Kathy Colkitt's Mortgage Group. A
DBA of American Pacific Mortgage Corporation
              NMLS#1850

5 Questions to Ask Your Potential Real Estate Agent

Buying a home is undoubtedly one of the most difficult decisions you’ll make. After debating the pros and cons of homeownership — and there are many — you’ll have a whole new set of questions that will keep you up at night. Yes, you’ll have tons of question to ask of your real estate professional. If you’re lucky, you’ll find a knowledgeable, credible agent who may even answer those late-night questions before you tap snooze the next morning. Finding a real estate agent that fits your needs is imperative to the home-buying process. So, where do you start?

Here are five questions you may consider asking real estate agents when you begin your search.

1. “What neighborhoods are you most familiar with?”

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Qualifying for an FHA Loan

Which mortgage loan is right for you? If you are a first-time buyer, you may want to consider an FHA loan. FHA loans are designed specifically to help first-time buyers achieve their goal of homeownership with benefits such as lower down payment requirements and more lenient qualifying guidelines compared to other loan options. The more lenient guidelines of an FHA loan make this loan program a useful tool for many first-time buyers.

Benefit of an FHA Loan

FHA loans are insured by the Federal Housing Administration, and FHA qualifying guidelines and low down payment requirements make it possible for more people to realize their dream of homeownership.

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21 Creative Ways to Save for a Down Payment

How much do you have saved for a down payment on a home? For many would-be homebuyers, saving up enough funds to cover a down payment and closing costs often feels like a monumental task. Luckily, you may be able to purchase a home with far less money down than you thought.

A down payment for a home purchase generally ranges from 3% up to 20% of the price of the home, but there are first time home buyer loan programs available with zero down payment requirements, as well.

Here are some examples of the minimum down payment requirements for a few of the loan programs available to you:

  • VA loan: 0%
  • USDA loan: 0%
  • Conventional loan: 3%-20% • FHA loan: 3.5%
  • Jumbo loan: 10% – 20%

You may not realize that some loan programs allow you to use gift funds for a down payment. So, here is idea #1:

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How Much Mortgage Can I Afford?

Many young, single, career-focused, and financially savvy adults are realizing that buying a home is the right decision for their personal and financial goals. In fact, more than 90% of Americans believe homeownership is the first step on the road to wealth. And the U.S. government agrees. The Department of Housing and Urban Development promotes homeownership to people from all economic backgrounds, because homeownership is an important means of wealth accumulation.

Buying a home is one of the first major investments most people will make. And, like other investments, getting into the game early can bring young buyers even more economic advantages than if they waited until they were older.

If you are ready to stop wasting money on rent, and start investing in your own financial future, you may be wondering where to start.

In other words, you will need to know…

How much mortgage can you afford?

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Source: http://www.apmortgage.com/blog/how-much-mortgage-can-i-afford

When Is It Better to Buy vs. Rent Your Home

Is it time to say goodbye to the rental life? Investing in your own home, rather than renting, can be a big decision to make. Homeownership can be a gratifying investment in your own financial security and personal wealth. And if you are a renter, you’ve probably felt the sting of writing a check each month towards someone else’s financial investment.

For people interested in becoming first time homebuyers, determining when it’s truly better to buy than rent is an important first step.

Rent vs Buy: Which is Better?

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Source, http://www.apmortgage.com/blog/when-is-it-better-to-buy-vs-rent-your-home

2007 Mortgage Forgiveness Debt Relief Act expires 12-31-12

Be Prepared and Aware….. YOU can Help and Make A Difference
The “2007 Mortgage Forgiveness Debt Relief Act”
will expire the end of this year 12-31-12
If no extension is put in place.

Today there is no extention in site.
This means for Sellers that
Next Year they Will Pay Taxes
on deficiencies with Short Sales, Foreclosure, and Modifications granted.

so for example if they have a $200,000 mortgage and they Short Sale it for $150,000,
there would be Tax Liability on the $50,000 potentially.

Currently with the 2007 Act people do Not Pay Taxes on deficiency due to the forgiveness act.
(State Laws may over rule this check with your tax adviser)

You can be pro-active and write your legislation to have them
EXTEND THE Mortgage Forgiveness Act asap.
Here is the Link so you can have a voice to get this extended now!  www.house.gov/representatives

I went to the link and selected my representative, Cathy McMorris and made my comment. 🙂
We ALL MAKE A DIFFERENCE, BELIEVE IN YOURSELF
AS I BELIEVE IN YOU!
Sellers may want to bury their heads in the sand on this one
and now may have no motivation to Short Sale.
Lets Help them by banning together
and requesting an extension on this
Mortgage Forgiveness Debt Relief Act…… Now!
If this does not get extended there will be more Foreclosures
on the market later down the line…..
I wish you a warm and loving Holiday Season.
If I can add value in your life please give me a call
Kathy Colkitt  509-999-6464
NMLS# 73055

2013 FHA Changes Hurry Now and Buy Your New Home—- Don’t Get Caught

FHA 2013 CHANGES

FHA is looking to INCREASE  their Monthly MI

(mortgage insurance) on all NEW Loans

PLUS  MI would be FOREVER

not when your Loan To Value reaches 78%.

MI forever means that after the current 5 years

of mandatory MI,

Your new loan would continue with MI

until the Loan is Paid in Full

No matter what your Loan to Value is!

These changes will effect your finances and ability to refinance in the future.  Meaning that after the mandatory 5 years that FHA currently has in place for MI it is now for the life of the loan.  That means in 5 years if you have the equity in Your home to NOT have MI you must refinance and leave the great Interest Rate you have today to what ever the rates will be in the future.

Secure your Future by Buying and

getting your FHA Loan Today!

I don’t know when in 2013 the changes will take effect, and

there could be the slight chance FHA changes their minds.

Don’t risk your future with uncertainty.


Call Kathy @ 509-999-6464

e-mail: bestloans123@comcast.net

Bankruptcy Or Forclosure * How Can I Buy A Home Now? Credit Reports & Understanding Them

Class Schedule of  FREE  Mortgage Related classes

Taught by:  Kathy Colkitt  MLO #73055

Seating is Limited * Reservations are Required

Classes 1 Hour

Q & A Session at End of Class

APRIL  26TH    6:00 pm

Bankruptcy or Foreclosure & My Credit

I had one of these  now How & When Can  I Buy A Home?

My Credit Report – How to Read & Understand Your Credit Report

Learn what is required to Buy a Home if you have a Bankruptcy or Foreclosure

in your past credit history.

Discover how to Read and Understand Your Credit Report.

Call Today to Reserve Space

Bring A Friend or Family Member

Call Kathy to Register @ 509-999-6464

 

 

FHA & VA Assumable Loans * Learn How Selling & Buying Works

Class Schedule of Free Mortgage Related Classes

Taught by:  Kathy Colkitt

Classes are FREE to the Community

Seating is Limited * Reservations Required

Class’s approximately 1 hour  long

Q & A Session at the End of all Classes

March 29th   6:00 pm

Assumable Loans FHA & VA

All FHA and VA Loans are Assumable,

Find out how YOU can Assume a Home Today!

Learn How you can Sell Your Assumable Home Loan!

All Classes currently held at:

Mountain West Bank

12321 E Mission Ave.   Spokane Valley,  2nd Floor

North East Corner of Pines and Mission

Call TODAY TO RESERVE YOUR SPACE,

BRING A FRIEND OR FAMILY MEMBER:

CALL KATHY COLKITT:  509-999-6464

Free Classes on Assumable Loans FHA & VA, Home Buying 101, Bankruptcy/Foreclosure & Buying, & Understanding Credit

Class Schedule of Free Mortgage Related Classes

Taught by:  Kathy Colkitt

Classes are FREE to the Community

Seating is Limited * Reservations Required

Class’s approximately 1 hour  long

Q & A Session at the End of all Classes

March 29th     6:00  pm  Assumable Loans FHa & VA

         All FHA and VA Loans are Assumable,

Find out how YOU can Assume a Home Today!

April 5th          6:00 pm  Home Buying 101

          What YOU Want and Need to Know

April 12th        6:00 pm    Rehab Loans

          Learn how easy it is to Buy and Fix your New Home

with ONE Easy Loan Program

April 26th       6:00 pm    Bankruptcy/Foreclosure & Buying Homes

                                               & Credit Understanding

          Learn what is requred to buy a home if you have

 a Bankruptcy or Foreclosure in your past.

          Discover how to Read and Understand your Credit

All Classes currently held at:

Mountain West Bank

12321 E Mission Ave.   Spokane Valley,  2nd Floor

North East Corner of Pines and Mission

Call TODAY TO RESERVE YOUR SPACE,

BRING A FRIEND OR FAMILY MEMEBER:

CALL KATHY COLKITT:  509-999-6464

CALL ME–DON’T DELAY!
All it takes is a quick phone call to find out if you are approved.

Contact Kathy Colkitt
Branch Manager~Loan Officer

Office: 509-999-6464
e-mail: kathy@bestloans123.com
NMLS#73055
Kathy Colkitt's Mortgage Group
is dba American Pacific Mortgage Corp. NMLS - 1850
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