TexasBest LoanOfficer

✨Common Buyer Closing Costs👇 🔸Loan Origination Fees - Charges for processing the mortgage application. 🔸Appraisal Fee - Payment for a third party to determine the home's fair market value. 🔸Title Insurance and Search - Fees ensuring the title is clear and covering insurance for the lender and the owner. 🔸Inspection Fees: Cost - for professional inspections (e.g., home, pest). 🔸Prepaid Items - Initial payments for homeowners insurance, property taxes, and interest. 🔸Recording and Transfer Fees: Government fees to record the sale.

@FactsAboutTexas Beautiful!

Big Bend Forever 🤠

✨One point typically 1% of the total loan amount and often lowers the initial interest rate by ~ 0.25%👇

@SaltyDGalveston Beautiful!

Galveston, Texas

The “Pay Option Arm” was a prime example 👇

👉 Prepayment Penalties are primarily found in non-qualified mortgages, commercial loans, or investment property loans. Also, Prepayment Penalties are illegal on Texas home equity loans

@SteveLovesAmmo I had one glue back on my old crown by mistake instead of the new one. The process to remove the old crown and replace it with the new one ended up taking about a month to for my mouth to heal from

“You’re bleeding because you don’t floss enough.” The dentist:

As Is Appraisal👇 🔸Typical for standard sales, properties in good condition, or when no repairs are required. Subject To Appraisal👇 🔸The value is based on the assumption that specific repairs, renovations, or inspections are completed.

@hornsby_realtor Beautiful home!

My newest listing just hit the market in Rockwall,TX! Less than 30 minutes to Dallas Easy boat access!! Info in comments below 👇

Borrower Examples👇 🔹Retirees - Individuals with substantial savings but no regular salary. 🔹Self-Employed/Entrepreneurs - Borrowers with high cash reserves but low taxable income due to deductions. 🔹High-Net-Worth Individuals - Those with large investment portfolios, stocks, or stock options.

Types of VOE in Mortgages👇 🔶WVOE (Written Verification of Employment) - A formal document completed by an employer or payroll provider. 🔶VVOE (Verbal Verification of Employment) - A direct phone call or third-party digital verification from the lender to the employer, often required within 10 days before closing. 🔶Third-party/Electronic Verification -Using services to automatically confirm employment data.

Soft Credit Pull Details👇 🔹Impact on Score - None. 🔹Visibility - Only you can see these inquiries on your credit report. 🔹Examples - Checking your own score, employment checks, pre-approved offers, or landlord checks. 🔹Permission - Not strictly required, but common. Hard Credit Pull Details👇 🔹Impact on Score - Typically lowers score by a few points temporarily. 🔹Visibility - Visible to other lenders and stays on your report for up to 2 years. 🔹Examples - Applying for a new credit card, loan, or mortgage. 🔹Permission - Required by law (usually requires SSN submission)

🤓Saturday PSA

😉You know who to call…

@Vesper_2005 Less radiation exposure ..

why is everyone suddenly into wired earphones?

⬜Sellers must provide a signed MUD notice and a PID notice, outlining the additional tax burdens. ⬜These notices must be provided before the execution of the contract. ⬜If the notice is not provided, the buyer may have the right to terminate the contract. ⬜Realtors have a fiduciary duty to ensure that proper disclosure forms are included in the transaction to avoid liability.

🟩It is primarily used by lenders to determine if flood insurance is mandatory to protect the collateral (the home) and to comply with federal regulations, ensuring the property is not damaged without insurance coverage. 🟩Lenders require this for almost all mortgage loans to check if the property is in a Special Flood Hazard Area (SFHA). 🟩If the cert confirms the property is in a high-risk area, federal law dictates that the borrower must purchase flood insurance, which is not covered by standard homeowners policies.

@MarketPalmer_ TurboTax since Ive been using it for several years…

TurboTax, Free Tax USA, CPA, or something else? What has been best for you?

✨More about Mortgage Amortization👇 🔸Amortization Schedule - A detailed table outlining every payment, showing how much goes toward principal versus interest over the life of the loan. 🔸Principal and Interest - Each payment covers the interest owed and pays down part of the original loan balance. 🔸Equity Building - As the principal balance reduces over time, homeowners build equity in their property.

✨Lenders only require a professional appraisal to verify value. However, lenders may demand specific inspections (foundation, roof, HVAC) if the appraiser notes safety or structural issues.