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Cindy Grey

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What is a Lending Consultant?

by Cindy Grey

What Is A Lending Consultant?

LET ME BE YOUR FIRST STEP TOWARD HOME OWNERSHIP!

Whether it's your first home or your tenth, buying a home is a stressful, sometimes difficult process. That's why I set out to make it easier. When you bring me onto your team, you don't have to be a mortgage wizard. I'll help you gather everything you may need for your lender and I'll share some of the paperwork pitfalls that can trip you up, making you feel more CONFIDENT when you start house hunting.

 

For more information about my role as a lending consultant and how I can help you

Click HERE

 

Please call me! I would love to share my story with you!

And please check out my website at www.judyingels.com.

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The Magic of Earnest Money - Now You See It, Now You Don't

by Cindy Grey

 

 

The Magic of Earnest Money

Once you have found a house you like and you are ready to submit an offer you must provide Earnest Money along with the contract.

Where Did My Earnest Money Disappear To And When Will I See It Again?

 

It is hard to understand why earnest money is required and how it works with your real estate transaction. This can make you feel anxious because you’re thinking “Gosh, I need that money so that I can pay my closing costs and make a down payment on my loan.”

 

 

Here are 6 facts about Earnest Money to help you understand what it is and how it works:

 

  • Earnest money is a specific form of security deposit made in real estate dealings to show you are serious and willing to demonstrate an earnest of good faith about completing the transaction.

 

  • Earnest money provides compensation to the seller if you decide to back out of the deal and are in violation of your purchase agreement.  

 

  • Earnest money will be held in escrow during the contract period by a title company, lawyer, bank, or broker – whatever is specified in the contract. It does reappear! 

 

  • The amount of the earnest money payment is set by the seller and their listing agent and can be a flat amount or a percentage of the purchase price.

 

  • Earnest money does not typically show up on your initial loan document known as the Loan Estimate because the lender has to verify that it has cleared your bank account in order to show it as a credit there. 

 

  • Earnest money you paid gets released from escrow at the time of closing and is used to help pay your closing costs and/or your down payment. All or a portion of it is often times refunded to you at closing if it is not needed.

 

Because I understand a lot of the TRICKS OF THE TRADE I can answer your questions before you worry about where your money has disappeared to! 

 

KNOWLEDGE IS CONFIDENCE

 

 

I want to be your guide and a valuable resource to you!!

 

If you or someone you know is thinking about buying or building a home please have them contact me.   

 

Judy Ingels

                            (719) 229-7999

 

What is the Final Hurdle before Closing on Your Home Loan?

by Cindy Grey

 

The Final Hurdle

 

Once you have found a house you like, made an offer, and been pre-approved for a mortgage by your loan officer you might think you are home free.

 

STOP, you still have an important hurdle to clear.

You now must get through the loan underwriting process. This can be frustrating and cause you to feel anxious because you have agreed to close on a certain contract date.

 

 Underwriters are like detectives. It’s their job to make sure you have represented yourself and your finances truthfully, and that you haven’t made any false or misleading claims on your loan application.

 

Here are 4 main things an underwriter looks at:

 

The stability of your income as it relates to paying off debt

More debt or lack of a sufficient income can increase your perceived risk.

Your credit history

Your credit report gathers past and present debt from the three major  

credit bureaus: Experian, Equifax, and Transunion   

Assets needed for the loan closing  

What sources did the money come from and will you have money left over after

you close?  

The home appraisal 

The value of your prospective home must fit the size of the loan you are seeking .   

 

Because you want to cross the finish line of the loan process with minimal if any questions and requests for additional paperwork

please add me to your team!

 

I can help you to make sure your paperwork is complete. I will help you cross every “T” and dot every “I” and NAVIGATE THE HOME LOAN PROCESS WITH CONFIDENCE.

 

KNOWLEDGE IS CONFIDENCE

 

 

I want to be your guide and a valuable resource to you!! If you or someone you know is thinking about buying or building a home please have them contact me.   

 

Judy Ingels

(719) 229-7999

 

 

 

Is it Better to Rent or Buy?

by Cindy Grey

 

Compare Some Key Benefits of Buying vs Renting

When considering whether to buy or rent a home there is a lot to think about. It is puzzling to try and fit all of the pieces together to complete your PICTURE!  

KNOWLEDGE IS CONFIDENCE

 

  5 questions to ask yourself before deciding on buying or renting

  1. Will you be raising children, and if so, does an apartment or condo renting make sense?                         
  2. How much can you can afford, and can you really afford to buy?
  3. How much other debt do you have?  Do you have student loans? Credit card debt? 
  4. What else could you invest in right now with your down payment money?
  5. Are you buying simply because your friends are doing it?

Buying

 

  • Creates possible long term wealth accumulation
  • Has tax advantages
  • There is the possibility of rental investment income
  • Generates a greater feeling of security and stability
  • With interest rates still low it may be cheaper to buy than pay high monthly rental rates
  • Real estate as an asset has performed better than any other asset type in the last 30 years

 

Renting

 

  • No downpayment is required
  • No worry about mortgage commitments
  • You do not need to worry about the cost of house and property maintenance
  • Many buildings and condo complexes have fitness centers and swimming pools
  • No worry of a real estate market collapse
 

Once you have thought it through and are confident about your choice, feel good about what you’re doing. Being positive is a must for anyone!

 

 

Let me be your guide if you or someone you know needs help with making this decision to buy vs rent!  

 

 

 

“To stay on course, we need a compass whether a person, guidepost, or sign"     Judy Ingels

                                                                                                            

 

 

Check out my website: www.judyingels.com

 
 

 

719-229-7999 or judy@judyingels.com

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If you’re like most people, you want to get the lowest interest rate that you can find for your mortgage loan. But how is your interest rate determined?

 Knowing what factors determine your mortgage interest rate can give you confidence preparing for the home buying process and for negotiating your mortgage loan.

1.  Credit scoresYour credit score is one factor that can affect your interest rate.  In general, consumers with higher credit scores receive lower interest rates than consumers with lower credit scores.

2.  Home location - Many lenders offer slightly different interest rates depending on what state you live in.

3.  Home price and loan amountHomebuyers can pay higher interest rates on loans that are particularly small or large. If your loan amount is high enough you might find yourself needing a Jumbo loan. Fannie Mae and Freddie Mac are restricted by law to purchase single-family mortgages with origination balances below a specific amount, known as the “conforming loan limit.” The national conforming loan limit in 2019 is $484,350 for mortgages that finance single family one unit properties. Loans above this limit are known as Jumbo loans.

4.  Down payment - In general, a larger down payment means a lower interest rate, because lenders see a lower level of risk when you have more of an investment in the property.

5.  Loan term - The term, or duration, of your loan is how long you have to repay the loan. In general, shorter term loans have lower interest rates and lower overall costs, but higher monthly payments.

6.  Interest rate typeInterest rates come in two basic types: fixed and adjustable. Fixed interest rates don’t change over time. Adjustable rates may have an initial fixed period, after which they go up or down each period based on the market. Your initial interest rate may be lower with an adjustable-rate loan than with a fixed rate loan, but that rate might increase significantly later on.

7.  Loan type - There are several broad categories of mortgage loans, such as conventional, FHA, USDA, and VA loans. Rates can be significantly different depending on what loan type you choose.

Understanding how your mortgage interest rate is determined will help you be more informed as you shop for a mortgage. Armed with information, you can have confident conversations with lenders, ask questions, and understand your loan choices.

Resources you should know about:

https://www.fhfa.gov

https://www.benefits.va.gov/HOMELOANS

KNOWLEDGE IS CONFIDENCE

I want to be your guide and a valuable resource to you!! If you or someone you know is thinking about buying or building a home  please have them contact me.

“To stay on course, we need a compass whether a person, guidepost, or sign"     Judy Ingels

719-229-7999 or judy@judyingels.com

 


 
 

FICO score

by Cindy Grey

Your credit score is generally one of the most important factors lenders consider when deciding whether or not to extend credit to you. 

 

Do you know what effect your credit can have on your FICO score....and exactly what is a FICO score? 

 

A FICO score is a credit score that was calculated using one of the scoring models developed by Fair Isaac & Company. It can range from 300 to 850.

 

Components that make up your FICO score:

**35% is based on your payment history

**30% is based on the amount you owe

**15% on the length of your credit history

**10% on the types of credit you have 

**10% on newly opened accounts in the last 6 months

Here are 5 things that FICO considers when evaluating an individual's credit ~amount owed:

  1. The total amount owed on all accounts you have
  2. The different types of accounts you have
  3. The number of accounts that have balances
  4. The amount still owed on installment loans, compared to the original loan
  5. How much of the total credit line is being used on credit cards and other "revolving" credit

KNOWLEDGE IS CONFIDENCE

I want to be your guide and a valuable resource to you!! If you or someone you know is thinking about buying or building a home and needs to get a loan please have them contact me.  

 

 
 

 

 

“To stay on course, we need a compass whether a person, guidepost, or sign"     Judy Ingels

                                                                                                            


 

Building a Home and Choosing a Lender

by Cindy Grey

 

Building a home is a HUGE undertaking and can be quite stressful!

There is more to consider than just what floor plan to choose and what color to paint the walls when you build a new home. You also need to apply for a loan and get pre approved so that the builder realizes you can pay for the house once it is finished.

Choosing the right lender is important if you are getting a loan to finance it!

Most home builders have lenders they will ask you to use in order to get the best deal. Why, you ask, when you have someone who has helped you with loans in the past? Why do builders want you to use someone you might not even know?

Here are 5 good reasons why a builder wants you to use a lender they prefer:

  1. Builders want the peace of mind that comes with knowing that their buyers are in good hands and that the closing and home transfer process will be stress-free.
  2. The builder’s lender is more familiar with the deal which makes for a smoother process. When you buy from a builder and use a lender who is not familiar with the development in which you are buying, there could be delays and confusion regarding closings costs resulting in possible thousands due at closing.
  3. Builders have learned from hard experiences that some lenders really are better to work with than others.
  4. Their preferred lender knows the construction process which is different than buying existing homes.
  5. When using a preferred lender the deal most always closes on time.

KNOWLEDGE IS CONFIDENCE

As an INDEPENDENT LENDING CONSULTANT I can help you compare lenders and the cost sheets they provide BEFORE you choose which one you want to work with throughout this lengthy process!

I want to be your guide and a valuable resource to you!! If you or someone you know is thinking about building a home and needs to get a loan please have them contact me.  

 

 

 

“To stay on course, we need a compass whether a person, guidepost, or sign"     Judy Ingels

                                                                                                            

719-229-7999 or judy@judyingels.com

 
 
 

Beware of Loan Sharks!

by Cindy Grey
 
Come Celebrate with us!
 
Choosing the right lender can be frightening!
Can you trust those companies that advertise really low interest rates on the internet? 
 
 
 
If you know what to look for it is possible to find a bank, credit union or online company you can trust. 
 
 
I recently helped a couple by comparing worksheets from four different lenders to find the LENDER that was the best fit for themBEFORE applying for their loan."
 
 
Here are 4 attributes of a lender you can trust:
 
  1. CLARITY. A good lender explains things in plain English clearly spelling out how to qualify, what the loan terms are, and how the application process works.
  2. TRANSPARENCY.  All lenders have to disclose the annual percentage rate – the sum of interest and all fees – on a loan, but good lenders go a step further to break down upfront charges, late fees and the total cost of the loan in dollars.
  3. AFFORDABILITY. All reputable lenders pull your credit information, check your current debt and ask for your income to see whether you can afford to repay the loan. A good lender gives you a loan amount that closely matches your financial need.
  4. TRUSTWORTHINESS. The best way to identify a reputable lender and company is to learn about others’ experiences through online searches and by asking friends and family. Good lenders should have positive reviews from independent consumer advocacy websites or product comparison websites, along with strong user testimonials on social media websites.               
                                                                                                                                                        
KNOWLEDGE IS CONFIDENCE
 
 
I want to be your guide! If you or someone you know has been worried about the steps you must take to purchase a new home and get a loan have them contact me. 
 
 
 
 
 
“To stay on course, we need a compass whether a person, guidepost, or sign."                                           Judy Ingels
  
 
                                                                                                                                           
 
719-229-7999 or judy@judyingels.com

Pre-Qualified versus Pre-Approved

by Cindy Grey

When a client tells you they are Pre Approved for their mortgage are they really?

 

Know the Difference between a Pre-Approval and a Pre-Qualification~~

Knowledge is Confidence!

What if you've invested time and money showing houses TO YOUR CLIENT and the SELLER is packing and has plans for the proceeds of his sale and the deal goes dead because you thought your client was pre-approved and that is NOT the case?                       

Pre-Qualification entails a basic overview of a borrower's ability to get a loan. The borrower provides a mortgage lender with information~~about their income, assets, debts, and credit~~~but they do not need to produce any paperwork to back it up. In return they get a rough estimate of what size loan they can afford.....this is by no means a guarantee that they will get approved for that loan when they go to buy a home.

Pre-Approval is an in-depth process that involves a lender running a credit check and verifying income and assets. An underwriter then does a preliminary review of the borrower's financial portfolio and if all goes well issues a pre-approval which is a written commitment for financing up to a certain loan amount.

I've gathered a lot of experience over the past 25 years and would love to share it with someone ready to buy their first home....or who needs a refresher course  because it has been years since they have gone through the loan process. I can help your clients gather together the paperwork needed to get a pre-approval giving you more confidence in writing an offer!   

I will help your client NAVIGATE THE LOAN PROCESS.....

WITH CONFIDENCE!

JUDYINGELS   
Lending Consultant  
                                                         (719)-229-7999                                                           
 

Comparing loans with different interest rates

by Cindy Grey
When a lender tells your buyer there are NO CLOSING costs for the loan they are getting can this be true?
 
Let's find out why interest rates are different.....the closing costs associated with a loan.....and who pays for what.

Knowledge is Confidence!
 
You have told your client to compare the interest rates and fees of different lenders and they run across one who mentions they can offer them a loan with NO CLOSING costs and they are amazed....and think “WOW” that will save us a bunch of money!!. They ask themselves "Why are some lenders so different?" This leaves them confused and not sure who to trust. Are these company's employees working for FREE?
 
OR
 
Your homebuyer tries to find the best deal themselves by looking online and calling random lenders to try to save money as they shop for their home. The problem is that they do not understand what they need to know to make a fair comparison. While they thought they had found a deal TOO GOOD TO BE TRUE they might actually end up spending more money and paying more interest over the life of their loan.
 
 
Comparing one mortgage to another isn’t as easy as just comparing interest rates. To make a fair comparison one needs to compare three major components of a loan's price~~~interest rate, discount points, and closing costs.
 
 
I've gathered a lot of experience over the past 25 years and would love to share it with someone ready to buy their first home....or who needs a refresher course  because it has been years since they have gone through the loan process. 
 
I can help your clients understand and compare lenders' rates and fees leaving them more confident in choosing the right lender.   
 
 
I will help your client NAVIGATE THE HOME LOAN PROCESS.....
WITH CONFIDENCE!
 
719-229-7999 or judy@judyingels.com

Displaying blog entries 1-10 of 14

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Photo of Cindy Grey Real Estate
Cindy Grey
Broadmoor Bluffs Realty
4729 Opus Drive
Colorado Springs CO 80906
Mobile: (719)210-8029
Office: (719)579-9211