Mortgage Planning Tips

Planning Your Mortgage and Seeking Pre-Approval

The Benefits of a Professional Consultant
Choosing a good lender is a key element in managing your mortgage. A professional consultant won't just provide a loan, they will help you select the one most beneficial to you and your long-term goals, and then, help you manage that debt over time. There are not many lenders out there who provide this type of personalized service. My job is just beginning when your first loan closes. I will monitor rates on your behalf, and stay in touch with you to make sure we remain on target with your financial goals.

Seeking Pre-Approval
What's the difference between pre-qualification and pre-approval?
Pre-qualification is the starting point in your search for mortgage financing. A quick snapshot is taken which includes income, existing debt, savings, length of employment, etc. All of these factors will then be analyzed to determine your loan eligibility.
Pre-approval is written documentation that shows you have the support of a lender who is willing to finance you. It means, your loan application has been reviewed by an underwriter.

Based on your income, debt ratio and savings, the underwriter provides the dollar amount you are eligible to borrow. Now you can shop around for houses that fit into that loan amount category.

Here is the nice thing about the pre-approval: It gives you the leverage to shop as a cash buyer! With a pre-approval in hand, you now have the power to negotiate. The seller will take your offer much more seriously knowing you are already approved by a lender. Full credit approval can save you up to 15% on the purchase price of your home.

What will my monthly payments be?

The amount of your monthly payment depends on what loan program you choose. We like to provide our clients with an easy-to-read spreadsheet that narrows your choices down and compares different loan programs that meet both your current and long-term goals. You will have the opportunity to select a program you feel comfortable with before you make an offer on a home.

What does it cost to get pre-approved?

Pre-approval is absolutely FREE! You have nothing to lose and everything to gain.

Give me a call to begin your pre-approval process. Carol Beaver and I work together as a team to provide you with excellent service.

Parrish Register
Optimum Mortgage Group
919-302-1444
pregister@gooptimum

Preparing Your House for a Home Inspection

Many of these items may be taken care of with little or no cost. Some of these items will indicate to the Home Inspector and Buyer, that the house has been maintained.

1. Remove grade or mulch from contact with siding. Preferably 6 or more inches of clearance.
2. Clean out dirty gutters or debris from the roof.
3. Divert all water away from house, i.e. downspouts, sump pump, condensation drain, etc. Grade should slope away from structure. Clean out basement entry drains.
4. Trim trees, roots and bushes back from foundation, roof, siding, and chimney.
5. Repair all moisture damaged exterior wood and siding.
6. Paint all weathered exterior wood, and caulk around trim, chimneys, windows and doors.
7. Seal asphalt driveways if cracking.
8. Seal or point up masonry chimney caps. Install metal flue cap.
9. Clean or replace HVAC filter. Clean dirty air returns and plenum.
10. Point up any failing mortar joints in brick or block.
11. Test all smoke detectors, install CO detectors if needed.
12. Update attic ventilation if none is present.
13. Clean & service chimney, fireplace, or woodstove (provide a copy for buyer).
14. Seal masonry walls in basement if old stains are present...
15. Don't do quick cheap repairs, i.e. (giant caulk repairs) this will clue in an Inspector that amateur work has been done and will tend to make him/her look closer at the house.
16. Put all windows and doors in proper operating condition, including any cracked windows.
17. Put all plumbing fixtures, toilet, tub, shower, sinks, in proper working condition. Look for any visible leaks.
18. Install GFCI receptacles near all appropriate areas; test all present GFCI receptacles for proper operation.
19. Check sump pump for proper operation and inspect condition of crock (pit) and drain-tile if present.
20. Replace any burned out light bulbs.
21. Remove rotting wood, firewood from contact with house.
22. Proper grading recommended under deck, filter cloth and gravel.
23. Peroxide in sump pump or condensate drain will reduce odors and bacteria.
24. Caulk all exterior wall penetrations.
25. Caulk all tub/shower fixtures.
26. Caulk along tub/floor, tub/walls, tub/shower/glass doors.
27. Check that crawlspace is dry and install a proper vapor barrier. Remove any visible moisture from crawlspace. Moisture levels in wood should be below 20%, to deter rot and mildew.
28. Check that bath vents are properly vented.
29. Remove paints, solvents, gas, etc. from crawlspace, basement, attic, porch, etc.
30. Check that toilets are secured to floor.
31. Check that toilet is not cracked.
32. Where windows are at or below grade install window wells and covers.
33. Remove grade from contact with foundation vents.
34. Have clear access to attic, crawlspace, heat systems, garage and other areas that will need to be inspected.
35. If house is vacant be sure all utilities are turned on:
ˆ Water
ˆ Electric
ˆ Gas
ˆ Water Heater
ˆ Furnace / Air Conditioning
ˆ Breakers in main panel


Tom SullivanSullivan Home Inspections, Inc.
Email: homeinspections@nc.rr.com
Phone: 919-630-HOME (4663)