Home Buyers Handbook

The Home Buyer's Handbook is a guide to educate and inform you on what you need to know before buying a home and simply and effectively explains the homebuying process.

Divorce and Separation Lending Loan Options

Recently separate or divorced? Let's discuss your lending options to purchase, consult on a spousal cash buyout, and mortgage recast feature benefits.

Make your OFFER stand out with CMG Home Loan ELEVATED Pre-approval

Providing Piece of Mind with CMG Home Loans Elevated Pre-approval: More than a pre-approval, this is an actual loan approval from a CMG Home Loans Underwriter provided before you begin your home search. The underwriting approval can help your offer stand out, complete against Cash offers, and less document needed once your under contract.Borrower's financing must be Conventional, FHA, or VA loan and must have been issued a CMG Home Loan Pre-approval.Your Home: The Foundation of Your Financial SuccessMichelle Mathews-KalinockSr Loan Officer | Mortgage Advisor NMLS 195916Licenses DC, DE, MD, PA and VA Branch 2476844 CMG Home Loans 1820128 Lubrano Drive Ste 201 Annapolis MD 21401

BUY your NEW home First, Sell current one after FIND out how a Mortgage Recast can benefit you

If you are buying your NEW home FIRST and then selling your current home after you move into the new house; then let's schedule a call to discuss how a Mortgage Recast can benefit you Conventional Loans only Cheaper than a refinance "one time fee" average FEE $500-$550 MINIMUM recast amount $10,000 or more Keep your Same Mortgage Rate and Term (if rates are the same or higher) than you save a few "thousand" dollars not having to refinance to a potentially higher rate and payment Apply the amount of your "sale of home proceeds" to the new mortgage BUT lower the payment (If you just "pre-pay an extra amount this will NOT lower the payment just the loan balance) and lessen interest. Lower Your payment and Lower your Balance and Interest In most cases, you'll need to make 1 or 2 mortgage payments (of the new house mortgage), and you'll request the Mortgage recast application, upon approval then "apply your principal" to affect your mortgage payment. "Lowering it". In many recent client situations I've just helped; they financed 95% on the new home and then when the sold they've applied $100,000, 200,000 or more to lower the loan and lower the mortgage payment, and eliminated the PMI they started with. Fact: ** the only way to remove PMI when you start with PMI is a mortgage recast or you'd have to wait for 2-5 waiting period" and specific equity position and additional criteria.Who you work with Matters!Choose LOCAL100% Focused on only MortgagesDirect Lender (very few credit overlays)Speed & Communication can give a competitive edge in your contract offer working with meCMG Home Loans "TBD" underwritten pre-approval (helps you compete against Cash offers)Your Home: The Foundation of Your Financial Success Any questions, have a scenario, ready to start your pre-approval, please reach out to me AND Check out my website and resources:http://www.michelleyourloanranger.com Follow me for more tips on Instagram and Tik Tok @michelleyourloanranger “YOUR Loan Ranger” of Mortgages; Making Loans Happen!Michelle Mathews-KalinockSr Loan Officer | Mortgage Advisor NMLS 195916 Branch 2476844 CMG Home Loans 1820128 Lubrano Dr Ste 201 Annapolis MD 21401

Pre-approval Checklist

BUY your NEW home First, Sell current one after FIND out how a Mortgage Recast can benefit you

Check out the details below on how a Mortgage Recast can benefit you if you are buying your NEW home FIRST and then selling your current home after you move into the new house. Conventional Loans only Cheaper than a refinance "one time fee" average FEE $500 MINIMUM recast amount $10,000 or more Keep your Same Mortgage Rate and Term (if rates are the same or higher) than you save a few "thousand" dollars not having to refinance to a potentially higher rate and payment Apply the amount of your "sale of home proceeds" to the new mortgage BUT lower the payment (If you just "pre-pay an extra amount this will NOT lower the payment just the loan balance) and lessen interest. Lower Your payment and Lower your Balance and Interest In most cases, you'll need to make 1 or 2 mortgage payments (of the new house mortgage), and you'll request the Mortgage recast application, upon approval then "apply your principal" to affect your mortgage payment. "Lowering it". In many recent client situations I've just helped; they financed 95% on the new home and then when the sold they've applied $100,000, 200,000 or more to lower the loan and lower the mortgage payment, and eliminated the PMI they started with. Fact: ** the only way to remove PMI when you start with PMI is a mortgage recast or you'd have to wait for 2-5 waiting period" and specific equity position and additional criteria. Any questions, have a scenario, ready to start your pre-approval, please reach out to me AND Check out my website and resources: www.michelleyourloanranger.com Work with a local lender and 100% focused only on mortgages A Direct Lender with few credit overlays And being fast gives you a competitive edge in your contract offer working with me Ask me about Fairway Advantage Pre-approval (helps you compete against Cash Offers) Follow me for more tips on Instagram and Tik Tok @michelleyourloanranger “YOUR Loan Ranger” of Mortgages; Making Loans Happen!

Purchase 2-4 Unit Multi Unit with as little as 3.5% down payment

I’ve helped many clients in the last few years purchase a 2-4 unit Multi-family. If you are planning on "living in one of the units as your primary residence", FHA could be a great lending solution for lower down payment. FHA requires 3.5% down payment plus closing costs and pre-paid escrows (For an investment you’d need 20-25% down payment). For a primary property, you must live in the property at least the first 12 months or more. Lenders use income to qualify for the remaining units "75% of each unit comp" Appraisals do cost a little more per unit up to 4 units "on average 900 -1200” Any questions, have a scenario, ready to start your pre-approval, please reach out to me AND Check out my website and resources: michelleyourloanranger.com Work with a local lender 100% focused on mortgages A Direct Lender with few credit overlays And being fast gives you a competitive edge in your contract offer working with me Ask me about Fairway Advantage Pre-approval (helps you compete against Cash Offers) Follow me for more tips on Instagram and Tik Tok @michelleyourloanranger “YOUR Loan Ranger” of Mortgages; Making Loans Happen!

VA Loans I love helping Military Families use their VA BENEFITS

If you have served in the Military active duty or 6 years in the Reserves, you may be eligible to buy your house using a VA loan. Benefits: - 100% financing (so no down payment), there are still closing costs and pre-paids - No monthly PMI - VA does allow the seller to pay ALL closing costs and up to 4% of pre-paid escrows (taxes and insurance) - If you receive VA disability, you may be exempt from paying the VA funding fee (this helps lower your monthly payment) - If you have a current VA loan you may be eligible to purchase your next home using your Remaining VA eligibility and potentially finance 100%. - Loan limits in most areas increased to $726,200 and in the DC/Metro area up to $1,089,000. I grew up a military brat, my father serving 24 years along with my Grandfather, Brother, and Uncles all serving. I love helping military families finance their home with VA and work hard with your Realtor to make sure the listing agent knows why they should accept your offer. Reach out to me for your personal VA loan scenario.

Mortgage Recast ask how a recast can benefit you

A Mortgage Recast Feature allows you to apply a "large" sum of money towards your principal balance - If your loan was higher than 80% and you have monthly PMI and apply at least 15% or more, you can eliminate the PMI (ahead of the 2-5 year waiting period) and lower your payment (A principal payment only reduces the loan balance) a Mortgage Recast lowers the balance and the monthly payment - ONLY Conventional Loans are eligible and Jumbo Loans (subject to servicer) Government Loans are NOT eligible -A minimum $10,000 or more -Average Recast fee is now $500 (fee can vary by servicer) -Approval is needed first (process can take 1-2 months) and you must make 1- 2 months mortgage payments -Interest Rate remains the same -Loan Term remains the same -Check out Pro's and Con's for a mortgage recast or refinance (Refinance can make sense when rates are lower than your current rate and we'll determine the break-even point). If you have a scenario, please reach out to me.

Private Mortgage Insurance Also known as PMI

PMI is required on Many loan programs including Conventional, FHA and USDA. The amount will vary depending on loan program and in some cases credit scores. With Conventional loans, PMI is required when putting down less than 20% of the sales price. FHA and USDA loans PMI is always required. With Conventional loans, there is criteria to be met to "eliminate the PMI" in the future. See the Details above for when PMI can be cancelled. Ask me about a Mortgage Recast (if you plan on selling a home after you purchase, potential inheritance or large bonus) would occur after you settle on your new home!

Renovation Loans Don’t Dream it, Make the home Reality

Renovation loans are perfect when the house needs TLC, Updates or More for a Purchase or Renovation Benefit: One Loan to included the renovation money in the mortgage Benefit: Buy the house now and settle, and then the renovations begin. Benefit: Lenders vet the contractors to ensure they have current license and insurance along with good references so the renovation gets complete. No Deposits to the contractor.

Mortgage MARKET update December 2023

2022 Was Rough For Rates and Housing, But 2023 is a Blank Canvas So long 2022! Don't let the door hit you. You were the worst year for mortgage rates that most of us have seen in our lifetimes in terms of the pace of the rate spike. Sure, our friends who have more "life experience" are happy to remind us about their double digit mortgage rates in the 80s, but that was then, and everything's relative. During that time, huge milestones were achieved 1. The average home appreciated by roughly 40%, even after accounting for the modest correction in prices 2. Home sales exploded to levels well above anything else seen during the past decade 3. Rates plummeted well into new all-time lows and stayed there for much longer than any previous stint. 4. Even if we shift gears to the stock market, we find gains of almost 50%. Even after the crummy 2022, stocks are still up roughly 20% from pre-covid levels.

CREDIT Derogatory Seasoning Requirement

How long does derogatory affect your ability to finance a mortgage? If you have had to file bankruptcy, a short sale or foreclosure in the past; check out the time frames (called seasoning that Lenders will require). The Credit event does NOT have to affect you from a financing ever again there are just waiting periods from that event and of course, making sure to keep your clean and on time payments since the credit event occurred.

Buying your Home Things to consider Guide

With everything going on in the housing market right now, you may have a number of questions about what that means for you and your plans 1. Why Did Mortgage Rates Rise So Much In 2022? 2. What’s Happening with Home Prices? 3. Should I Buy a Home Today?

First time Buyer Guide

This guide gives you powerful marketing content specific to first-time buyers. The guide helps educate and inform you on what you need to know before buying a home and simply and effectively explains the homebuying process.

DSCR INVESTOR LOANS (Debt Service Coverage Ratio)

Great program for investors where underwriting of the loan is based on the debt of the property and not individual debt. A different qualifying and not the traditional mortgage income qualifying and debt ratios.