Mortgage Loans

Mortgage Loans

Cost of Waiting to Purchase a Home

John Thomas December 3, 2018 Tags:
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Cost of Waiting to Purchase a Home

If you are thinking of waiting to purchase a home, think again!  There is a definite cost of waiting to purchase a home.  Home ownership has significant financial benefits but there is still a significant number of renters and people living with family that are delaying investing in one of the biggest sources of long term wealth.  With mortgage interest rates and home prices expected to continue to increase, waiting to purchase a home is definitely going to cost more money and even more than most would think.  If you are interested in getting started right away on getting pre-approved for a mortgage, call us at 302-703-0727 or APPLY ONLINE Keep Reading...

Understanding Homeowners Insurance

John Thomas November 29, 2018 Tags:
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Understanding Homeowners Insurance

Your mortgage lender will require that you have Homeowners Insurance on the property that is effective the date of settlement.  The lender calls the insurance Hazard Insurance, but everybody else calls it homeowners insurance.  If you have questions about the correct insurance policy or need to get a recommendation to a great insurance agent please give us a call at 302-703-0727.  If you would like to get pre-approved for a mortgage APPLY ONLINE.

Homeowners insurance is designed to repair or replace your home in the event it is damaged or destroyed.  Homeowners insurance also protects the valuables within your home in the event they are stolen or destroyed; this is termed personal property coverage on the policy.  Your homeowners insurance policy also provides you with personal liability insurance.  This protects you in case you are named as a defendant in a civil lawsuit.  It will not cover the cost of a criminal trial or any penalty set forth in a criminal trial. Keep Reading...

Understanding Your Mortgage Payment

John Thomas November 22, 2018 Tags:
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Understanding Your Mortgage Payment

Your monthly Mortgage Payment consists of paying back the money you borrowed (principle balance) and the interest charged to borrower the money.  This is commonly called your Principle & Interest or P&I for short.  The actual payment is calculated based on how much you owe, the interest rate on your mortgage loan, and the term of the loan (amortization).  Below is an example:

Amount Owed (Principle Balance) – $200,000

Mortgage Interest Rate – 5.5%

Term (Amortization) – 30 Years

Monthly Mortgage Payment (P&I) – $1,135.58 Keep Reading...

Understanding the Home Appraisal

John Thomas November 21, 2018 Tags:
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Understanding the Home Appraisal

The Home Appraisal is required by your mortgage lender so that they can determine the value of your home compared to the sales price.  The home appraisal is ordered by the mortgage lender through a independent third party called an appraisal management company or AMC for short.  The AMC will assign a licensed appraiser to take the order.  The mortgage lender and the borrower are not allowed to know who the appraiser is prior to the inspection of the home and the completion of the appraisal report.  This rule is to ensure that the lender and the borrower do not try to influence the appraiser’s opinion of value.  The appraiser’s opinion of value on the home appraisal report is called the “fair market value” of the property.  If you would like to get started on a mortgage loan to purchase or refinance a home, give the John Thomas Team a call at 302-703-0727 or APPLY ONLINE Keep Reading...

Understanding the Delaware VA IRRRL Refinance Mortgage Loan

John Thomas September 17, 2018 Tags:
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Understanding the Delaware VA IRRRL Refinance Mortgage Loan

Delaware homeowners with existing VA mortgages have an option for refinancing called the Delaware VA IRRRL Refinance Mortgage Loan. Commonly known as the VA Streamline Refinance, the program simplifies home refinancing for Delaware Veterans by waiving documentation typically required by lenders, including income information, employment verification, bank account and credit score verification, and even an actual appraisal of the home.  Call the John Thomas Team at 302-703-0727 with questions or to get started with a VA Loan.  You can also APPLY ONLINE Keep Reading...

John Thomas Ranked #1 Delaware FHA Lender in 2018

John Thomas July 13, 2018 Tags: ,
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John Thomas has ranked #1 Delaware FHA Lender on Ask a Lender’s annual list

Ask a Lender put John Thomas at #1 Delaware FHA Lender and at #1 Newark, Delaware FHA Lender for 2018. Visit our Delaware FHA Loan page for more information on how we can get you into your dream home today or Call 302-703-0727 to get started today.  GET STARTED ONLINE.  Ask a Lender surveyed all of the Delaware Loan Officers that originated FHA loans through data provided to the Scotsman Guide and determined that John Thomas was the Number 1 Delaware FHA Loan originator because of his affordable FHA mortgage loans and award-winning client service. Keep Reading...

Middletown Delaware USDA Loans Update

John Thomas June 21, 2018 Tags:
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Middletown Delaware USDA Loans Update

Middletown Delaware USDA Loans Update – Effective June 4, 2018 Middletown Area in New Castle County Delaware is no longer eligible for USDA Financing. Rural Development bases the property eligibility for a USDA Loan on the population density in an area from the US Census data.  The area of Middletown, Delaware is over the population density limit and has been previously exempted to continue to allow Delaware USDA Rural Housing Loans to be used to purchase or refinance homes but as of June 4, 2018 that exemption is being removed.  If you would like more information or to get pre-approved for a USDA Mortgage Loan to purchase or refinance call us at 302-703-0727 or APPLY ONLINE
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John Thomas Ranked #1 Delaware VA Lender

John Thomas June 19, 2018 Tags:
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Ask a Lender Releases Rankings of The Top VA Mortgage Lenders by City and State

John Thomas has ranked #1 on Ask a Lender’s annual Best VA Lender list for #1 Delaware VA Lender and for #1 Newark, Delaware VA Lender for 2018. Visit our Delaware VA Loans page for more information on how we can get veterans into their dream homes or Call 302-703-0727 to get started today.

The John Thomas Team are Certified Military Lending Specialists and pride themselves on helping Veterans and their families with purchasing and refinancing their homes in Delaware, Maryland, Pennsylvania, New Jersey, and Virginia.  If you are a Delaware Veteran and looking for a local professional to help you understand the process and your VA benefits for a home loan, then give us a call and let us walk you through the process.  You can also APPLY ONLINE
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