Checking Your Credit

This is the top priority before you get the ball rolling. Much of the mortgage process is dependent on your credit score, from how much you can borrow to what your interest rate will be. It’s what lenders will look at when determining how creditworthy you are. The higher your credit score is, the lower the interest rate you will typically receive.

The best thing to do is to get your credit report and go over it with a fine-tooth comb. If there is anything on it that doesn’t look correct, contact the credit bureau to have it corrected. Many homeowners think their credit is worse than it actually is, and correcting errors can bring your score up.

Go Over Your Finances

Before even looking at homes, you should figure out how much you can actually afford. There is nothing more disappointing than having a client fall in love with a home and then having to break the news that it is way out of their price range. So, to avoid those disappointments, know what you can comfortably afford so that you don’t waste time looking at homes you won’t be able to get approved for. There are a lot of sites that have free mortgage calculators that you can use, including our own, which you can access here.

Save for the Down Payment

If you want to get the best rates on a mortgage, you will need to make a down payment of at least 20% of the value of the home. The sooner you start saving for a down payment, the better off you will be when it comes time to buy a home. Of course, you can put down less than 20%, but doing this usually means receiving a higher interest rate.

Have Your Lender Pre-Approve You

Whether or not you have been in touch with a Murfreesboro mortgage lender, getting pre-approved for your mortgage can really help you with buying a home. It not only lets you know how much you can afford to buy, but it can also give you an advantage when putting in a bid on a home by proving to the sellers that you have the financing in place to make the purchase.

Don’t Make Major Changes or Purchases

When you are undergoing the mortgage approval process, the last thing you want to do is make any major purchases, such as a new car, furniture or applying for a new line of credit. It’s also best not to switch jobs during this time. Any of these actions will affect your credit and could end up costing you that home you wanted.

If you want more information on what to do before buying a home, give your local Murfreesboro mortgage lender a call today. We’ll get you on the right track!

The post First-Time Buyer Checklist appeared first on Accurate Mortgage Group.

As a Murfreesboro mortgage lender, it is part of our job here at Accurate Mortgage Group to educate people about their credit score and how this score can affect their ability to get a mortgage. Credit scores affect everything from the interest rate and the mortgage amount you qualify for, to how much of a down payment you’ll need to make and whether or not you will need to pay mortgage insurance. This doesn’t mean that you can’t get a mortgage if your credit score isn’t at its best. You may end up paying a bit more, though. This is why it’s important to understand what credit scores are and how they impact getting a loan.

What Is a Credit Score

Credit scores are what lenders use to judge how much of a financial risk you are. In the United States, credit bureaus use a FICO scoring system that ranges between 300 to 850. 700 is considered to be a good score and, of course, the higher the score the better when it comes to qualifying for a mortgage. Before you decide to apply for a mortgage, we strongly advise you to review your credit report to make sure there are no errors that are negatively impacting your score.

How Credit Scores Affect Mortgages

Risk-Based Pricing 

Lenders use risk-based pricing to determine how much they are willing to lend you. If you have a low credit score, it means you are a higher risk, which will make the cost of getting a mortgage higher. A difference of 75 points on your credit score can add .05% to the rate of your mortgage. Higher scores mean you will get a better interest rate. For example purposes only, let’s say one client has a score of 750 and another has a score of 625. Both are going for a mortgage loan for $200,000 for a 30-year term. The client with the 750 credit score gets an interest rate of 3.25% and pays just over $900 a month in repayments. However, the client with the 625 credit score gets an interest rate of 4.125% and ends up paying close to $970 per month. This client will end up paying $70 more a month and about $20,500 more over the loan’s term.

Loan-to-Value Ratio

The appraisal value amount that you will be allowed to borrow is determined by a loan-to-value ratio. A good credit score can qualify you for 95% financing of the home’s value, whereas a lower score may only get you 80%.

Underwriting Flexibility

When you have a good credit score and a strong credit history, lenders tend to be a bit more flexible if you are weaker in certain areas, such as with your cash reserves, income and your down payment amount. With a poor credit history and score, lenders tend to be stricter.

Private Mortgage Insurance

When you are making a down-payment of less than 20% of the home’s value, a lot of lenders will require you to pay PMI (private mortgage insurance) to protect themselves should you default on payments. The amount they will require is based on your credit score and credit history. Becoming more familiar with your credit score and history can make a world of difference when it comes time to apply for your mortgage. Whether you need some advice on your credit or want to see what mortgage options are available to you, give the Murfreesboro mortgage lender team at Accurate Mortgage Group a call today!

The post What Is a Credit Score and How/Why Does It Affect Mortgages? appeared first on Accurate Mortgage Group.

Refinancing Made Easier

Basically, a refinance will take your current mortgage and replace it with a new one. The new mortgage pays the balance of the old mortgage loan off. You still need to qualify for a refinance, just as you would for a mortgage. The application process is pretty much the same, too. What isn’t the same is the technology now available.

Refinance on the Go

If it’s been a while since you went through your mortgage process, you are probably inwardly groaning thinking about the hassle it seemed to be the last time you went through the process. Things have changed, however, and with today’s technology, it’s a lot faster going through this process than it was years ago. Now, you can even apply for a mortgage refinance from your computer or your smartphone. It’s much easier to share documents, appraisal images, and even to sign documents with e-signatures.

Apps and Digital Cameras

Many mortgage lenders have their own mobile apps that will help you manage and track the process, as well as connect all parties involved in the process for better, faster communication. This includes real estate agents, lenders, and borrowers. There’s no more confusion about where you are in the loan process and no waiting around to find out if documents have reached their intended parties. You can find the Accurate Mortgage Group mobile app where you download your apps or click the link on our homepage at accuratemtg.com.

Gone are the days of waiting for appraisers to take pictures and then have to wait to have those developed. They can now use their smartphones to snap pictures and email them from the property within minutes. So, the mortgage process itself is a lot quicker and more transparent.

Refinance Calculators

Another handy tool is the mortgage refinance calculator. You can find our mortgage calculators here. They can help you to crunch those number and get a better idea of what you have to work with. It also lets you shop around for the best refinance deals. Bear in mind, you won’t have access to some of the great deals that our Accurate Mortgage team has access to.

Some of the things you will need to know when using a refinance calculator tool is your new loan amount and new interest rate. Once you input that data, the calculator will show you your monthly savings, new monthly payment plan, and what you will save over the life of the mortgage. It also takes into account what your estimated refinance costs will be.

Going through the mortgage loan process to refinance is a lot easier than it used to be and gives you better access and control over the process too. If you are looking to refinance your mortgage, give our local Murfreesboro mortgage lender team a call today, and we’ll find the best refinance package to meet your needs!

The post How Refinancing Your Mortgage Has Been Made Easier appeared first on Accurate Mortgage Group.

Beginning your journey toward buying a home can be stressful, especially when it comes down to applying for a mortgage. Having been a Smyrna mortgage lender for several years, our team at Accurate Mortgage Group has worked with many applicants who have found themselves intimidated at the thought of preparing for their first meeting. After all, they needed to be prepared to share intimate financial details with us in order to be approved for their mortgage.

The great news is, this process doesn’t need to be worrisome. Coming prepared to your Smyrna mortgage lender will make the first meeting go a lot smoother.

Here’s a description of what you should expect, what you should bring with you and what questions you should ask.

What to Expect

During your first meeting with your Smyrna mortgage lender, you will go over all of your finances. It’s a bit like an interview with the aim of finding out what you can realistically afford. Sometimes, this is done in one session, or it can be done in a few sessions, especially if you don’t have all of the documentation needed. Sessions can be done over the phone or face to face and last anywhere between one to three hours. The whole point of this meeting is for your lender to get to know you in order to find the best mortgage option for your situation.

Bring the Right Documents

As a rule of thumb, we advise that you bring anything related to your finances. You may have more than you need but this is better than not having the documents needed, which will delay the mortgage process. Your lender will give you a good idea ahead of time as to which documents will be most important for your particular situation.

Almost everyone, however, will be ask to provide proof of your identity, proof of your income, assets, debts, taxes, property details of the home you are looking to buy, and any other financial obligations that you have. Usually, you will need at least two month’s worth of pay slips and bank statements.

In some instances, you will need some extra documentation. For example, if you own your own business or are self-employed, there are certain tax assessments forms that you will need to provide us with. If you aren’t sure what documentation you will need for special circumstances, it’s best to just give us a call ahead of time to ask, if this hasn’t already been explained prior to your meeting. We are always happy to answer any questions you may have!

Get Your Finances in Order

One of the best tips we can give as a Smyrna mortgage lender is for you to take the time to sit down and review your finances, budget and credit score prior to applying for a mortgage. Budgets are very important at this stage because they will show you how much money you will have after taking care of the necessities each month. The amount you will be repaying with a mortgage each month will depend on how much you borrow and for how long.

As for your credit score, review it and make sure there are no discrepancies that could impact the mortgage process negatively. If there are errors, have these fixed before applying for a mortgage. Lastly, don’t make any major financial changes or purchases during the loan process. This could be the difference between getting your loan or getting rejected.

Questions to Ask

No question is a stupid question! This is a big financial commitment and you want to make sure you clearly understand everything involved. If you aren’t sure about something, ask. Our Smyrna mortgage team is there to help you. Make sure you ask about any costs that will occur, such as appraisal fees, inspection reports and penalties for making a pre-payment. You might want to sit down beforehand and write down a list of questions that you want to ask so that you don’t forget during the first meeting.

Your first meeting with a Smyrna mortgage lender doesn’t have to be stressful. If you’re looking for a mortgage, give our team at Accurate Mortgage Group a call today!

The post Tips for Your First Meeting With a Mortgage Lender appeared first on Accurate Mortgage Group.

Mortgage and Real Estate Market Update on Nashville, TN Area

The Nashville real estate market has been booming for the last decade, making it one of the country’s most desirable markets!

What’s even better than moving to such a desirable market? Moving to a desirable market that has been swinging toward buyers!

Since 2018, the real estate market in Nashville has been slowly becoming a buyer’s market, with more homes becoming available on the market. The local market also saw a slowdown in property appreciation, another favorable aspect for buyers.

If you’re in the market for buying a new home, the highly qualified Nashville mortgage experts on our team here at Accurate Mortgage Group are always happy to help!

Forecast for 2019

According to local experts, for the first half of 2019, the real estate market displayed a temporary downward trend in the demand for homes. This market change helped to steadily bring home prices back down so, by March of 2019, Nashville’s home prices are now only about 6.6% higher than the national average.

Home appreciation prices in the Nashville area have slowly but steadily fallen, with October and November of 2018 falling to 8.9% of the national average, then to 8.5% in December, and 7.9% in January of 2019. This decline came after seeing home costs increase faster than average wages could support for several years.

The biggest drop in demand for homes, between March of last year and this March, were seen in the areas of downtown Nashville, Hillsboro Village, the south end of East Nashville, Sylvan Park, Music Row, Antioch, Spring Hill, Bellevue, Forest Hills, Nolensville and Hermitage.

With interest rates remaining low and a lot of homes remaining on the market so far this year, it’s likely the housing market in Nashville will continue to be a buyer’s market for the rest of 2019.

With the build-up of inventory being prolonged in the housing market, it is going to take a while for buyers to work their way through them. This has our Nashville mortgage pros expecting things to remain quite stable for the rest of 2019.

The Nashville real estate market is home to a population of about 650,000, with people in the 14-country metropolitan area of Nashville nearing two million. Although the number of people moving to the Nashville area has seen a slight decline in the past year or so, there are still a lo

The post Mortgage and Real Estate Market Update on Nashville, TN Area appeared first on Accurate Mortgage Group.

Secrets to Buying in a Seller’s Market

Trying to buy a home in a seller’s market can be difficult. When it’s a “seller’s market,” this means there are more people looking to buy homes than there are homes available for sale. This benefits the seller because they can set a higher-than-usual asking price when listing their property. Consequently, this situation also hurts the buyer in two ways. First, buyers know from the start that they’re going to be paying more for a home than they would if it were not a seller’s market. Second, buyers may end up paying even more than the already-inflated “seller’s market” price if they also have to outbid other buyers in order to have the seller accept their offer.

So, how can buyers get an edge in a seller’s market? Speaking to a Nashville mortgage lender before you even start house-hunting will help you get a good plan of action in place to raise your chances of being accepted. Here are some pointers that will help.

Prequalification and Pre-Approval

It’s old advice but it’s still relevant in today’s market. Before you do anything, get yourself pre-qualified. When you’re prequalified, it means you have had a general assessment regarding what you may be able to afford. This will keep you from falling in love with a home that you may not be able to afford. Once you find a home you like, you might then continue to the pre-approval process. In this stage, many documents will be requested from you in order for your Nashville mortgage lender to submit a complete loan application, where income, credit, and assets are verified, and where your loan package is then forwarded to an underwriter. After further review, the underwriter will let you know in writing that you have been approved for your mortgage.

Do Some Research

Once you find an area in which you’d like to live, check online real estate listing to see the prices being asked for the homes there. This will give you a realistic idea of the price range for buying in that area. If the homes in that area are selling for more than your prequalified amount, you will need to refocus your home search to an area that is more affordable. You can also ask your Nashville mortgage lender for a list of sales in your area of interest that have closed in the past 90 days.

Be Realistic

When it’s a seller’s market, if you have been prequalified to spend $400,000 for a home, there is no sense looking at one priced at $500,000. Additionally, if you find a home listed for $400,000, which also has multiple offers from other buyers, it would make no sense to offer $350,000 (or a lower-than-listing price) because you can assume that at least one of the other offers is already offering the sellers their asking price. More likely, those other offers are offering more than the asking price. If you were in a buyer’s market, however, the opposite of both scenarios may very well be appropriate.

Know When to Take Action

While house hunting in a seller’s market, if you should see a property early in your search that ticks all of the right boxes for you, don’t be afraid jump on it. The fear of potentially missing out on another “even better” house you may come across later in your search has caused many inexperienced house-hunters to lose a great house because they didn’t act quickly enough to make an offer.

There is also nothing wrong with helping your agent in the home search. Get out to open houses and search online. It will give you and your agent more options. Just make sure the agent you have isn’t afraid to do the work involved to get that home that you want. They should have their finger on the pulse of the market, as well as a solid network of agents and sellers to work with.

By following these tips, and contacting a Nashville mortgage lender like Accurate Mortgage Group at the beginning of your home search, you’ll be able to more easily navigate your way through buying a home in a seller’s market.

The post Secrets to Buying in a Seller’s Market appeared first on Accurate Mortgage Group.

It is also important to work with the right mortgage lender. The right mortgage professional can offer you great deals and help the process go by quicker. So, to help you get started, your local lender with Accurate Mortgage Group has listed some useful tips for choosing the right mortgage professional.

Tip #1: They Put You First

When you attend your first meeting with a mortgage lender, try to determine whether they have your best interest in mind. Are they willing to go above and beyond to ensure you get the right loan that is catered to your specific needs or are they just trying to make a sale? The right mortgage lender will put you first and do everything they can to get you the best deal out there.

Tip #2: Works Well With Others

Getting approved for a Smyrna home loan does not occur overnight. This means you will be in constant contact with your mortgage lender until your loan has been approved and signed for. Therefore, it is important that the lender you choose works well with others. If you do not get along with each other, that could make for a really long and uncomfortable application process.

Tip #3: Answers All Your Questions Honestly

There are some lenders out there who will be hesitant to tell you the truth. Do not work with those lenders. Instead, find someone who is upfront and honest about any additional fees they may require and be sure and choose someone who will answer any questions you may have.

Tip #4: Shop Around

You do not have to work with the first Smyrna mortgage lender that you speak to. Shop around and schedule multiple meetings with different lenders. Take the time and compare their different products and rate structures so you can confidently choose the best option for your goals as a homeowner.

Contact Us

If you would like to discuss these tips for choosing the right mortgage lender in more detail or if you are ready to begin your mortgage application, please contact Accurate Mortgage Group at 615-833-0456.

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Making the decision to become a homeowner is a major financial accomplishment. Being sure to have a good credit score and a stable income are just some of the things you should be mindful of when you begin your application for a Smyrna home loan. Knowing the right time to buy is another factor you should consider when beginning the home purchasing process. Knowing what the current residential market is doing is important so, to help you get started, your local Smyrna mortgage lenders with the Accurate Mortgage Group have listed the most recent market update for Smyrna and the surrounding areas.

Smyrna Market Update

Realtor.com is one of the top real estate websites. It shares the housing statistics for all property types during the past three years. In February 2016, the median listing price was $191,500 and one year later the price increased to $224,125. By February 2018, the median listing price jumped up to $269,999 but the current median listing price has since dropped to $249,000.

If you are looking for a home in Smyrna, Tennessee, and you need to apply for a home loan, now would be the best time to do so. Since rates are trending lower than they were about a year ago, you should take advantage of this opportunity and act now before they go back up.

Nashville Market Update

The residential market update for Nashville has followed similar trends to that of Smyrna. In February 2016, the median listing price was $309,000 and increased to $330,000 the following year. By February 2018, the median listing price rose to $350,000 and this price has slightly dropped to $349,000 at the beginning of 2019.

Murfreesboro Market Update

Murfreesboro has mirrored the same fluctuating trends as in Nashville and Smyrna. Three years ago, the median listing price was $214,900 and, by February 2017, the price increased to $239,999. One year later, the price had risen to $272,500 and the current median listing price for 2019 has slightly decreased to $264,900.

Contact Us

Wherever you are looking for your new home, our team at Accurate Mortgage Group can help. If you have any questions or are interested in beginning your application for a Smyrna home loan, please contact our team at (615) 833-0456.

The post Residential Market Update – Smyrna and Surrounding Areas appeared first on Accurate Mortgage Group.

To help convince you even more, your local lender with Accurate Mortgage Group has listed the top five reasons you should stop renting and purchase your own home.

Benefit #1: Tax Deductions

When you choose to rent a home, every time you make a payment, you never see that money again. But, if you were to be the sole proprietor on a home, you could benefit from major tax deductions. Homeowners are able to deduct up to $750,000 from their income taxes, on mortgage interest. This alone could save you thousands of dollars from renting.

Benefit #2: Long-Term Investment

Every time you make a payment toward your Smyrna home loan, you are increasing your equity (your home’s value). Your home equity acts as a long-term investment because you can access that amount of money, once you own at least 20% of the home, and use it however you want. You could tap into your equity to pay for additional real estate, make renovations on your current home, use the money to pay for higher education or even to go on a dream vacation.

Benefit #3: More Privacy

By owning your own home, you will have more privacy. You will not have to answer to anyone or have to get permission to make certain changes on your home. If you choose to rent, most landlords provide their tenants with a list of contractors they can call if there is ever a maintenance issue. However, if you own your home, you are able to work with any company of your choosing.

Benefit #4: Creative Freedom

Another benefit to homeownership is the creative freedom that comes with it. You have the right to decorate, fix or alter any part of the house as you’d like without having to pay a decoration fee. You can paint the interior walls whatever color you want or even tear down a wall to create a more open floorplan.

Benefit #5: Community Involvement

Studies show that those who are homeowners are more likely to get involved in the community than someone who rents. Community involvement is an excellent way to help improve the area surrounding your home. It’s also a great way to meet new people and learn new skills.

Contact Us

For more information on reasons to buy your own home or to get started on your application for a Smyrna home loan, please contact the Accurate Mor

The post Top 5 Reasons to Stop Renting and Become a Homeowner appeared first on Accurate Mortgage Group.

So, to help you get started in the home buying process, your local Smyrna mortgage lender with Accurate Mortgage Group has listed the most current market update for the Smyrna area.

Smyrna Residential Market Update

According to the market statistics available on realtor.com, the median listing price for all property types has been consistently getting more expensive since 2015. By December 2015, the median price listed was $199,900 and increased 12.6% to $225,000 by December 2016. One year later the median price of homes on the market was $256,000, which is approximately a 14% increase in price since the year prior. The current median listing price for December 2018 is $289,900, which is a 13% increase since 2017 and is about a 45% increase over the past three years.

Smyrna loan officers are expecting the listing prices of homes to continue getting more expensive in the near future. This means it will financially be in your best interest to lock in a rate now with your lender to avoid paying more down the road.

Get Started Today

The Smyrna region is an excellent place to settle down and purchase a home. If you would like to receive more information on the current market update or if you would like to begin your application to become a homeowner, please contact the Accurate Mortgage Group team at 615-833-0456.  

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