Every Saturday, from 9:00 - 11:00 am, 105.3 The FAN listeners can get valuable inside information and amazing tips about getting the most value from your mortgage with Rodney Anderson. No one knows home loans better than Rodney, and he brings that expertise to work for you every week.
Rodney has helped arrange mortgage financing for more than 14,000 families in the last 13 years, and over the last five years, Rodney originated more than 7,000 loans for Texas families. Rodney is the top-producing loan officer in the state of Texas, and is well-known for his extensive knowledge in all areas including FHA, VA, Conventional and Jumbo Financing. Rodney and his staff specialize in creating the best mortgage finance plan, while minimizing costs, to help with the purchase or refinance of a home. Rodney is available 24 hours a day, 7 days a week at 1-800-EXPRESS.
On each week's show, listeners can find out how to avoid nightmares when closing a home sale; tips for women buying homes; how to close your loans quickly, and on-time; ways to streamline your loan using FHA or VA origination; and so much more. If you're looking to buy a new home, or refinance the home you're in, you should be listening to Rodney's program every Saturday from 9:00 - 11:00 am.
Rodney Anderson's Top 5 Home Loan Tips
We've taken Rodney's years of experience and expertise and compiled a list of Top 5 home loan tips to help you along the path of owning your next home (or refinancing your current home).
1. Know your Credit History
In today's mortgage market, programs and rates are determined by credit ratings. Often times there are mistakes made on credit histories or items that are reported in error. These can frequently be corrected before you write a contract on a property. Correcting these issues up front can often help you obtain the lowest rate available. You'll find a helpful page about understanding your FICO scores at www.SavingYourFinancialLife.com. Under a new federal law, you have the right to receive a free copy of your credit report once every 12 months from each of the three nationwide consumer reporting companies. To request your free annual report under that law, you must go to www.annualcreditreport.com.
2. Know how much you can afford
You may be able to qualify for more home than you thought possible in today's real estate and lending markets. Rates are great, and there are many properties on the market with motivated sellers and reduced prices. It's important that you obtain prequalification before looking for the perfect home. The property must meet your lifestyle AND your monthly budget.
3. Know how much money you will need
Buying your dream home may cost you less money than you think. There are many programs available that allow you to move into your home for as little as a 3% investment on FHA loans (3.5% effective January 1, 2009). Your down payment can come from your own funds, a gift from a qualifying family member, or even a loan from your 401k. VA loans still allow for 100% financing for qualified military veterans or reservists. Your total out of pocket expense is comprised of 3 areas. #1 is your down payment. #2 is your closing costs - the costs associated with purchasing the home. Closing costs consist of title company fees, appraisal, credit report, and lender fees. #3 is your prepaid expenses. Prepaid expenses are your property taxes, homeowners insurance, and prepaid interest due at closing. You can reduce your out of pocket expense by negotiating for the seller to pay your closing costs and prepaid expenses, but the seller can not contribute your down payment.
4. Know how fast you can close
Many borrowers believe that it takes 30-60 days to close on a home. Every loan is different, but in most cases a Conventional or FHA loan can close in as little as 5 days and a VA loan can close in approximately 15 days.
5. Know Your Lender
Before selecting a lender, it is important for you to research their history and reputation. Take into consideration the programs available, range of rates being offered, fees, and most importantly... experience. Check the Better Business Bureau for consumer complaints. We even recommend interviewing your loan originator. How long have they been in the business? How many loans did they close last year? How does the bond market affect interest rates? What's the current state of rates, and what are they expected to do? What are they basing their opinion on? Can they meet your closing date? If they can't answer these questions to your satisfaction, they are probably not qualified to handle your mortgage loan. This is likely the biggest financial decision of your life - don't take any risks when deciding who to trust.
