mortgage | Trinity Oaks Mortgage https://www.trinityoaksmortgage.com/tag/mortgage/ Thu, 15 Jul 2021 19:55:12 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.2 https://www.trinityoaksmortgage.com/assets/uploads/2021/03/cropped-trinity-oaks-mortgage-favi_Trinity-Oaks-Mortgage-Logo_3-PMS-copy-32x32.png mortgage | Trinity Oaks Mortgage https://www.trinityoaksmortgage.com/tag/mortgage/ 32 32 Our Mortgage Process https://www.trinityoaksmortgage.com/our-mortgage-process/ Tue, 18 May 2021 17:37:10 +0000 https://www.trinityoaksmortgage.com/?p=3750 When dealing with your home financing, we are not only working with one of your largest personal financial investments; we also are handling one of your biggest dreams. Since we...

The post Our Mortgage Process appeared first on Trinity Oaks Mortgage.

The post Our Mortgage Process appeared first on Trinity Oaks Mortgage.

]]> When dealing with your home financing, we are not only working with one of your largest personal financial investments; we also are handling one of your biggest dreams. Since we work with matters so close to the heart, we serve you from ours. Our mortgage process outlined below may vary from loan to loan depending on various factors.

Speak With A Loan Advisor

This first touchpoint is critical and one that will establish our mortgage process going forward. You and your Trinity Oaks Loan Advisor will assess your credit, discuss expectations, and your best financing options.

Loan Application

You can submit an application so we can gather as much information upfront about your financial standing. This will give our loan advisors a good footing for knowing which loan financing option is best as well as get the process started.

Prequalification

With a prequalification, the lender performs a very basic review of your financial situation in order to tell you how much of a home loan you may be able to qualify for. Think of it as a free consultation between you and the loan officer.

A Pre-approval is a more in-depth process. Here, the lender verifies your income, debt level, credit score & other aspects of your financial situation to determine how much they are willing to give you a loan for.

Find A Home

Make a list of must-haves, deal-breakers, and wish-list to help target your home search.

Home Inspection

Perform general inspection. This is the time to reveal any issues or problems before you buy the property. Review the inspections, if there are any issues, this is the time to renegotiate with the seller or issue a request for repair.

Make An Offer/Offer Accepted

Work with your agent to put together the offer and if need be, negotiate. Your agent or transaction coordinator will open the escrow and order title. Get an initial deposit to them.

Submit Documents

You can submit an application so we can gather as much information upfront about your financial standing. This will give our loan advisors a good footing for knowing which loan financing option is best as well as get the process started.

Once we have received your signed loan package and the initial documents that we have requested, our team will review these documents to make sure all information is valid. Once all information has been validated as true and correct, your loan will be submitted for final credit approval.

Received Appraisal

We will order your appraisal from a licensed appraiser and it will be reviewed by underwriting once it is completed. To comply with the Equal Credit Opportunity Act (ECOA), Regulation B, you must certify in writing you have received the appraisal at least three days prior to closing. If you do not respond in writing three days prior to closing, you cannot legally close until 3 days have elapsed.

Please secure homeowners insurance immediately. Our closing team needs this information at least 7 days prior to closing. Feel free to call or email us if you have any questions along the way. Please remember that we are never too busy to help.

Underwriting

Underwriting validates that all information provided to our team meets Trinity Oaks Mortgage underwriting criteria. As our underwriter reviews the paperwork, please be aware that further clarification or documentation may be required.

During this stage of the loan process, your loan may be approved conditionally. If this is the case, our underwriting team will be in touch to discuss the next steps and may request additional information to explain certain conditions pertaining to your loan.

Loan Approval

Once your loan has been approved by our underwriting department, it is passed on to our closing department who will prepare your final loan documents for signing. A final breakdown of your cost to close will be sent to you prior to closing. This is called a closing disclosure. Please review the closing disclosure prior to closing day for accuracy.

CTC & Final Walk-Through

Remove contract contingencies. Make sure your loan is firm and make the final deposit. The loan advisor prepares and sends loan documents to escrow. Do the final home inspection and walk-through before closing.

Closing Day Is Here!

On your closing day, you will need to block out a comfortable amount of time. While a closing can be accomplished over your lunch break, you will want to make sure you have plenty of time in case one of the key players for the signing is running late, any documents are flawed and might need changing, or last-minute questions arise.

Setting aside half of your day for your closing ensures that you aren’t rushed and feel comfortable when leaving the closing table. Be sure to double-check your settlement statement for any errors prior to closing and check the numbers against your mortgage information.

 

 

Have more questions about our mortgage process? Trinity Oaks Mortgage proudly serves the entire DFW Metroplex. Our experienced loan officers can answer any mortgage-related questions you have and guide you through the process.

 

We look forward to hearing from you!

The post Our Mortgage Process appeared first on Trinity Oaks Mortgage.

The post Our Mortgage Process appeared first on Trinity Oaks Mortgage.

]]> 2020 94.9 FM Christmas Mortgage Miracle Winner https://www.trinityoaksmortgage.com/2020-94-9-fm-christmas-mortgage-miracle-winner/ Fri, 22 Jan 2021 22:34:22 +0000 https://www.trinityoaksmortgage.com/?p=2659 The post 2020 94.9 FM Christmas Mortgage Miracle Winner appeared first on Trinity Oaks Mortgage.

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Read more to find out the 2020 94.9 FM Christmas Mortgage Miracle Winner!

We were excited to be the title sponsor of the 2020 KLTY Christmas Mortgage Miracle Sweepstakes! Everyone could use a little extra cheer during Christmas, so we partnered with KLTY to bless a deserving family by paying their mortgage or rent for an entire year. Please see below to view a special message from our President, Michael Kuentz, on why this opportunity aligned perfectly with the mission of Trinity Oaks Mortgage.
Congrats to Roberta of Cresson, TX!!! With over a MILLION contest submissions, she’s the lucky winner of “The Christmas Mortgage Miracle” sponsored by Trinity Oaks Mortgage & J. Alexander Law & will have her mortgage payments taken care of in 2021!
We are happy to have sponsored The Christmas Mortgage Miracle and helped bless this local family in such a big way! Congratulations to the 2020 94.9 FM Christmas Mortgage Miracle Winner!

Here at Trinity Oaks Mortgage we love being your lender! When dealing with your home financing, we are not only working with one of your largest personal financial investments; we also are handling one of your biggest dreams. Since we work with matters so close to the heart, we serve you from ours.

Have mortgage questions? Trinity Oaks Mortgage proudly serves the entire DFW Metroplex. Our experienced loan officers can answer any mortgage-related questions you have and guide you through the process. We look forward to hearing from you!

Connect with us on Facebook, Twitter, Instagram or Youtube.

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The post 2020 94.9 FM Christmas Mortgage Miracle Winner appeared first on Trinity Oaks Mortgage.

]]> What Not To Do During The Mortgage Process – 5 Pitfalls https://www.trinityoaksmortgage.com/what-not-to-do-during-the-mortgage-process-5-pitfalls/ https://www.trinityoaksmortgage.com/what-not-to-do-during-the-mortgage-process-5-pitfalls/#respond Mon, 07 Dec 2020 12:00:00 +0000 https://www.trinityoaksmortgage.com/?p=2450 The post What Not To Do During The Mortgage Process – 5 Pitfalls appeared first on Trinity Oaks Mortgage.

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You’ve decided to buy your dream home. You have gotten pre-qualified and are eager to start house hunting – if you haven’t already started. As you begin, you need to be aware of what not to do during the mortgage process.

Below are five pitfalls that many new homebuyers aren’t aware of that can complicate the mortgage process. The good news is that they can be avoided.

Pitfall #1: You are house hunting without knowing what you can afford

Your Pinterest board may be alluring as you get more excited about finding your dream home, but house hunting without knowing what you can afford is the #1 pitfall during the loan process.

You might say, what’s the big deal? You are simply looking at your options, right? That’s true, but you could end up falling in love with and, in a worst case scenario, buying more house than you can afford. Once you are pre-approved you might find out that you can only afford a fraction of your Pinterest dream home.

On the other hand, a pre-approval will ensure that when you do find THE ONE, you can make a stronger, more competitive offer since your income and assets will have been verified by your lender.

Pitfall #2: You don’t respond to your mortgage advisors and their team

You might not think it’s a big deal to ignore that missed call, but if you want to close on your mortgage in a timely fashion, you need to respond promptly to the team that is working diligently to get you to the closing table.

Smart home buyers are available and willing to quickly provide answers and documentation to help the mortgage process move along smoothly and quickly. They keep their communication lines wide open. It’s your home so own the process.

When the mortgage team requests documents, send them quickly. Remember that the mortgage team is on your side and eager to create an efficient and speedy path to closing day. They strive to keep you up-to-date throughout the process, so closing your communication lines is what not to do during the mortgage process.

As an additional tip, it is a good idea to keep a record of documents you receive throughout the process as this will help you respond quickly without turning your home upside looking for important files when the call arrives.

Pitfall #3: You plan to quit or change your job

Exploring a new career path, getting a new job or quitting your current job is what not to do during your mortgage process.

Smart home buyers are masters of stability during their entire mortgage process. They do not make any sudden job changes. They know how to stay put and focus on what they’re gaining: a beautiful new home. Therefore, they will seek to keep their current employment and make sure that their income remains steady throughout.

You might wonder, why endure the frustration of remaining at a job that you may not be happy in? The reason is that changing your job can result in a denial or even raise red flags with your lender that will require them to get a new loan approval. Who would want to start the whole process from scratch again?

The only welcome change during the loan process is a promotion and pay raise.

Pitfall #4: You open and close lines of credit

During the mortgage process, you should avoid opening and closing credit lines, co-signing loans and making major purchases such as a car, another home, or large furniture. You may be eyeing that latest car model, but this is not the right time to purchase it.

Smart home buyers are aware that the most important thing in purchasing a new home is understanding their overall credit picture. If you don’t know what yours is, you can request a free credit report from one of the major credit reporting bureaus. Keeping an eye on your credit during the loan process gives you the power to enjoy the experience knowing you will get to the closing table on time.

Pitfall #5: You are not asking questions

Knowledge is power in the mortgage process. The more you understand, the less scary the process will be and the more confident you will become. Buying a home is a major investment but it doesn’t have to be daunting or discouraging. We encourage you to ask questions, and be involved in the process. Refraining from asking questions is what not to do during the mortgage process.

Smart home buyers ask as many questions as they need to understand the mortgage process. Remember that there is no such thing as a silly question when you are investing in a 10- to 30-year financial commitment.

When you understand the process and the importance of every stage, you will be better prepared to provide what is needed to achieve a smooth and quick mortgage process.

Conclusion

The journey to closing your mortgage doesn’t need to be intimidating, scary or frustrating.

As long as you avoid these pitfalls, the process will be smooth and seamless as you prepare to move into your new home.

If you have any questions, contact us. We’d love to hear from you.

Click Here to See Contact Info

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]]> https://www.trinityoaksmortgage.com/what-not-to-do-during-the-mortgage-process-5-pitfalls/feed/ 0 3 Eye-Opening Ways To Profit From Cash-out Refinancing Today – Even If You’re Not Money Savvy https://www.trinityoaksmortgage.com/3-eye-opening-ways-to-profit-from-cash-out-refinancing-today-even-if-youre-not-money-savvy/ https://www.trinityoaksmortgage.com/3-eye-opening-ways-to-profit-from-cash-out-refinancing-today-even-if-youre-not-money-savvy/#respond Tue, 17 Nov 2020 18:22:07 +0000 https://www.trinityoaksmortgage.com/?p=2361 The post 3 Eye-Opening Ways To Profit From Cash-out Refinancing Today – Even If You’re Not Money Savvy appeared first on Trinity Oaks Mortgage.

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If you aren’t sure what a mortgage cash-out refinance is or if it’s right for you, you’ve come to the right blog!

What’s a cash-out refinance?

A “cash-out refi” is when a current mortgage is replaced with a new mortgage of a higher value and the difference is given to you in cash. How much cash will you get? That depends on the amount of equity you have.

Equity is the difference between your home’s current market value and your mortgage balance. This value goes up as you pay off the principal you owe and/or when real estate economic factors improve to make your home’s value increase. More equity = more cash out.

Now that you know what a cash-out refinance is, let’s see if it applies to you!

Do I qualify for a Cash-out refinance?

First, ask yourself:

  • Have you built up some home equity?
  • Is your credit score above 620?
  • Are you currently employed?

If you answered yes to those simple questions, you very likely qualify. Let’s dig into what a cash-out refi is and how you can profit from it.

So how is cash-out refinancing profitable?

A cash-out refi is more profitable than a Home Equity Loan because…

  1. It carries a lower interest rate and
  2. You don’t take a second mortgage on top of your current mortgage. You replace your current mortgage with a new one, ideally with a lower interest rate than you currently are paying.

Current interest rates are at all time lows right now. Most people who bought a home a year or more ago will find that today’s rates would allow them to shorten their loan length and/or take cash out when they refinance. In many cases, the monthly payments are actually less that what they are paying now. Check out our handy Refinance Calculator!

3 Ways You Profit From the Cash You Take Out

You can do anything with the cash you get! However, here’s how you can profit in the long-term:

        1. The 2 Surprising Benefits of Home Renovations

To renovate your home is to invest in your home. A run-down home loses value. Renovations and major repairs increase your home’s market value thus increasing your equity.

You can benefit from a mortgage interest deduction when you use the money to substantially improve your home.

        2. College Funds and Retirement Savings

A dollar saved is a dollar earned. It’s even better if your money is bringing in more money. You can profit from the power of compound interest by investing in college funds or retirement savings plans.

        3. How You Can Reduce Credit Card Debt, Achieve Debt Consolidation and Enjoy Higher Credit Scores

A cash-out refi has a big advantage over credit card debt: a lower interest rate. Some credit cards charge as much as 22% interest, whereas mortgage rates are at all-time lows right now.

When faced with a situation where your credit card interest rate is high, you could save hundreds – if not thousands – of dollars by using the cash-out portion to pay off your balances and shift to mortgage debt. As an extra bonus, this consolidates your debt into a single monthly payment rather than paying several creditors.

Furthermore, paying off your credit debt improves your credit score by reducing your credit utilization ratio.

Conclusion

Educating yourself about your options, empowers you to make better decisions.  Cash-out refinancing can benefit many people today. To find out if it’s right for you, our friendly Loan Advisors are always available help. Just drop us a note below and tell us how you prefer to be contacted.

Want your friends and family to benefit from cash-out refinancing, spread the word on social media today.

Learn more about the mortgage process here.

** It’s always a good idea to consult a financial advisor before taking out a new loan. They can help you determine if the benefits outweigh the costs of cash-out refinancing in your particular situation.

For your FREE, no obligation refinance review, please provide the information below:

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