Saturday, 7 January 2017

Which Mortgage Loan Product is Right for Me?

Which Mortgage Loan Product is Right for Me? See more on:


Does this story resonate with you? You managed to save up enough money to cover your mortgage loan down payment and closing fees. You think your ready to buy a home so you decide to go to a few open houses and you see some really nice homes but many are out of reach for you so you start to lower your expectations. You then jump on the web and start looking at listings, mortgage calculators and now you think you have a better idea of what you can afford based on some affordability calculator and some great rates you saw online on a few banking sites. The reality is that until you take the time to figure out your debt to income ratio and your FICO credit score you really don’t know what loan you can qualify for.
Before you start house hunting get yourself pre-approved so that you know the price range that you can afford and payment you feel comfortable with. When you are getting prepared to apply for a mortgage loan you usually have two main trains of thought. What is my monthly payment going to be? How much money do I need to bring to closing? The problem is that we get caught up in rate shopping and we forget the fundamentals to qualifying for a loan in the first place.
Get yourself financially prepared for your loan application with these helpful tips
mortgage loan



Conventional Conforming (“Agency”) Loans



Moreira Team offers a variety of mortgage products and residential refinancing options. We believe you should be fully informed about the loan product options available to you. We encourage you to investigate your choices and to inquire about the loan program options that are most suitable for your specific needs. The following briefly showcases the programs we currently offer:

Conventional Loan Products

  • Both Fixed Rate and Adjustable Rate loans available
  • Mortgage Insurance may or may not be required

Helpful resources to get you started
This Freddie Mac site offers a step-by-step tutorial on the home buying decision process and the mortgage application process.
Home Buying Process guide on their website offers valuable information about buying a home. This website also provides important information for home owners.

Government Backed Loans


FHA loans



FHA Mortgage Loans offer borrowers the ability to either make a home purchase with as little as 3.5% down payment or refinance with fast processing and flexible terms backed by the Federal Housing Administration.

FHA Loan Products


FHA Streamline

FHA streamline refinance program allows you to refinance without an appraisal using the automated valuation model.When time is of the essence this method could be one of the fastest ways to get the loan you need.

  • 600 FICO
  • Debt ratios accepted up to 55%
  • No appraisal required
  • No income check required


ARMs - Adjustable Rate Mortgages

Our aggressive adjustable rate mortgages can provide a lower payment for certain loan applicants
Helpful resources to get you started
Here is a series of ebooks covering FHA loans and many other loan programs
Federal Reserve Board Consumer Information
This link covers topics such as finding the best mortgage and understanding ARMs.

USDA loans


The US department of Agriculture has developed several rural development home loan programs geared towards low income earners who want to make a home purchase in rural areas that are approved by the USDA. For those who qualify financing up to 100% is available.

United States Department of Agriculture “USDA” Loan Products

  • 30-year fixed rate
  • No down payment required
  • No cash reserves needed
  • Closing costs may be financed on some transactions
  • Competitive low rates

Helpful resources to get you started

  • Determine your eligibility for a USDA loan at the USDA Rural Development Eligibility Site
  • Find available USDA Properties for sale

USDA Rural Development Program

Veterans Administration “VA” loans


VA loans over a special opportunity for active duty service personnel and veterans to become home owners or refinance an existing VA guaranteed loan. If you have a certificate of eligibility and qualify for this program the benefits of this loan are very competitive rates compared with conventional loan programs.

VA Loan Products

  • Financing with no down payment requirement is available for qualified veterans
  • Available to qualified active and retired military personnel
  • 600 FICO
  • Single family primary residence
  • Fixed term mortgages


Leverage your VA benefits to take advantage by streamlining your current VA loan into a lower interest rate

  • No appraisal required
  • No income check required
  • Maximum loan amount is based on county limits
  • Skip up to (2) mortgage payments and get an escrow refund

Helpful resources to get you started
Here is an ebook on VA loans that takes a deeper dive into what you need to get mortgage ready.
Here is a link to the official VA site

Jumbo loans


Jumbo loans are designed for people who are looking for a luxury home or wanting to refinance an existing large mortgage. They have stricter guidelines than conventional loans and you can qualify with strong financials, credit score and as little as 10% down payment.

Jumbo Loan Products

Jumbo and super jumbo loans offer borrowers the opportunity to make home purchases on larger properties that would not be covered by conventional loan limits.From primary homes to vacation properties, Moreira Team provides jumbo loans up to 90% LTV with no PMI, with clear, hassle-free guidelines.

  • Eligible for primary and secondary properties
  • FICOs as low as 660
  • Up to 90% Loan to value (LTV) with no Private Mortgage Insurance required
  • Loan amounts greater than $417,000 up to $3,000,000
  • Fixed rate and ARM loans available
  • Cash-out loans available
  • County designated loan limits may apply
  • Debt-to-Income ratio limitations
  • Reserve requirements

Helpful resources to get you started
Here you find an guidebook and in-depth article on jumbo loans and what you need to know in order to qualify for a jumbo loan

What makes a good mortgage loan product?

Each borrower has unique financial circumstances that will lead them towards a specific group of loan products and depending on your financial situation and FICO score you will narrow your choices to a few loan products. This is the point where you should consider the rates that best fit your situation and loan type. The mistake is to believe that the rates being advertised will be guaranteed to you. That is possible but its based on fitting into a specific criteria to qualify.

Why you need the right mortgage loan product?

The main advantage that a mortgage broker has over some of the big banks is access to a variety of lenders that can craft and tailor a loan that fits your specific needs without bias. The goal for the mortgage advisor is to insure you have the right mortgage payment amount and affordable closing fees.

When do you use a mortgage loan product?

It really important to consider hiring a mortgage broker versus a big bank to help you find a mortgage loan that is in your best interests. Big banks have quotas to meet and can push you into a loan that isn't right for your situation. Mortgage brokers do get paid from the financial institutions to generate loans but there is no direct cost to you so you will have piece of mind knowing that they will negotiate on your behalf for the best mortgage payment plan.

Next Step

When your ready to talk Call (404) 238-7888 at Moreira Team here in Atlanta.
NOTE: Not all applicants will qualify. Program availability and terms are subject to change without notification. Neither Moreira Team- TJC Mortgage nor the above noted agencies warrant that you will qualify for any of the aforementioned loan products. This product listing is not a contract, nor exhaustive program description, and does not constitute loan qualification or approval.

Monday, 29 August 2016

Buying A Home: The Final Walk-Through?

Buying A Home: The Final Walk-Through? was originally published on

Well, as this buying a home story shows, this will likely be the first opportunity to examine the house without furniture giving you a clear view of everything.

Check the walls and ceilings carefully as well as any work the seller agreed to do in response to the home inspection.

During this step of the home buying process, any problems discovered previously that you find uncorrected should be brought up prior to closing. It is the seller's responsibility to fix them.


Sunday, 28 August 2016

What Makes Up Closing Costs?

What Makes Up Closing Costs? was originally seen on Moreira Team Mortgages

What you’ll see in this mortgage video is, there may be closing costs customary or unique to a certain locality but closing costs are usually made up of the following:

  • Real Estate Attorney's or escrow fees (Yours and those of your mortgage lender if applicable)
  • Property taxes (to cover tax period to date)
  • Interest (paid from date of closing to 30 days before first monthly payment)
  • Loan Origination fee (covers lenders administrative cost)
  • Recording fees, Survey fee, first premium of Mortgage Insurance (if applicable)
  • Title Insurance (yours and lender's)
  • Mortgage Loan discount points
  • First payment to escrow account for future real estate taxes and insurance
  • Paid receipt for homeowner's insurance policy (and fire and flood insurance if applicable)

And any home mortgage documentation preparation fees.


Saturday, 27 August 2016

What Can I Expect To Happen On Closing Day?

The following blog post What Can I Expect To Happen On Closing Day? was first published on Moreira Team Mortgages Georgia

While this video simplifies closing day tips to help you remember: you'll present your paid homeowner's insurance policy or a binder and receipt showing that the premium has been paid. The closing agent will then list the money you owe the seller remainder of down payment, prepaid taxes, and so on. and then the money the seller owes you unpaid taxes and prepaid rent, if applicable.

The seller will provide proofs of any home inspection, warranties, and so on. Once you're sure you understand all the documentation you'll sign the mortgage loan, agreeing that if you don't make payments the mortgage lender is entitled to sell your property and apply the sale price against the amount you owe plus expenses.

You'll also sign a home mortgage note, promising to repay the home loan. The seller will give you the title to the house in the form of a signed deed. You'll pay the home lender's agent all closing costs and, in turn, he or she will provide you with a settlement statement of all the items for which you have paid.

The deed and mortgage will then be recorded in the state Registry of Deeds and you will be a homeowner.


Friday, 26 August 2016

What Is HUD?

What Is HUD? Find more on: Moreira Team Mortgage Georgia

The U.S. Department of Housing and Urban Development - also known as HUD - was established in 1965 to develop national policies and programs to address housing needs in the U.S.

As you’ll see in the video, one of HUD's primary missions is to create a suitable living environment for all Americans by developing and improving the country's communities and enforcing fair housing laws. HUD is working to strengthen the housing market to bolster the economy, protect consumers, and meet the need for quality affordable rental homes; utilize housing as a platform for improving quality of life; and build inclusive and sustainable communities free from discrimination.


Thursday, 25 August 2016

Credit History And Home Loan Qualification?

The following post Credit History And Home Loan Qualification? is courtesy of Moreira Team Mortgages

The FHA is generally more flexible than conventional loan lenders when considering credit history in its home loan qualification guidelines. As we show you in this video, the FHA allows you to re-establish credit if:

  • two years have passed since a bankruptcy has been discharged
  • all judgments have been paid
  • any outstanding tax liens have been satisfied or appropriate arrangements have been made to establish a repayment plan with the IRS or state Department of Revenue
  • three years have passed since a foreclosure or a deed-in-lieu has been resolved

If you prefer to pay debts in cash or are too young to have established credit, there are other ways to prove your eligibility for a home mortgage loan. Talk to your mortgage lender for details.


Wednesday, 24 August 2016

What Should I Do If I Fall Behind On A Conventional Loan?

What Should I Do If I Fall Behind On A Conventional Loan? was first published to

The video puts falling behind on a conventional loan in more visual terms, but most importantly, talk to your mortgage lender about specific loss mitigation options. Work directly with him or her to request a "workout packet."

A secondary home loan lender, like Fannie Mae or Freddie Mac, may have purchased your mortgage loan. Your home lender can follow the appropriate guidelines set by Fannie or Freddie to determine the best option for your situation.

Fannie Mae does not deal directly with the borrower. They work with the mortgage loan lender to determine the loss mitigation program that best fits your needs.

Freddie Mac, like Fannie Mae, will usually only work with the conventional loan servicer. However, if you encounter problems with your mortgage lender during the loss mitigation process you can call customer service for help.

In any loss mitigation situation, it is important to remember a few helpful hints: Explore every reasonable alternative to avoid losing your home, but beware of scams.

For example, watch out for:

  • Equity skimming: a buyer offers to repay the mortgage or sell the property if you sign over the deed and move out.
  • Phony counseling agencies: offer counseling for a fee when it is often given at no charge.

Remember - don't sign anything you don't understand.