Home Buying can be a very
exciting experience for a homebuyer. But, home buying
can also be a very anxious time, because for most people,
buying a home is the single largest investment they will
ever make. Here at TMG Finance, our expertise, knowledge
and service can help eliminate some of the anxiety
associated with buying a home.
Our clients are
people just like you, they’re people who are looking to
buy their homes at a great low rate, quickly and
reliably. Home buying is stressful enough without having
to worry about your home loan. Let TMG Finance take some
of the stress out of home buying for you!
At TMG
Finance, we can take of all your financing needs when
buying a home. We also provide home buying tools for you to do some
of the research on your own. Tools such as the
Home Buying calculator which will show you how much home
you can afford, as well as some simple guidelines for
homebuyers entitled “Buying a home in 8 Easy Steps”.
But most of all, you can rest assured that you will get
the lowest rate possible with minimal fees, when you let
TMG Finance take care of your financing needs. If you
choose TMG Finance, we promise we'll help you by taking
the stress out of buying a
home.
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Purchases
•
VA, FHA & Conventional Loans
• Full or No Income
Doc Loans
• First-Time Home Buyer’s Program
• 0-3%
Down Payment Available
Refinances
•
Payment Reduction
• Debt Consolidation
• Change
From ARM to Fixed Rates
• Cash Back For Any
Purpose
• Bankruptcy & Foreclosure Allowed
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Second Mortgage
• Up to 125%
•
Line of Credit: (equity
line) |
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Business
Loans
• Equipment or Inventory Financing
•
Accounts Receivable Factoring
• Working Capital &
Others
• Short or Long Term
• Line of Credit
Income
Properties
• Apartments
• Office/Commercial
Buildings
• Mixed Use Properties
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Buying A Home In 8 Easy Steps
1) Brainstorm and Gather the
Facts
Whether you are a first time homebuyer or
planning on investing in property it is always a good idea to
go in with a plan. Educating yourself before you start the
process can make the whole experience more pleasant. Get an
idea of the area that you would like to live in and make sure
that it fits into your lifestyle. Then decide the approximate
amount of money that you would like to spend and the amount of
monthly mortgage payments that you can afford. Make sure that
you are clear on the objectives that you want to meet, to
insure that you do not loose sight of these as the process
moves on.
2) It's Our Turn To Pre-qualify
You
Now that you have a plan it is TMG Finance's turn
to help get you started. In the prequalification process we
gather an idea of your financial situation and determine the
amount of mortgage that you are eligible for. This will help
you specify the price range of the property you are seeking
and the monthly payment category that you fit into. This will
also allow us to look around for lender programs that best
suit your personal situation.
3) Create a Reliable
Support Team
As a homebuyer it is always important to
have a reliable professional as your agent and your lender. At
TMG Finance we deal with only established agents who can help
you find the property of your dreams. You can choose your own
or our loan officers can refer you to a seasoned real estate
agent in your area. Make sure that you are comfortable with
you agent because you will be working hand and hand with them
throughout the process.
4) Pre-Approval
Time
Once you have chosen TMG Finance as your lender we
will notify your real estate agent of the amount that you are
qualified to borrow and the amount of home that you have the
ability to purchase. This approval will come in letter format
and will be distributed to the appropriate parties at your
request.
5) Time to Shop!
This can be the
most stressful step but the most exciting. Now that you are
pre-approved for a loan you can go and look for the house of
your dreams. Now your agent will know the homes to show you in
the area that you prefer and the price range you can afford.
Remember when looking for that perfect house you must be
patient and rely on your real estate agent to guide
you.
6) Making an Offer
When you find the
house that you can not live without....make an offer! When you
make an offer and the seller accepts it, then you can begin
the buying process. Your first duty is to have the house
inspected by a home inspector. In most cases this has to be
within seven days of the offer being accepted. It is very
important that you and your agent keep open lines of
communication with the lender so that everyone is moving in
the same direction. The lender will most likely need some
other paperwork from you (the borrower) and also an appraisal
is needed to determine the market value of the
house.
7) Be Ready to Close the Loan
We at
TMG Finance will keep you updated on your progression towards
the close of escrow on your new home. Constant communication
between all parties will make the process smoother for you and
enable us to make it as painless as possible. It is important
that we receive all information that we request in a timely
manner, so that we can meet any deadlines that have been
established. With your cooperation some basic steps still need
to be taken. You will be required to sign final loan documents
at Escrow and after we will help you obtain insurance on your
new home. The process can move very quickly so at TMG Finance
we work diligently until you are safely in your new
home.
8) Congratulations...You're a Home
Owner!
You have successfully completed the purchase of
your new home or investment! If any questions or problems
arise we are here for you. We are here to serve and educate
you, and this process does not stop when your loan closes. At
TMG Finance we are here to help you achieve your goals at a
reasonable price, with incomparable service. At TMG Finance we
want to make sure that the next time you are looking to
purchasing a property that our superior customer service and
prices will stand out above the rest.
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 The Key Elements
A mortgage is a long-term loan
that a borrower obtains from a bank, thrift,
independent mortgage broker, online lender or
even the property seller.
The house and
the land it sits on serve as collateral for the
loan. The borrower signs documents at closing
time giving the lender a lien against the
property. If that borrower doesn't make payments
as agreed, the lender can take the home through
foreclosure.
Because mortgages are such
large loans, consumers pay them off over long
periods -- usually 15 to 30 years. Their monthly
payments gradually whittle away the principal
balance, slowly at first then rapidly toward the
end of the loan.
continue to read more
about mortgages below...
What's in a payment?
When
escrow is used, a monthly mortgage payment is
called a PITI payment. That's because each one
covers a portion of the following four
costs:
Principal -- the
loan balance
Interest --
interest owed on that balance
Real
estate Taxes -- taxes assessed by
different government agencies to pay for school
construction, fire department service,
etc.
Property Insurance --
insurance coverage against theft, fire,
hurricanes and other disasters.
Borrowers
can choose to pay their real estate taxes and
insurance in lump sums when they come due,
rather than in monthly installments to their
escrow accounts.
Depending on the kind of
mortgage a borrower has, the monthly payment may
also include a separate levy for private
mortgage insurance (PMI) or government-backed
mortgage insurance premiums.
The
breakdown of each payment (the amount that goes
toward principal, interest, etc.) changes over
time because mortgages are based on a repayment
formula called amortization. That's a fancy term
meaning the lender spreads the interest you owe
on the mortgage over hundreds of payments so
that the overall loan is as affordable as
possible. |
Understanding Mortgage
APR
When you apply for a
mortgage, the lender is required to tell you the
interest rate and the annual percentage rate, or
APR.
But what exactly is the
APR?
The APR is designed to help you shop
for loans by making them more
comparable.
"It's the one common
denominator by which you can compare loans side
by side, comparing apples to apples to apples,"
says David Newton, an economics professor at
Westmont College in Santa Barbara,
Calif.
How to rate a
mortgage
APR measures the net
effective cost of borrowing -- "the actual
present value of those funds over the length of
the contract." In other words, APR answers the
question: "Is it worth it to pay more upfront to
get a lower rate?"
The federal government
requires lenders to quote APR because loans
frequently are offered on different terms. To
extend the inevitable fruit analogy, differing
loan terms from different lenders can make it
hard to figure out which offer is a sour
persimmon and which is a real peach. APR helps
you identify the peaches.
The APR doesn't
have to be perfectly accurate. The lender can
round up or down to the nearest 1/8 of a
percentage point.
Buying a home?
Prequalify for FREE today by:
- calling TMG Finance at
800-5000-TMG
(800-500-0864)
- filling out our quick, no obligation form
Loan Evaluation Form
- emailing us at
info@TMGFinance.net
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