finalized. How You Can Streamline the Underwriting Process Underwriting a mortgage can’t, and shouldn’t, be rushed. It takes time for the lending company to verify your information and do a final evaluation to determine whether you represent a good candidate for the loan. On the other hand, while the underwriter is ultimately responsible for the approval of your loan, there are a few things you can do to reduce your risk and make the process go more smoothly: Protect Your Credit Score Nowadays, many lenders are required to check the borrower’s credit twice during the home loan application process: once during pre-approval and once right before closing. Maintaining a good credit score throughout the application process is crucial. Any changes can delay your loan process or adversely impact your ability to obtain a loan. Respond Promptly to Requests for More Information For the purposes of approving or denying your loan, a mortgage underwriter is essentially a real estate and financial investigator. This means they will be reviewing all of your documentation and paperwork in detail and reaching out for more information when something is incomplete. Don’t be concerned if they ask for clarification on a late payment, missed signature or large deposit—these are all normal requests. The important thing is to respond quickly and accurately, which will reduce the length of the underwriting stage and improve your chances of being approved. Be Proactive About Your Loan Approval The underwriter will take care of reaching out to the necessary parties, but that doesn’t mean you have to sit back and wait. Give your employers or other relevant parties advanced notice that they may be contacted to provide information. Call your lender and/or broker to check on the status of your application to make sure the underwriter is not missing any necessary information. In addition, keep records of your conversations with your lender so you have a record of what documents were provided and when. Do All You Can to Help Your Underwriter With the home you love at stake, the underwriting process can seem very intimidating. However, being prepared by filling out your application and supporting documents carefully and accurately will save you precious time. A Pennymac Loan Expert will be happy to answer any additional questions you may have about the underwriting process. Jump to… Part 1 – Getting Prepared for the Home Loan Process Part 2 – Completing a Home Loan Application Part 3 – Understanding Loan Processing Part 4 – Explaining the Mortgage Underwriting Process Part 5 – The Mortgage Closing Process Part 6 – Transfer of Loan Servicing

Posted in: Refinance, Renting Tagged: 2, action, All, ask, assets, balance, before, Blog, Broker, Buy, closing, company, Consumer Financial Protection Bureau, Credit, credit history, credit score, Debt, debt-to-income, Debts, decision, deposit, Employment, estate, expenses, finances, Financial Wize, FinancialWize, good, good credit, health, history, home, Home appraisal, home loan, house, impact, Income, investment, investment property, IRA, jump, Legal, lenders, lending, liens, loan, loan approval, Main, Make, money, More, Mortgage, mortgage payments, Mortgages, new, Other, payments, PennyMac, pre-approval, proactive, property, protect, protection, Purchase, questions, ready, Real Estate, Review, right, risk, save, savings, search, second, self-employed, Servicing, stage, taxes, time, title, title search, Underwriting, value, volume, will, work

What Are Closing Costs and How Much are They?

January 27, 2023 by Brett Tams

What Are Closing Costs and How Much are They? is a post from Pocket Your Dollars.

Posted in: Mortgage, Refinance Tagged: 2, All, Applications, balance, basic, before, buyer, buyers, closing, closing costs, company, Conventional Loans, cost, country, Credit, credit history, Credit Report, credit score, deposit, down payment, escrow, expensive, Extra Money, Fees, FHA, FHA loans, Financial Wize, FinancialWize, good, great, guide, history, home, home inspection, Homebuyers, Homeowner, house, inspection, Insurance, interest, interest rate, Learn, Legal, legal documents, lenders, lending, list, loan, Loans, Local, Make, money, More, Mortgage, mortgage payment, Move, Moving, needs, new, new home, office, Origination, Other, Personal, points, premium, property, property taxes, Purchase, rate, Research, Review, save, savings, search, seller, states, survey, taxes, the balance, time, title, title search, under, Underwriting, united, value, will, young

What’s the Difference Between Under Contract and Pending?

January 22, 2023 by Brett Tams

Whether you’re driving around the neighborhood or just looking at listings on Zillow, you’ll likely come across a home that seems perfect in every way. But as soon as you try to learn more about it, you might find out that its sale is already pending or under contract. What do these mean? In this… View Article

The post What’s the Difference Between Under Contract and Pending? first appeared on Total Mortgage.

Posted in: Refinance, Renting Tagged: agent, agents, agreements, All, ask, Bank, before, buyer, buyers, Buying, clear, closing, contingencies, country, data, Deals, Debt, debt-to-income, driving, DTI, earnest money, escrow, estate, experts, Fall, Financial Wize, FinancialWize, financing, home, home inspection, house, inspection, Learn, lenders, list, Listings, loan, low, Make, making, making an offer, market, markets, mls, money, More, Mortgage, mortgage loan, Moving, multiple listing service, new, new home, offer, offers, Other, Personal, property, questions, Rates, ready, Real Estate, real estate agent, Real Estate Agents, safe, sales, search, searching, seller, settlement, stage, Terminology, The Neighborhood, title, title search, Transaction, under, Vs., will, work, Zillow

What Are Typical Refinance Closing Costs?

January 21, 2023 by Brett Tams

When mortgage interest rates decrease, many homeowners start to wonder whether they should refinance their existing mortgages to get a lower rate or a different loan term. However, the additional closing costs you pay when refinancing can sometimes make refinancing more expensive in the long run. In some cases, the amount of interest you’ll save […]

The post What Are Typical Refinance Closing Costs? appeared first on The Simple Dollar.

Posted in: Apartment Decorating, Mortgage, Refinance Tagged: 2, 2021, All, Bank, before, big, borrowing, Budget, Buy, buyer, buyers, Buying, Cities, clear, closing, closing costs, closing day, commission, commissions, company, Conventional Loans, cost, country, Credit, Credit Report, credit score, data, down payment, Down Payment Assistance, escrow, estate, existing, expense, expenses, expensive, faq, Fees, FHA, Financial Wize, FinancialWize, flood, home, home inspection, homebuyer, Homebuyers, homeowners, homeowners insurance, homes, indiana, inspection, Insurance, insurance premiums, interest, interest rate, interest rates, lawyers, lenders, lending, Life, loan, Loans, LOWER, Make, Make Money, market, missouri, money, More, Mortgage, mortgage interest, Mortgage Interest Rates, mortgage lending, mortgage loan, mortgage points, mortgage technology, Mortgages, Movers, new, new home, new york, offer, Origination, Other, ownership, Personal, points, premium, principal, products, property, property tax, property taxes, protect, Purchase, rate, Rates, Real Estate, realtor, Refinance, refinancing, refinancing a mortgage, Residential, sales, save, Saving, saving money, search, searching, second, seller, shopping, single-family, states, stress, tax, tax lien, taxes, Technology, tips, title, title fees, Title Insurance, title search, Transaction, transfer tax, Underwriting, VA, VA loans, volume, waiver, washington, will, work, working

5 Common Contingencies When Buying a Home

January 18, 2023 by Brett Tams

It’s vital to understand the terms “earnest money” and “contingencies” when house hunting. Earnest money is paid up-front as a show of good faith when…

The post 5 Common Contingencies When Buying a Home first appeared on Century 21®.

Posted in: Paying Off Debts Tagged: buyer, Buying, Buying a Home, century21, company, contingencies, contingency, Debts, earnest money, escrow, Financial Wize, FinancialWize, good, home, home inspection, home loan, Homebuyers, house, house hunting, hunting, inspection, Lifestyle, loan, Make, money, needs, offer, offers, ownership, property, Purchase, search, Sell, seller, sellers, title, title search

7 Useful Things You Should Know Before Buying Land

January 15, 2023 by Brett Tams

Is buying land a good investment? In most cases, the answer is yes – as long as you’re properly prepared. Investing in undeveloped land, however, isn’t quite as simple as putting money down on a duplex. To ensure you’re making an informed decision, we’ve outlined our top seven tips to know before purchasing land. 1…. View Article

The post 7 Useful Things You Should Know Before Buying Land first appeared on Total Mortgage.

Posted in: Refinance, Renting Tagged: action, agreements, All, ask, assets, before, builders, building, business, Buying, Buying a house, buying land, city, crash, credits, decision, deductions, down payment, estate, expensive, experts, Finance, finances, Financial Wize, FinancialWize, financing, funds, General, good, great, house, impact, Income, Insurance, interest, interest rates, Investing, investment, investments, investors, irs, Learn, lenders, loan, Loans, Local, low, Main, maintenance, Make, making, Making Money, market, money, More, Mortgage, Mortgage Interest Rates, mortgage payment, neighbors, offer, Other, ownership, plan, Planning, present, programs, property, property taxes, protect, Purchase, questions, Rates, Real Estate, rewards, risk, search, Self-employment, Sell, seller, shopping, Small Business, tax, tax credits, tax deductions, taxes, tips, title, title search, unique, upkeep, will, zoning
1 2 3 Next »

Archives

  • February 2023
  • January 2023
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • October 2020

Categories

  • Account Management
  • Apartment Communities
  • Apartment Decorating
  • Apartment Hunting
  • Apartment Life
  • Apartment Safety
  • Auto
  • Auto Insurance
  • Auto Loans
  • Bank Accounts
  • Banking
  • Borrowing Money
  • Breaking News
  • Budgeting
  • Building Credit
  • Building Wealth
  • Business
  • Car Insurance
  • Car Loans
  • Careers
  • Cash Back
  • Celebrity Homes
  • Checking Account
  • Cleaning And Maintenance
  • College
  • Commercial Real Estate
  • Credit 101
  • Credit Card Guide
  • Credit Card News
  • Credit Cards
  • Credit Repair
  • Debt
  • DIY
  • Early Career
  • Education
  • Estate Planning
  • Extra Income
  • Family Finance
  • FHA Loans
  • Financial Advisor
  • Financial Clarity
  • Financial Freedom
  • Financial Planning
  • Financing A Home
  • Find An Apartment
  • Finishing Your Degree
  • First Time Home Buyers
  • Fix And Flip
  • Flood Insurance
  • Food Budgets
  • Frugal Living
  • Growing Wealth
  • Health Insurance
  • Home
  • Home Buying
  • Home Buying Tips
  • Home Decor
  • Home Design
  • Home Improvement
  • Home Loans
  • Home Loans Guide
  • Home Ownership
  • Home Repair
  • House Architecture
  • Identity Theft
  • Insurance
  • Investing
  • Investment Properties
  • Liefstyle
  • Life Hacks
  • Life Insurance
  • Loans
  • Luxury Homes
  • Making Money
  • Managing Debts
  • Market News
  • Minimalist LIfestyle
  • Money
  • Money Basics
  • Money Etiquette
  • Money Management
  • Money Tips
  • Mortgage
  • Mortgage News
  • Mortgage Rates
  • Mortgage Refinance
  • Mortgage Tips
  • Moving Guide
  • Paying Off Debts
  • Personal Finance
  • Personal Loans
  • Pets
  • Podcasts
  • Quick Cash
  • Real Estate
  • Real Estate News
  • Refinance
  • Renting
  • Retirement
  • Roommate Tips
  • Saving And Spending
  • Saving Energy
  • Savings Account
  • Side Gigs
  • Small Business
  • Spending Money Wisely
  • Starting A Business
  • Starting A Family
  • Student Finances
  • Student Loans
  • Taxes
  • Travel
  • Uncategorized
  • Unemployment
  • Unique Homes
  • VA Loans
  • Work From Home
hanovermortgages.com
Home | Contact | Site Map

Copyright © 2023 Hanover Mortgages.

Omega WordPress Theme by ThemeHall