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Home Warranty – What’s covered

New homeowners usually get a home warranty. Often it’s purchased by the seller, their gift to you in case something breaks. If the seller wasn’t so generous, purchasing a home warranty can be a wise investment to insure against costly repairs. What a home warranty typically covers: Refrigerator HVAC System Washer Dryer Stove Hot Water […]

Do Not Call pre-screen opt out before pulling credit

The National Do Not Call (DNC) Registry gives you a choice about whether to receive telemarketing calls. When consumers shop for a home loan, one of the first steps in a pre-qualification or refinance involves pulling a credit report. To prepare, E5 Home Loans advises clients to add their numbers to the National Do Not Call […]

What is a non-QM Loan?

The “QM” in Non-QM Loan First, it helps to know what the “QM” stands for in “Non-QM Loan.” Let’s start with what is a Qualified Mortgage (QM) loan as defined by the Consumer Financial Protection Bureau (CFPB). The CFPB provides more protection to banks and mortgage companies for mortgage loans falling under the Ability-to-Repay/Qualified Mortgage […]

Minimum Down Payment for Buyers

When buying a home, the down payment is the initial cash contribution applied to the purchase price. This amount is typically reflected as a percentage of the purchase price. For example, $15,000 for a $300,000 purchase would be a down payment of 5%. The remaining $285,000 is typically the amount financed with a home mortgage […]

A Guide to Seller Concessions

Seller concessions are growing in popularity as we move to a balanced housing market. Sellers saw buyers paying $10,000 over list price a few months ago to seeing a median price reduction last week of $10,100. What might be more surprising is only 15.9% of active listings in Phoenix, AZ had price reductions. However, 44.5% […]

Important Things to Remember When Moving

If you found yourself reading this, you’re probably moving. Before you do, here are some important things to remember when moving. Changing your Address When you move, you are responsible for handling the change of your address on all of your accounts and documentation. The first thing to do is to let the U.S. Postal […]

Closing on your Loan

Your loan is approved, and it’s time for the closing. Here’s what to expect leading up to and during the stages of closing on your home loan. Be aware, this process differs from state to state. Depending on where you live, your closing agent may be an attorney or an escrow company. Your real estate […]

Making an Offer – Part 2 Contingencies

Conditional/Contingent Offers You’ve made an offer and negotiated a purchase price, so it’s time to learn about the contingencies that impact a home purchase contract. When you make an offer, you might make a conditional or contingent offer. This means that your offer is only valid if another condition is met. Common contingencies include passing […]

Making an Offer – Part 1 Homebuying Tips

Making an Offer You finally found the perfect home and it’s time to place an offer. Your real estate agent will guide you through this process, but as the buyer, you have the final say in the offer and negotiations. Initial Offer Your initial offer is often your first contact with the seller. This is […]

What is Mortgage Protection Insurance?

When you close a loan, don’t be surprised to see your mailbox explode with Mortgage Protection Insurance (MPI) offers. These offers follow closing on a new home purchase, a refinance, or even a Home Equity Line of Credit. So, what is Mortgage Protection Insurance, and why do homeowners get all these solicitations? Who is sending […]