I cannot
tell you how happy I was to finally be a homeowner. “Thank You” again for
helping me with this loan and making my
dream
come true.
Very
Truly Yours
Bee
Steve,
we cannot thank you enough for all of your dedication and hard work. You made
yourself available
for
us on nights and weekend for questions and concerns, never getting frustrated.
Words
cannot explain our gratitude!!!
Just
know we are truly grateful you are on our list of recommendations without any
hesitation.
It’s
nice to know there are people like you out there!!!
Thanks
a Million
Sharmila Manak
Thank
you so much Steve! You have really been a true blessing to me and my
family- thank you for all of your hard work. I will say a special
pray for your wife and new baby- I hope that everything goes smoothly with the birthing
process. Again thank you and God bless you and your family!
Why Should I Be Pre-Approved? A few reasons why you should join the growing number of smart home buyers who are getting pre-approved before shopping the market.
Your real estate and mortgage professional may tell you that it's critical to apply for a loan before shopping for a home. Guess what, they are right! Applying for a loan before shopping is an essential first step, but did you know that it's far better to be pre-approved for a loan than to be pre-qualified? When you're pre-approved, it means you have a commitment in writing from a lender to lend you a specific amount to buy a home under certain conditions (e.g., length of the loan and interest rate). A pre-qualification is only an estimate of how much you may be able to borrow.
Knowledge is power. Getting pre-approved will fill you in on how much you can borrow and afford, and will show that you're capable of closing the deal with the seller.
When getting pre-approved, be prepared to equip your Supreme Lending mortgage professional with your financial footprint. Documentation including your W2 statements, bank statements from the past few months, federal tax returns from the past few years, proof of investment income and pay stubs and proof of other income will be required to process your pre-approval and will help determine the amount you can loan and afford on a monthly basis.
Once you've been pre-approved you will have the ability to:
#1 - Save Time Looking at the Right Homes Why waste a weekend at open houses for homes you can't afford? One large advantage to getting pre-approved for a loan before you shop is to save your, your real estate agent's and the seller's valuable time.
A pre-approval will narrow down your options and provide your agent with the information they need to only present you with the properties that are within your financial reach. Instead of the price point being your deciding factor, you can focus in on some of the more important characteristics of the house and determine whether or not it fits your lifestyle needs.
#2 - Have Greater Bargaining Power The good news is that there are plenty of great deals on the market. The bad news; expect to bid and negotiate with the best of them. Once you've been pre-approved, sellers will consider you to be a serious and valuable buyer. When it's time to make an offer, you'll be in a better position than other buyers to negotiate because you can show that you're a prepared and financially capable candidate.
This said, having a pre-approval letter in hand will not only improve your house hunting experience and bargaining power, it will also speed up the closing process.
#3 - Experience a Faster Closing Pre-approved buyers have already jumped through many of the mortgage processing hoops, thus speeding up the entire procedure when the time comes to close on a property. Pre-approval can potentially shorten a 30 day closing process to just a few weeks. This could give you, the pre-approved buyer, a competitive edge when the seller is deciding which offer to accept, especially if they're in a hurry to move and need to quickly close.
Keep in mind your pre-approval has an expiration date, typically 90 days or so and may vary by lender. You can always ask your Supreme Lending mortgage professional to re-validate you if you need more than a few months. Contact Supreme Lending by calling 847.282.4611 to learn more, or to get pre-approved for your next home purchase.
4 Reasons Why the Holidays May Be Prime Home Buying TimeNovember through February are slow months for the real estate industry. With the majority of people busy gift shopping, traveling and celebrating the season, many highly desirable homes sit on the market. With candy canes on the brain, many don't realize that this lull in home sales during holiday season is extremely beneficial for buyers. There not only is less competition for those attractive homes, but the many sellers are motivated, willing and ready to make a deal. Read on to learn why the holiday season will be filled with some of the best home bargains.
Reason #1 – The Slower MarketWith many concerned about their holiday preparations, there are very few potential home buyers scouring the available real estate. According to Steve Murray, editor of REAL Trends, December home sales typically only make up about 8.1 percent of the total annual home sales. This slow market enables buyers to shop a multitude of listings. Those nasty bidding wars with other buyers, which often times drives up the cost of the home, are less likely to occur. As you may have guessed, these few transactions mean few closings. The slow market encourages mortgage brokers to expedite the closing process which may mean your offer for that foreclosure or short sale property being pushed through for a quick close.By getting pre-qualified for a loan, buyers have the ability to shop quickly and efficiently for their new property. Contact Supreme Lending to get started today.
Reason #2 - The Low Interest RatesWhile current mortgage rates are at all-time lows, we may see them dip even lower over the holiday season. When looking at previous trends, experts can confidently say that rates will continue to decrease throughout the December and January months. Work with your Supreme Lending mortgage specialist to determine the best mortgage program and rates for your specific situation by calling 847.282.4611.
Reason #3 – Many Motivated Sellers Sellers who leave their home on the market over the holiday season mean business. With holiday expenses and unemployment rates rising, sellers are more than willing to negotiate their selling price, especially if the home has been on the market for several months. Sellers are also anxious to get their property sold before the end of the year in order to get a break on their taxes. These tax incentives aren't just for the sellers; buyers also benefit from the transaction.
Reason #4 – Enticing Tax Breaks for BuyersAs you may know, closing costs on your new home are tax deductible in the year in which you pay them. Closing on or before December 31st could mean a sizable tax write off when you deduct the interest of your first mortgage payment from your stated income.In addition to the tax breaks mentioned above, first time home buyers also have the chance to scoop up even more savings with the government's first time home buyer incentive program.
Call Supreme Lending at 847.282.4611 to learn more about the many tax benefits home ownership provides.So, which will you be this holiday season? Are you going to be one of the many who frantically scurry off to the last few Christmas sales and holiday functions, or will you be one of the few clever consumers who decide not to populate the crowded malls and instead consider their many real estate options and contact their Supreme Lending mortgage professional to get pre-approved for a mortgage?Happy Holidays!Keeping You InformedSupreme Lending is dedicated to keeping you informed of the latest market trends and mortgage options. Visit us online at http://mysupremehomeloans.com, or call today at 847.282.4611, to obtain custom loan options designed to fit your needs and help you obtain your home goals.
Wednesday, November 11, 2009
Home Buyers Have Even More Tax Credits and Buyer Perks to Look Forward to In the Coming Year Congress is working on a new and even more generous set of perks for home buyers.
With the November 30th first time home buyer deadlinequickly approaching, the U.S. government has been working around theclock to roll out an extension for the $8,000 tax credit for first timehome buyers. In addition to the tax break extension, the Senate hasalso introduced a new perk for current homeowners shopping for a newprimary residence.
Will you qualify? Learn about the tax incentiveextension details and what it might mean for you and the housing marketby reading on.
Who qualifies for the credit? The tax break offers an $8,000 tax credit to those individuals buyingtheir first home, those who have not owned a home in the past threeyears. The government is also offering a new perk for those homeownersshopping for a new primary residence. Those buying a new primaryresidence would be eligible for a $6,500 tax credit if they owned theircurrent home for five consecutive years in the previous eight.
Be sure to contact Supreme Lending to ensure you areaware of all the tax break details and for assistance in determiningwhether or not you qualify for either credit.
What are the deadlines? Those individuals buying their first home or a new primary residence must sign a contract by April 30th and close by June 30th 2010 as opposed to the November 30th 2009 deadline which has put home shoppers, real estate agents and mortgage brokers in quite a bind these past few months.
Members of the military serving outside the United States for 90 days or more are also able to take advantage of these incentives. For those serving our country overseas, the tax credit would be extended an additional year, until June 30, 2011.
Tax incentive advocate and former real estate executive Sen. Johnny Isakson reports that this tax break extension is the last. Work with your Supreme Lending mortgage professional to ensure your purchase meets the tax credit guidelines.
Any restrictions? There has been an increase in the level of qualifying incomes for individuals and couples over the age of 18. Individual tax filers who make up to $125,000 are eligible, and couples making up to $225,000 a year also qualify. Those individuals who earn up to $145,000, or $245,000 jointly, would receive a smaller credit that drops as income rises.
Though there has been a slight increase in qualifyingincomes, the tax break was never designed to cater to those individualsat the high end of the market. Principal homes costing more than$800,000 are not eligible for the credit and neither are vacation homes.
Contact your Supreme Lending mortgage specialist by calling 847.282.4611 to determine whether your income qualifies you to cash in on the tax rebate.
Will this improve home sales? This extensionis expected to steady the housing market and give the economy a muchneeded boost. Since the tax credit was introduced as part of theeconomic stimulus package in January of 2009, about 1.4 million firsttime home buyers have qualified for credits of up to $8,000. TheNational Association of Realtors estimates that roughly 350,000 ofthese home sales were due to the tax incentives and the buyer would nothave purchased otherwise.
If this is the case, chief economist at Moody's Economy.com, Mark Zandi, is right to think this extension could potentially produce 500,000 additional home sales these coming months.
Before shopping, contact Supreme Lending to find out whether or notyou qualify for the tax credit and determine what loans you can qualifyfor. Your Supreme Lending mortgage specialist can ensure you arepre-approved for your loan, thus enabling you to shop with a specificbudget and accelerate the purchase process.
Keeping You Informed SupremeLending is dedicated to keeping you informed of the latest markettrends and mortgage options. Visit us online athttp://mysupremehomeloans.com, or call today at 847.282.4611, to obtaincustom loan options designed to fit your needs and help you obtain yourhome ownership goals..
It is difficult to know when to lock a mortgage rate or float to keepoptions open. Unfortunately, you can't accurately predict the directionof interest rates, but what you can do is follow the trends and onlylock when you're satisfied that the rate will yield an affordablepayment that you'll be financially comfortable with for the months andyears to come. The following are a few pieces of advice for buyers andrefinancers wondering whether or not to take advantage of the currentmortgage rates.
Buyer Tips Consider the current mortgage rate, term and type Thecurrent rates are just around 5 percent, and are expected to fluctuatejust above or slightly below. Depending upon your closing schedule,buyers have the option to float a rate and risk the chance of risingrates, or lock and risk the chance of missing out a lower rate. Butdon't select a new mortgage based only on its annual percentage rate.It is important to also consider the term of the loan, whether theinterest rate is fixed or variable and if you have the option to payfees upfront in exchange for a lower rate. Whatever the case, buyersshould keep their ears to the ground and work closely with theirSupreme Lending mortgage professional in order to find the best rateand program available.
Ensure long term affordability Inmany markets, home prices are at their lowest. If you couldn't afford ahome 4 or 5 years ago, chances are you can now. When deciding onwhether or not to buy a home and lock a rate, consider your long termfinancial situation. Can you comfortably pay your mortgage each monthat the rate you're considering? If you can't answer that question onyour own, then visit us online at http://mysupremehomeloans.com orspeak directly with one of our mortgage specialists at 847.282.4611 tosee if homeownership is right for you.
Take advantage of first time buyer incentives Abuyer's market and government incentives have combined to create ahighly desirable climate for first time home buyers. The governmentincentive program allows entry level buyers to reduce their federalincome tax bill by 10 percent of the home's price or $8,000, whicheveris less. First time buyers have a bit of financial padding, for if theylock at a higher than desired rate, they have Uncle Sam's $8,000 to paydiscount points to keep it low.
Discuss your mortgage optionswith a Supreme Lending mortgage professional, but do so quickly becausethe government incentive program is set to expire on the 1st ofDecember.
Refinancer Tips Calculate the potential savings Theold rule of thumb is to hold off on refinancing until your rate hasdropped by a certain percentage point. This is still good to follow,but in order to truly determine whether it's in your best interest torefinance, you need to calculate your break-even point. To discoveryour break-even point, simply divide your mortgage fees by your monthlysavings. The resulting figure represents the number of months you willneed to stay in the home to make refinancing worth your while. Contactyour Supreme Lending mortgage professional at 847.282.4611 to learnwhat rates are available and/or to receive savings calculationassistance.
Understand the additional costs There are quite afew additional costs to consider before deciding whether or not torefinance your mortgage. When calculating your savings, be sure tofactor in the refinance application fee, legal fees, appraisal fees,title search fees and title insurance fees. Refinancing fees vary fromstate to state and lender to lender, ask your Supreme Lending mortgagespecialist to determine the additional fees you may be required to paywhen refinancing.
Get finances in order before applying Ensureyou qualify by getting your finances in top shape. Lenders will reviewyour home value, credit score and income to determine whether youqualify for a mortgage refinance. If you are one of the many homeownerswho owe more than their home is worth and are struggling to make yourmonthly mortgage payments, you may qualify for the government's HomeAffordable Refinance plan. Contact your Supreme Lending mortgagespecialists by calling 847.282.4611 to determine your refinancingoptions and if you qualify to refinance or for the governmentforeclosure relief program.
The end of July showedimproved rates and many homeowners and home buyers took advantage andlocked their loans. If you were one of them, give yourself a pat on theback. If your rate is still floating, consider contacting SupremeLending to discuss the current rates and potentially locking. Manyexperts foresee the trend of rates to continue to periodically dip tojust near 5 percent; make sure you're ready.
Keeping You Informed SupremeLending is dedicated to keeping you informed of the latest markettrends and mortgage options. Visit us online athttp://mysupremehomeloans.com, or call today at 847.282.4611 to obtaincustom loan options designed to fit your needs and help you obtain yourhome ownership goals.
Steve Vaserman Supreme Lending Phone: 847.282.4611 Fax: 847-239-5019
Home buyers are out in droves shopping and researching real estateopportunities online and on foot. According to Nielsen Research, therewas an 11 percent increase in the number of visitors to the top U.S.real estate web sites in July. Along with the increase in visitorsgoing to real estate sites, the number of U.S. home sales spiked thispast July; posting the highest numbers since September 2008.
Withreal estate taking off, many are wondering if now is the time toinvest. The following are a few questions to consider that will helpyou come up with the best answer for your specific financial situation.
What kind of down payment am I able to make? Duringthe housing boom, piggyback loans were the norm and many individualswere able to purchase houses with no money down. These days, mortgageinsurance and substantial down payments are back and are here to stay.
Ofcourse, a 10 percent (preferably 20 percent) down payment is desired,but it is not necessarily required. For those who aren't able to puttogether the 10 percent, there are a few low down payment programsoffered by the federal government. Contact Supreme Lending to discussthe program that fits your home ownership goals.
Can I afford a 15-year fixed-rate loan? Afixed rate mortgage, as its name suggests, offers a rate that is setfor the duration of the loan. It is simple, easy to understand incomparison to the adjustable rate mortgage (ARM) and, in turn, offersmore security to the buyer. Fixed rate loans are popular; with almost75 percent of all home mortgages being fixed rate programs.
Thereason why we use the 15 year fixed rate mortgage to discern if you'refinancially ready to become a home owner is due to the fact that it isa product that yields a high monthly payment. If you are financially atease making these high monthly payments and can comfortably pay offyour home loan within 15 years, then you are highly qualified topurchase the property. Contact your Supreme Lending mortgage specialistat 847.282.4611 to learn what your property price range should be basedupon your current financial situation.
Can I afford a monthly mortgage? Ahouse should be a blessing, not a curse. Home payments should typicallybe 25 percent or less of your household's monthly take-home pay. Ifnot, then you may be pushing your financial limits. Visit us online athttp://mysupremehomeloans.com or contact your Supreme Lending mortgagespecialist at 847.282.4611 to quickly calculate your monthly payment.
Do I have money put aside for extra expenses? Inaddition to the items mentioned above, potential home owners must alsoprepare for any additional expenses including, property taxes,utilities and insurance which will provide protection against theft,fire and other natural disasters. To learn more about the additionalcosts involved with home ownership, contact your Supreme Lendingmortgage specialist today.
Make use of Supreme Lendingspecialists' expert knowledge. Working with professionals throughoutthe mortgage and property purchase process ensures you understand theregulations and laws specific to your city and will keep you from beingwrapped up in all the red tape and paperwork. Shopping for propertyshould be a fun and enjoyable experience. Rely on Supreme Lendingmortgage specialists to keep you informed and sane through out thisexciting and, often times, overwhelming process.
Keeping You Informed SupremeLending is dedicated to keeping you informed of the latest markettrends and mortgage options. Visit us online athttp://mysupremehomeloans.com, or call us today at 847.282.4611, toobtain custom loan options designed to fit your needs and help youobtain your home ownership goals.
Steve Vaserman Supreme Lending Phone: 847.282.4611 Fax: 847-239-5019
The Government loan modification progress reports inspire institutionsto take the foreclosure prevention program more seriously. Find out ifyou are one of the many that qualifies for a mortgage modification, orif refinancing is a better option. TheHome Affordable Modification Program was launched in March 2009 to helpqualified home owners receive a lower monthly payment and avoidforeclosure. The United States Treasury Department recently reportedonly 9 percent of home owners eligible for the government's $75 billionloan modification program have been offered help. This equates to just235,247 loans that were at least two months delinquent. Thegovernment hopes to help up to 4 to 5 million financially distressedhome owners modify their mortgages and has promised to reach 500,000home owners by November 1st. In order to fast track these goals, thegovernment has cracked down on the institutions participating in thisprogram and will be supplying the public with monthly progress reportsand will be performing random audits to see if borrowers are beingimproperly rejected. Now that the government has drawn attention tothese institutions, expect to see a greater number of loan modificationapplications being reviewed and accepted. If you are one of the manyhome owners who find it difficult to make monthly mortgage payments oryou know someone who needs help, then read on and find out if you are aviable candidate for a mortgage modification, or if refinancing is yourbest option:
Primary Residence Is the home you are trying toget a mortgage modification for your primary residence? If not, you maynot be eligible for a mortgage modification, since a home must be owneroccupied. If your home is occupied by tenants, vacant or condemned, youmay want to contact Supreme Lending at 847.282.4611 to determinewhether or not you qualify to refinance your current mortgage at alower rate. Monthly Mortgage Payments Are you behind or in dangerof falling behind on your mortgage payments? If you are experiencing agreat deal of hardship due to a change in your circumstances (i.e.rising mortgage payment or an increased expense such as emergencymedical care) and foresee defaulting on your current monthly mortgagepayments, contact a Supreme Lending mortgage professional today to seeif your current financial situation qualifies you for a mortgagemodification. If not, refinancing your current loan may be anotherviable option to avoid foreclosure. Mortgage Signing Date Didyou get your current mortgage on or after January 1st, 2009? If youranswer is yes, then don't count on being considered for a mortgagemodification. Instead contact us directly at 847.282.4611 to determinealternate options. Loan Balance Is your loan balance less than$729,750? The mortgage modification program is only available to thosewho owe less than $729,750. If you owe quite a bit on your home, you'llwant to speak to your Supreme Lending mortgage professional to learnwhether or not you are eligible for a mortgage refinance. A refinancecould potentially reduce your monthly mortgage payments and save agreat deal of money over the life of your loan. A few other itemsthat may rule out a mortgage modification include both your savingsaccount and employment status. Those home owners with a significantamount of savings in the bank are likely to be turned down for amortgage modification as they have what may be considered sufficientfunds put aside for emergencies and are not shown to be experiencing afinancial hardship. In this case, refinancing may serve as a solutionand help by decreasing future monthly payments. On the other hand,those home owners who are jobless and have depleted savings andchecking accounts are also unlikely to receive a mortgage modificationas the program requires that applicants show proof of current incomeand that the income is likely to continue for at least nine months.Whatever the case, it is always a good idea to work closely with yourSupreme Lending mortgage specialist when researching the best optionsfor your specific situation. Keeping You Informed SupremeLending is dedicated to keeping you informed of the latest markettrends and mortgage options. Visit us online atwww.mysupremehomeloans.com, or call today at 847.282.4611 , to obtaincustom loan options designed to fit your needs and help you obtain yourhome ownership goals.
Steve Vaserman Supreme Lending Phone: 847-282-4611 Fax: 847-239-5019
Tuesday, September 1, 2009
Are you tired of throwing away your money on rent? Are you tired ofmaking payments on someone else’s house? Let Supreme Lending help youtake advantage of the single biggest tax credit in history provided tohome buyers! TheAmerican Recovery and Reinvestment Act of 2009 authorized a tax creditof up to $8,000 for qualified first-time home buyers, purchasing aprincipal residence on or after January 1, 2009 and before December 1,2009. It’s simple, buy a house and get $8,000 from the government…rentand you get absolutely nothing. There has never been a better time tolook for that dream house for you and your family. Our mortgagespecialists at Supreme Lending are ready to help you obtain financingin just a few weeks so that you don’t miss out on this once in alifetime opportunity. This tax credit allows you to move into ahouse with virtually NO DOWNPAYMENT! Our loan programs allow us toprovide you with financing on 96.5% of the purchase price of that houseyou’ve always wanted. With home values at the lowest they have been inyears, NOW is the time to buy. Purchase date is a determining factor Q: Who can claim the credit? A:In general, the IRS says you may be eligible if you bought your mainhome, located in the US, after April 8, 2008, and before Dec. 1, 2009,and if you (and your spouse, if you’re married) haven’t owned any othermain home during the three-year period ending on the date of purchase.That means you might be eligible even if you owned a home for manyyears before that period. However, there are numerous otherqualifications. Q: How much is the credit? A: That depends on when you bought the home and other factors, such as your income and the home’s price. Ifyou bought during the 2008 period and qualify for the credit, themaximum credit is generally $7,500. But it’s only half that amount ifyou’re married and filing separately from your spouse. And even thoughit’s called a credit, it’s really an interest-free loan. You generallyhave to repay it over 15 years, without interest, in 15 equalinstalments, the IRS says. The rules are more generous if you buy ahome during the 2009 period and meet all the qualifications. In thatcase, the maximum amount generally is $8,000, or half that amount ifyou’re married filing separately. More important, you don’t have torepay the credit at all unless that home "ceases to be your main homewithin the 36-month period beginning on the purchase date," the IRSsays. Income limits and defining as your primary residence Q: How does the income limits work? A:You may be eligible for the full amount of the credit if your adjustedgross income, with certain modifications, is $75,000 or less -- or$150,000 or less if married and filing jointly. However, the creditbegins to be phased out if your income exceeds those amounts. You can’tclaim the credit at all if your income is $95,000 or more, or $170,000or more if married and filing jointly, the IRS says. Q: I own more than one home. How do I figure out which is my main home? And does it have to be a house? A:The IRS says your main home is "the one you live in most of the time."No, it doesn’t have to be a house. It can be "a house, houseboat, housetrailer, cooperative apartment, condominium or other type of residence." Q: Are there are other qualifications? A:Yes. You can’t claim it if your home is outside the US. You also aren’teligible if you’re a non-resident alien, if you inherited the home orgot it as a gift, or if you acquired it from a "related person," suchas your spouse, parents or grandparents.
Q: What form do I use? A:"Form 5405. The IRS recently revised it and posted it on its websitealong with instructions. Dean Patterson, an IRS spokesman, says"programming is being done to electronically process Form 5405" toclaim the $8,000 credit for homes bought in 2009. The IRS "will be ableto process these returns electronically beginning March 30, he says. Q: Where do I put the credit on my Form 1040? A: Line 69. Q: I’ve already filed my return for 2008. Can I still claim the credit for 2008? A: Yes. File what’s known as an amended return. Use Form 1040X and attach Form 5405. Formore information on the tax credit and how you can obtain a mortgage onthe house of your dreams, call one of our mortgage advisors today!We’ll help you get qualified so that you are able to obtain a mortgagethat places your financial goals within reach.
Obtaining mortgage loans is not as easy as it used to be. It is especially difficult if it happens to be a bad credit mortgage loan. Many lender are changing their programs and qualification on what seems to be an almost daily basis. Home refinancing and home purchase loans are harder to obtain than they have ever been, especially if working with a mortgage broker. Commercial mortgage loans and second mortgage loans are even harder to get, so here at Supreme Lending we streamline our process and simply put all of our effort into home purchase loans and home loan refinancing. This way we know that we can deliver quality service that's second to none. For more information please fill out the short application and one of our home loan specialists will call you within 24 hours.
