Tips and To Dos When Moving Into Your New Home

New Home Buyers

 

 

You just closed on your new home. Congratulations! Now what?

 

After going through the long and often arduous process of  buying your new home you might want to unpack and unwind. We get it. The Orlicki Group helps hundreds of buyers finance homes every year. We understand what the mortgage process and home buying experience is like. Before you kick your feet up, give yourself the best opportunity to enjoy your home and knock a few things off your to do list right away. We’ve broken the list up into a few categories so you can tackle them in stages.

 

1. CLEANING

When our buyers move into a home most of the time the house has been prepped and staged for sale which is a great start. Some of the areas that really need to be cleaned may have been overlooked so now is a great time to get personal with your new house.

First thing to look at is all the filters that might have been ignored. Get to know what sizes you need for any water or air filtration systems and order some new ones and make a list of the types and where to buy so you don’t have to scramble down the road. To start clean all your water spouts and check all water system filters and aeration filters. Next take a look at the air filters, ducts and kitchen hood if you have one. Dig into the dryer vent and clear out all the lint you can.

After the minor details are completed and you’ve kicked up all that dust give the house a deep cleaning. Before you stack in all the furniture it’s much easier to clean, scrub and dust all the nooks and crannies. You never know what might have been missed or ignored when the home was being polished for sale.

 

2. SERVICES

Moving into a new area can be difficult. You’re starting a new life including replacing all those contractors and services you were utilizing in your old town. If you’re lucky enough to have moved in the same area you can skip this step or take a few minutes and double check you have the best options available. Your realtor, mortgage professional, and local insurance agent are great places to ask for referrals. If you’re moving into a condo make sure you get the information for any on-site maintenance personnel should you need them.

Make a list of a services or contractor for anything you might need in case of an emergency or a quick fix. Plumbers, electricians, landscapers, and other handymen are usually much easier to get a hold of and get to your home if you know them ahead of time.

Find out who the best local businesses are while you’re at it. Get suggestions for your gym, dry cleaner, tailor, grocery store and niche places. It’s great to browse around online but better to get the inside scoop from someone who’s been living there for a while.

 

3. SAFETY / SECURITY

Your new home might already be in great shape, safe and secure but best not to leave anything to chance. Change all exterior locks and check to make sure all windows are secure when closed and locked. Update any security system passwords and access codes.

Change any smoke detectors if they appear to be more than 10 years old. If they are newer replace all the batteries. Double check the date on the fire extinguisher and if needed purchase a new one. If you upsized into a larger home pick up a set to place in key areas of access.

 

4. MEET AND GREET

Now that you’re done getting your house clean, safe, secure and you know the best places to go now’s a great time to get settled in and meet your neighbors. Walk around your neighborhood in the evening and do some old fashioned door knocking. Even better, plan a party in your new house and have everyone come to you. Getting along with and knowing your neighbors is a key asset to enjoying your new home.

 

We’re always looking to help buyers who are looking for an easy, enjoyable and affordable mortgage experience. Our service doesn’t end when you close on your home though. The Orlicki Group prides itself in taking care of our clients. If you could benefit from an amazing mortgage experience contact us today to get started or fill out our quick quote form and we’ll get back to you right away.

August 24, 2017 by · Leave a Comment

Mortgage Pre-Approval 101 Infographic

The Mortgage pre-approval process can be lengthy and confusing. We break it down for you in a great infographic that shows what the pre-approval process contains. You can read more about pre-approvals here. Feel free to CONTACT US or give us a call at 813-302-1616.

Orlicki Group Mortgage Lender Pre-Approval

 

July 13, 2017 by · Leave a Comment

Student Loans & Loan Programs – What matters?

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Student loans can have a great effect on your home purchase and can impact your decisions and mortgage differently depending on what type of loan program you chose.

 

According to Goldman Sachs Group Inc. College graduates who carry over $25,000 in total student loan debt are less likely to own a home than their counterparts with less financial burden. If you have any student loan debt whatsoever that can affect your choice in loan programs. My team and I can guide you through the process with a personal touch. Get in touch with us now to take a look at your options and get the process started. CLICK HERE to contact us and take your first steps toward pre-qualification.

Below is a quick guidline for individual loan programs:

PROGRAM

GUIDELINE

FNMA

For all student loans, whether deferred, in forbearance, or in repayment (not deferred), the lender must use the greater of the following to determine the monthly payment to be used as the borrower’s recurring monthly debt obligation:

  • 1% of the outstanding balance; or
  • The actual documented payment (documented in the credit report, in documentation obtained from the student loan lender, or in documentation supplied by the borrower).

 

If the payment currently being made cannot be documented or verified, 1% of the outstanding balance must be used.

Exception: If the actual documented payment is less than 1% of the outstanding balance and it will fully amortize the loan with no payment adjustments, the lender may use the lower, fully-amortizing monthly payment to qualify the borrower.

FHLMC

Use the following:

  • The payment on the credit report
  • 1% of the outstanding balance or
  • The actual documented fully amortizing payment.

FHA

If the actual monthly payment is 0 or is not available use 2% of the outstanding balance to establish the monthly payment.

 

VA

May be excluded from the borrower’s total monthly obligations with evidence of a minimum of 12 months deferment from date of closing.

 

If there is no monthly payment reflected on the credit report, a copy of the borrower’s payment letter or promissory note should be used to determine what payment amount to use.

USDA

Fixed payment loans:  A fixed payment may be used in the debt ratio when the lender retains documentation to verify the payment is fixed, the interest rate is fixed, and the repayment term is fixed.  There must be no future adjustments to the terms of the student loan payments. 

 

Non-Fixed payment loans:  Payments for deferred loans, Income Based Repayment (IBR), Graduated, Adjustable, and other types of repayment agreements which are not fixed cannot be used in the total debt ratio calculation.  One percent of the loan balance reflected on the credit report must be used as the monthly payment.  No additional documentation is required.

 

April 4, 2016 by · Leave a Comment

Mortgage Rates Lowest Since April Ahead of Big Jobs Report

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Mortgage rates can seemingly do no wrong this week.  They fell again today–this time making it firmly into territory not seen since late April.  At current levels, many lenders have moved on to quoting conventional 30yr mortgage rates well below what I was able to give most of my past clients.

 

Today’s improvements, and indeed some of the improvements earlier this week have NOT been captured by Freddie Mac’s weekly Primary Mortgage Market Survey–the industry standard for mortgage rate tracking.  While the survey is highly accurate over the long haul, its methodology doesn’t allow it to capture all of the movement in any given week.  In fact, the only rate sheets that inform the survey response are those that come out on Friday afternoon through Wednesday morning.  Moreover, the survey responses tend to arrive more toward the beginning of the week.  That means if things are moving fairly quickly over the course of the week, Freddie’s survey will be a bit behind the curve.

 

 

There’s nothing good or bad about the lag in the Freddie Mac data.  It’s a valuable resource that just happens to be a bit too ‘wide-angle’ for the average borrower or originator seeking the most up-to-date information on rates.  I only bring it up because almost every major news outlet relies on the Freddie report for its official weekly article on mortgage rates.  Today, those articles will be saying there hasn’t been much of an improvement over last week, and it’s important you know that’s no longer the case.

 

This is a timely piece of information as well, because tomorrow brings the important Employment Situationreport (aka “jobs report, nonfarm payrolls, or NFP”).  This is the biggest piece of economic data that comes out each month and it has the greatest potential to cause movement in the bond markets that dictate mortgage rates.  With rates at 5-month lows and even a 50% risk of a big bounce higher, it’s even harder to make a caseagainst locking today.  Granted, risk-takers could be rewarded if the report is exceptionally weak, but even then, we have to consider that rates can sometimes bounce higher simply because they’ve gotten tired of moving consistently lower.  We’re not quite to the point where that’s an imminent risk regardless of the data, but certainly, an equivocal jobs report wouldn’t make any strong arguments for rates to continue lower.

October 2, 2015 by · Leave a Comment

Mortgage Rates on Year’s Longest Winning Streak

Mortgage rates moved moderately lower yet again.  This extends a winning streak that began on July 14th, making it the longest positive trend in 2015.  If this seems paradoxical in light of everything you may have heard about the Fed hiking rates this year, that’s normal.  Market participants and pundits have a long history of getting too attached to a certain idea only to be punished by markets for the imbalance.

 

CLICK HERE FOR THE REST OF MY REPORT!

August 24, 2015 by · Leave a Comment

Mortgage Rates Shoot Past Recent Lows; 3.5% Getting More Prevalent

Mortgage rates moved lower today at their fastest pace since January 14th.  Rates sheets moved well past recent lows and back to levels not seen since May 10th 2013.  That was the day that the Wall Street Journal’s Hilsenrath suggested the Fed was mapping an exit from stimulus, which sent markets into the tailspin that was effectively the prologue to the taper tantrum.  It’s amazing, or at least interesting to consider that asset purchases have now been fully phased and that a rate hike is a much more immediate threat, yet rates are back to where they were before markets really began adjusting for all that “stuff.”  That’s the power of global economic turmoil and a troubling lack of inflation for core economies.

The specific result today is the greatly-increased prevalence of 3.5% as a conforming 30yr fixed quote for top tier scenarios.  3.625% is ubiquitously available, but again, keep in mind that these rates refer to top tier scenarios with 25% equity or more, and high credit scores among other things.  The important part is the day-over-day change and the relationship to recent levels.  In other words, no matter what you were quoted in the past few weeks, if your scenario is the same, today’s rates are better.

To continue reading visit my Mortgage News Daily weekly newsletter – CLICK HERE

January 31, 2015 by · Leave a Comment

Mortgage Rates Back to ‘Golden-Era’ Levels

January 16, 2015

Mortgage rates continued moving aggressively lower this week, largely because broader bond markets moved even more aggressively lower.  In fact, in that sense, mortgages had a hard time keeping up, and that ultimately helped them hold their ground on Friday when broader markets finally underwent a correction.

 

Friday aside, the net effect is what’s important here.  Rates are back in the range that prevailed during the “golden era” from mid 2012 to mid 2013 when the most prevalently quoted conforming 30yr rates stayed between 3.125 and 3.625% for top-tier borrowers.

 

2015 continues to live up to its promise of volatility, and next week could be the wildest yet.  Unfortunately, volatility goes both ways.  The long term trend has certainly been positive for fans of low rates.  And while there’s no reason that can’t continue, there’s also never a guarantee.

 

You can read the rest of my weekly mortgage news update here – CLICK HERE FOR THE WEEKLY UPDATE 

January 17, 2015 by · Leave a Comment

Mortgage Rates Now Back to 20 Month Lows

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January 13, 2015

Mortgage rates fell only modestly today, but it was enough for the best rate sheets since mid-May 2013.  That’s a new 20 month low, on average.

Once again, there were no meaningful events on the economic calendar to motivate market movements.  Instead, the bond markets that dictate mortgage rates were simply along for the ride as other sectors underwent more volatility.  Like yesterday, this was most noticeable in equities markets (stocks).  While rates won’t always be falling when stocks are falling, the bigger the movement becomes in one, the more likely the other will be affected.  Today’s movement in stocks was big enough that bond markets couldn’t help but trade sympathetically.

 

Because of this, bond markets were near their best levels of the day in the afternoon when stocks hit their lows.  This resulted in widespread positive reprices from mortgage lenders.  As such, the average morning rate sheet wasn’t quite as strong as yesterday, but the average afternoon rate sheet is slightly stronger. CNBC has even caught on to the mortgage buzz. You can watch a great video report at their Debt site from Kellie Grant.

 

Rates have certainly been trending lower since the beginning of 2014.  That trend has much to do with Europe, and until the trend in European economic concerns reverses, the trend in rates is likely to continue.  The tricky part is that the reversal could begin at any time and we wouldn’t really be able to identify it without some hindsight.  Coming up in the middle of the night tonight, Europe will get an important piece of news in the form of a court ruling that will speak to the European Central Bank’s ability to stimulate the economy as it sees fit.  While it could just as easily result in very little drama, this is one of those periodic events that has the potential to cause current trends to accelerate or seemingly reverse course.  That makes floating more risky in the short term.

 

Reach out to me today for a free review of your current mortgage, a good faith estimate for your existing home purchase or to get more info on these great rates. – Oliver Orlicki

January 14, 2015 by · Leave a Comment

Mortgage Rates Begin 2015 at Long Term Lows

Mortgage rates bounced back after rising somewhat abruptly last week.  The bounce was already in progress as early as last Friday, but received further support on 3 out of this week’s 4 business days (markets were closed for New Years Day).  Friday was the biggest of those 3, leaving many lenders’ rate sheets in the best shape since May 2013.

The most prevalently quoted rates for top tier borrowers seeking conforming 30yr fixed loans (best-execution) fell from 3.875-4.0%down to 3.75-3.875%.

 

January 5, 2015 by · Leave a Comment

Mortgage Rates Level Off After Hitting Lows

Market Summary

Mortgage rates finally saw some balanced volatility this week.  Each of the past 2 weeks had either been decisively positive or negative.  This week ended up being both.

Things started strong with new 19-month lows on Monday and Tuesday.  The next 2 days brought a sharp turn in the other direction surrounding the FOMC Announcement.

The week in review is below. Make sure to check in next week for your weekly mortgage report.

December 19, 2014 by · Leave a Comment