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Embarking on the Journey: The Challenge of Being a First-Time Home Buyer

Breaking Free from the Chains of High Interest Rates Are high interest rates turning your dream of affordable homeownership into a financial nightmare? It's time to liberate yourself from the shackles of exorbitant mortgage costs. If you're grappling with steep interest rates on your current FHA or VA mortgage, there's a beacon of hope on the horizon. Join us on a journey to financial freedom as we explore the transformative power of FHA Streamline Refinances and VA IRRRLs. Say goodbye to the burden of high interest rates and hello to a more secure and prosperous future. FHA Streamline Refinances: Streamlining Your Path to Financial Relief The Fast Track to Lower Interest Rates Are you drowning in the complexities of mortgage refinancing? Fear not, for the FHA Streamline Refinance is here to simplify your financial journey. In this section, we'll dissect the streamlined process of FHA Streamline Refinances, explore the eligibility criteria, and unveil the impressive benefits that await. Say farewell to the cumbersome paperwork and hello to a faster, more efficient route to lower interest rates. VA IRRRLs: Guiding Veterans to Interest Rate Nirvana The Veterans' Celestial Route to Interest Rate Reduction For our esteemed veterans, the VA IRRRL (Interest Rate Reduction Refinance Loan) is a powerful tool that can guide you to interest rate nirvana. This section will delve into the unique features of VA IRRRLs, outline eligibility requirements, and showcase the exceptional advantages they bring. Your service to the nation deserves a mortgage that honors your sacrifice — let the VA IRRRL lead the way to reduced interest rates and financial security. Why Choose Chissell Mortgage Group: Your Trusted Partner in Financial Wellness Navigating the Mortgage Landscape with Confidence Amidst the sea of mortgage options, why should you choose Chissell Mortgage Group as your trusted guide? In this section, we'll highlight the reasons that set Chissell Mortgage apart. From a commitment to personalized service to a track record of successful refinances, discover why countless homeowners trust Chissell Mortgage Group to navigate the intricate landscape of mortgage solutions. Secure Your Financial Future with Chissell Mortgage Group Embark on Your Refinance Journey Today Ready to take control of your financial future? The call to action is clear — partner with Chissell Mortgage Group. Visit chissellmg.com or call 727-376-6900 to connect with our team of experts. Don't let high interest rates be a stumbling block on your path to financial freedom. Secure your seat on the Savings Express with Chissell Mortgage Group and embark on a journey towards lower interest rates and a brighter financial horizon. A New Chapter in Financial Wellness Begins Bid farewell to high interest rates and usher in a new chapter of financial wellness. With FHA Streamline Refinances, VA IRRRLs, and the trusted guidance of Chissell Mortgage Group, you're not just refinancing your mortgage — you're transforming your financial future. The path to lower interest rates and greater stability begins with a single step. Take that step today with Chissell Mortgage Group and unlock the door to a more secure and prosperous tomorrow. Please visit our website at www.chissellmg.com for more information or call us at the office at 727-376-6900 . We’re more than happy to help save you some money!

The Clock is Ticking: Florida’s Hometown Heroes Program Revived with Limited Funding In a remarkable yet fleeting victory for aspiring homeowners, the Hometown Heroes program has made a much-anticipated comeback.

UPDATE: The Loan Limit has increased from the initial $750,000 value to $766,550 after the original video was posted! Exciting developments are on the horizon for prospective homebuyers! As we approach 2024, certain lenders have proactively adopted a new conforming loan limit of $766,550. This is a significant increase from 2023's cap of $726,200. But what does this mean for you? In essence, you now have the opportunity to obtain a larger loan amount—up to $766,550—to be precise, without venturing into the realm of jumbo loans. It's worth noting that jumbo loans often come with higher interest rates and additional fees. This adjustment amplifies the purchasing power of borrowers, enabling them to explore a wider range of properties. To put this into perspective, here's how you can leverage the new limit: Opting for a USDA Loan? With 0% down, you can now consider a property with a sales price and loan amount as high as $766,550. Considering a Conventional Loan? With a down payment of just 5%, you can target homes priced up to $789,000. Aiming for a Larger Down Payment ? For those planning on a 20% down payment, properties with a maximum sales price of $937,500 are now within reach. These are just a handful of scenarios that showcase the potential benefits of the updated conforming loan limit. At Chissell Mortgage Group, we're committed to guiding you through these changes and ensuring you make the most of the opportunities they present. Have any questions about the 2024 conforming loan limit or any other mortgage-related concerns? Don't hesitate to reach out to us here . We're here to assist you every step of the way. And for first-time homebuyers check out our series " The Mortgage Process ".

The average U.S homeowner now has more then $274,000 in equity- up significantly from $182,000 before the pandemic, according to Corelogic Q1 2023 Homeowner Equity Insights report. Homeowners have more equity in their homes then ever before, and with the pandemic and this years financial struggles, now is the time that many want to use it and get cash in hand. There are two main ways of going about that between Home Equity Lines of Credit (HELOCs) and doing a conventional mortgage, more particularly a cash-out refinance (CORF). But how do you know which one is the best fit for your unique financial situation? In this article, we’ll dive into the benefits and downsides of both HELOCs and CORFs to help you make an informed decision. The Pros and Cons of Home Equity Lines of Credit (HELOCs) Benefits: Interest Only Payments: In the initial stages of the loan, many HELOCs allow you to make interest-only payments, providing flexibility in your monthly budget. There is a small downside of not building your credit, but this is generally a boon. Flexibility: Unlike a lump sum loan, a HELOC is a revolving line of credit. This means you can borrow, repay, and borrow again. So you can only take what you need or take more when needed. Lower Closing Costs: Generally a HELOC will be cheaper than a cash out refinance since you are getting a new loan with a CORF. Downsides: Variable Interest Rates: The same feature that can be a boon can also be a bane. Your interest rate on a HELOC can also go up, potentially increasing your payments. And since we have been in a rapidly rising interest rate environment, this means that your rate will likely get worse before they get better. Potential for Overborrowing: Since it's revocable, there's a temptation to borrow more than necessary, which can lead to increased debt. Potential for Lowering Your Credit Limit: Just like a credit card, if your financial situation changes, or your home's value worsens the lender could decide to lower your credit line or close it. Benefits and Downsides of Conventional Mortgages (Cash Out Refinances) Benefits: Higher Debt-to-Income (DTI) Guidelines: Unlike other loan types, CORFs often come with higher DTI requirements. CORF's can go up to 55% DTI ratio where HELOC's generally go up to 40% DTI. This can be beneficial for those who might have a higher debt load, making it easier for them to qualify. Easier Credit Score Requirements: CORF's have lower credit score requirements than HELOCs. They Because of the leniency in DTI and credit, many homeowners find that qualifying for a CORF is simpler than other financial products. Lower Rates: Generally, CORFs have lower interest rates averaging around the low 8% range where HELOC's are averaging in the low 9's (at the time of this post 9-26-23). This can result in significant savings over the lifespan of the loan. Downsides: Closing Costs: Since a CORF is refinancing your home, it comes with closing costs, which can be a significant amount. Longer Commitment: Typically, CORFs have longer repayment terms generally 30 years, meaning you might be paying off the loan for a more extended period than other options. Larger Monthly Payments: Given that you're taking a lump sum, monthly payments can be higher compared to a HELOC where you only pay interest initially. Your Equity, Your Decision: Let Chissell Mortgage Guide You Choosing between a Cash out Refinance and a Home Equity Line of Credit can be daunting, especially when determining which aligns best with your financial goals. At Chissell Mortgage, we're here to demystify the process and help you make an informed choice. With your equity and our expertise, the best decision is just a call away. Reach out to us at chissellmg.com or dial 727-376-6900. Together, let's pave your path to financial freedom.

Every day, many first-time homebuyers hold back their dreams of owning a home because of one myth: they believe they need to save up a whopping 20% of the home's price just for the down payment. While it's true that a larger down payment can offer certain benefits, it's crucial to understand that it isn't the only option. In reality, there are several financing solutions available that don't demand such a hefty upfront payment. Let's explore some of these options. The Realities of Down Payments: Not Always 20% Down VA and USDA Loans: 0% Down  For those who qualify, the VA (Veterans Affairs) and USDA (United States Department of Agriculture) loan programs offer mortgages without demanding any down payment. That's right—zero percent down. And unlike other loans, there is no mortgage insurance on VA or USDA loans. These loans are designed to assist specific groups of buyers, like veterans or those in rural areas, to make homeownership more accessible. Conventional Financing: Just 3% Down Gone are the days when conventional mortgages meant you needed a large down payment. Now, many lenders offer options where you can get into a home with as little as 3% down. While you might end up paying private mortgage insurance (PMI) with a lower down payment, this option has helped countless buyers step onto the property ladder sooner. FHA Loans: A Friendly 3.5% Down The Federal Housing Administration (FHA) has been a beacon for first-time homebuyers. With just a 3.5% down payment, many find this option attractive, especially when paired with its more lenient credit requirements. They also have higher debt-to-income ratios compared to conventional loans to help first-time home buyers afford their home. A FHA loan might be the perfect solution for those who don't have a sizeable chunk of cash saved up but are eager to purchase their first home. Ready to Make Your Move? Why wait years saving up for a 20% down payment when there are flexible financing options available today? If you're interested in learning how to secure a mortgage without putting any of your own money down, the team at Chissell Mortgage Group is here to guide you. Visit chissellmg.com or call us at 727-376-6900 . Your dream home might be closer than you think!

Buying your first home is thrilling, but it comes with its set of unfamiliar terms – one of them being "escrow". If you find yourself puzzled by this concept as a new homebuyer, you're not the only one. Let's dive in and simplify escrows for a smoother homebuying experience. How Escrowing Works and Its Impact on Your Monthly Payment Cracking the Escrow Code In its simplest form, an escrow is an account held by a third party on behalf of two primary transacting parties. In the realm of homebuying, this means that your lender might set up an escrow account to collect and pay certain property-related expenses, such as property taxes and homeowner's insurance. Every month, as part of your mortgage payment, you'll contribute a specified amount to this escrow account. Over time, this account will accumulate funds. When it's time to pay hefty bills like your property taxes or homeowner's insurance, the lender will pull from this account, ensuring that everything is paid on time. So, how does it affect your monthly payment? Simply put, your monthly mortgage payment comprises the principal, interest, and often an amount towards taxes and insurance. That portion for taxes and insurance goes into the escrow account. It's a way to budget these large, less frequent expenses into digestible monthly chunks. Opting Out: The Choice to Not Escrow Is Escrowing Right for Everyone? Choosing not to escrow is an option some lenders might offer to certain borrowers, especially if you've made a substantial down payment or if you have a proven track record of on-time tax and insurance payments. Some lenders do require the borrower to escrow or may have a fee for choosing not to escrow. When you decide not to escrow, the responsibility of paying property taxes and insurance falls squarely on your shoulders. This means you need to be diligent about saving and ensuring that these large bills get paid punctually. For some, this method offers more control over their finances, but it also requires discipline and organization. Most of the time, we do recommend to escrow as it is a much safer option. Adapting to Changes: Tax and Insurance Bill Increases What If My Bills Go Up? Let's face it; taxes rarely go down. Similarly, insurance premiums can increase over time. If you're escrowing, what happens then? Do they keep escrowing the same amount? Typically, lenders will review escrow accounts annually to ensure there's enough to cover expenses. If your tax or insurance bills have increased, your lender will likely adjust your monthly payment to reflect the difference. This ensures that there's enough in the account when those bills come due. If there's an overage in the account after bills are paid, you might receive a refund. Conversely, if there's a shortage, you might owe a lump sum or see a monthly increase. Take Control of Your Homebuying Journey with Chissell Mortgage Group Ready to venture into the realm of homeownership with confidence? Chissell Mortgage Group is here to guide you every step of the way, ensuring you understand every process, including the intricacies of escrows. Visit chissellmg.com or call 727-376-6900 to embark on your hassle-free homebuying journey today!

It's an exhilarating moment: you've finally decided to take the leap into homeownership. You're browsing listings, imagining your life in each beautiful home, and daydreaming about the color you'll paint the nursery. But before your dreams can become a reality, there's that all-important step: securing a mortgage pre-approval. One common stumbling block prospective homeowners face revolves around the documentation required. Do you need your tax returns for that all-important mortgage pre-approval? The answer depends on your employment type. Let’s dive into the specifics. W2-Wage Employees: Breathing Easy with No Tax Return Requirement For those employed in a traditional job, receiving a W2 form at the end of the year, there's good news: in most cases, you will not need to provide tax returns for your mortgage pre-approval. And if you are in a salaried position, we do not need to see your tax returns. Lenders primarily rely on your W2s, pay stubs, and often, a verification of employment to determine your income. This streamlines the process and allows for a more straightforward assessment of your eligibility. Simply put, your consistent paycheck and employer-verified income often eliminate the need for those dreaded tax return documents. The only time we may want to see tax returns is if you are an hourly employee and receive a majority of your income from bonuses and overtime income. Self-Employed Borrowers: The Importance of Personal and Business Tax Returns If you're among the growing number of self-employed individuals, your mortgage pre-approval process might require a few more documents. Why? Because lenders want to ensure a stable income, even if your monthly earnings fluctuate. For the self-employed, tax returns—both personal and business—are crucial in painting a comprehensive picture of financial health. Typically, lenders ask for the last two years of both personal and business tax returns. This not only showcases your earnings but also provides insights into deductions and expenses, ensuring a thorough understanding of your financial standing. Also if you earn income through real estate, we will want to see your tax returns as well. 1099 Compensation: Navigating the Middle Ground If you receive 1099 forms, indicating you've worked as a contractor or freelancer, you're in a unique position. While you aren't a traditional W2-wage employee, you're also not necessarily running a full-blown business. Lenders will treat you the same as self-employed borrowers. This means you will need to provide 2 years of personal and business tax returns to verify your income. The objective here is to prove a consistent income stream and show lenders that you're capable of managing mortgage payments despite potential income variations. Here is a Summary of what we have Covered in this Article: Salary Employee with no overtime or commission income = No Tax Returns Needed Hourly Employee with no overtime or commission income = No Tax Returns Needed Hourly or Salaried Employee with a large bonus or commission income = 2 Years Personal Tax Returns 1099 Contractor = 2 Years Personal and Business Tax Returns Self-Employed = 2 Years Personal and Business Tax Returns Ready to Dive into Homeownership? Contact Chissell Mortgage Today! No matter your employment status, the path to homeownership should be as smooth as possible. At Chissell Mortgage, we're committed to guiding you every step of the way. Whether you're armed with W2s, juggling 1099 forms, or have years of self-employed tax returns, our team is here to simplify the pre-approval process. Give us a call at 727.376.6900 to get pre-approved today or complete the application below: