Mortgage Basics

Getting a Mortgage

How Much Cash Do I Need To Buy My Home?

The current real estate market is dynamic and changing constantly, which means mortgage underwriting requirements can change just as quickly. Theresa insists on sharing the most up-to-the-minute information to assist you in making an educated decision about your financial well-being. Three main components determine the amount of money you’ll bring to “closing” when you buy a home:

Credit

Down Payment

This is typically a percentage of the purchase price. Down payments start at little or nothing and increase from there, depending on the loan program you choose. There are many options and loan programs and Theresa welcomes the opportunity to explain your choices as well as what you might expect for total costs. Buying a home is one of the most expensive purchases you’re likely to make in your lifetime, so this is the time for questions!

Remember: Other than VA and USDA loans, when your down payment is less than the traditional amount of the purchase price, mortgage insurance may be required. You might pay this monthly, included in your interest rate, in a lump sum at closing or split it both ways, depending on your specific loan requirements.

Closing Costs

Closing Costs are incurred when closing the purchase of the home. Depending on your loan choice, your Realtor can negotiate the closing costs, in full or in part, to be paid by the seller or they will be included as a part of the funds you will need to bring to closing. They normally contain some or all the following and outside the points and processing fees they are all third-party costs:

  • Points (discount, origination, broker fees, loan fees)
  • Appraisal fees (appraisal and management company fees and re-inspections)
  • Credit report fees, Flood determination (it is required that a third party verifies the home’s location in relation to FEMA flood zones)
  • Tax service fee (a third party that verifies annually that your property taxes are paid so they don’t become a lien against the property)
  • Processing, underwriting, wire transfer and escrow fees: closing (escrow) fee, courier, government charges and any remote closing fees
  • Title Insurance (ALTA Extended and Early Issue insurance policies)
  • Other fees associated with your specific loan program

Be sure to see Shopping for Your Home Loan: HUD’s Settlement Cost Booklet. This booklet covers this information, as well. Theresa also includes this with your loan application package.

Pre-Paids

Pre-Paid items, unlike closing costs, are not fees for services but costs associated with owning a home; a portion of which need to be paid when you close your purchase. They are usually comprised of the following items and will be included as a part of the funds you bring to closing:

  • Property taxes – for the portion of the property tax year you will own your new home
  • Homeowners insurance (hazard insurance) – a full year’s premium at closing plus several months’ premiums, depending on the month of your closing
  • Daily interest (per diem interest) on your new loan for that month. Generally, you then have a month after closing before your first loan payment is due
  • Impound accounts (aka Escrows or Reserves) for your property taxes and homeowner insurance (this amount is based on the total amounts due for the year and the number of months until they are due to be paid again.)

Keep in mind that your Realtor can help arrange for the seller to pay most, if not all, of these costs through your written offer. This should be carefully considered at the time of your negotiations as it can substantially lower the funds you might need to bring to closing.

Homebuyer Checklist

  • Keep all copies of your paystubs, bank statements, tax returns and W2s
  • Make all of your payments on-time
  • Maintain a stable employment status
  • Document your assets
  • Get pre-qualified so you know exactly how much home you can afford
  • Save money for your down-payment and closing costs
  • Track and be prepared to provide sources for all large deposits
  • Talk to your family members about gift funds, if needed
  • Make sure you’re working with a reputable industry professional you can trust!

Making a Difference.

Theresa guided us through the home loan process, and assisted us every step of the way. She is the ultimate professional with experience and a personable, caring attitude. Her knowledge and diligence made all the difference, and she kept us informed every step of the way! We felt very fortunate to have her expertise, and any home buyer would be lucky to have her on their team. Theresa went the extra mile to guide us through the requirements and options, and her whole team was very knowledgeable and responsive. Thanks for making this possible for us, we love our new home!

-- Ellen and Ross H.

I appreciated that you were always available to answer all my questions. Thank you for everything!

-- Cataline V.

Theresa's knowledge of residential lending is outstanding, especially as regards the remodeling and building industry. Couple that with her warm and endearing demeanor and you have a professional loan officer that serves your best interest in the most pleasant way possible. We regularly recommend her and will utilize her services the next time we need financing help.

-- Mitch and Arlene S., Stanley Home Renovation & Design, Inc.

It was not clear at the onset whether it would be financially possible for us purchase our home. However, with Theresa's creative and persistent approach, we were able to secure a loan and purchase our new house. Theresa and her staff were always cordial and seemed to share our enthusiasm about our new house, and were always available for questions and promptly returned our calls or emails (even on weekends). I highly recommend Theresa and Movement Mortgage for anyone looking for a home mortgage!

-- Mark L

Theresa and her team got it done when others couldn't!

-- Chandler W. & Teresa R.

We were first time home buyers with a small budget, a baby bouncing on our knee & not a lot in our savings. Theresa helped us get a bond through the state finance commission and an FHA Loan. We are now proud homeowners! We were treated so respectfully - she explained the escrow process and what all the numbers, laws and facts meant. Most of the documents could be signed electronically which is extremely convenient for busy working parents. We were well informed during each step of the process! My husband and I sing the praises of Theresa Springer and our real estate agent Michele Duckett!

-- Beth M.

I was beginning to lose hope on this loan project until Theresa became involved. More importantly, I knew my client was in good hands with her! Thank you Theresa!

-- Sherrie K., Attorney

Theresa is amazing! They say that knowledge is power... and she certainly has command of the knowledge required to excel at her business. What is truly impressive is her ability to put that knowledge to work for her clients and associates. Her style of communication is direct and easy to understand...which makes her easy to work with. Do yourself a favor and find a reason to work with Theresa... you will be better for it!

-- Mike F.

Theresa is my 'go-to' person when I have questions regarding anything that has to do with the economy... let alone the mortgage business. Her style of communication is direct and easy to understand... which makes her easy to work with. Do yourself a favor and find a reason to work with Theresa... you will be better for it!

-- Mike F., Marketing Director

We had gone through the mortgage process roughly a year and a half ago, but were unsatisfied with the service the USAA provided us. They threw an unexpected curveball at us very late in the process that had us giving them another $25,000 to close on our home. Due to falling interest rates, as well as a desire to get that cash out to do some home improvements, we were interested in refinancing our home. Theresa knew how to walk my wife and I through the process -- we were completely blown away by how professional and knowledgeable she was. I am referring as many people to Theresa in the course of my business as possible. You probably get these kinds of e-mails all the time, but I thought I would let you know of how satisfied my wife and I were with Theresa.

-- Mark L

Theresa Springer and Suzy Major were amazing to work with! Professional, friendly, patient - and amazingly fast. Thank you so much for helping with my 'unique' situation and closing so fast! Highly recommend!

-- Debra C.

For years, my husband and I debated whether we would remodel our home or move. Our desire was to remodel, but we just didn't know where to begin. One of the biggest deterrents was the financing. We had no idea how to finance such a large project and weren't educated on the options available to us. But when we found Theresa Springer, it was like finding the key to building our dream home. Theresa clearly explained all of our options and walked us through every step of the project. Even when we were well on our way, she was available for questions and checked-in on a regular basis to make sure everything was running smoothly. Theresa was genuinely interested in and dedicated to our project and took pride in following it through to the end. Without Theresa's guidance and commitment, we may have sold our house and missed out on the beautiful home it is today. Thanks a million Theresa!

-- Amy & Paul W.

Theresa sat down with us and helped us clean up our credit, showed us what we couldn't see, and over the course of a year we were able to purchase our first home. Not only was she helpful up front, but Theresa made the entire process painless. Her help and personal attention was priceless. Just recently, when rates were dropping Theresa contacted us and helped us through a refinance. Thanks for helping us with everything! Theresa will be hearing from us soon on our next home purchase!

-- Corey & Bob

We've worked with Theresa for years on a mortgage, re-fi and now an equity line of credit to cover some unexpected remodeling due to some water damage. As usual, she's super knowledgeable, easy to work with, very communicative and just gets things done - complete stress buster in terms of getting as loan. If you need a home loan of any type, Theresa's the ONLY call you should make and you're making a huge mistake if you don't! She rocks!

-- Drew & Linda Z.

Theresa was genuinely interested in and dedicated to our project and took pride in following it through to the end. Without Theresa's guidance and commitment, we may have sold our house and missed out on the beautiful home it is today. Thanks a million Theresa!

-- Amy & Paul W.

Theresa sat down with us and helped us clean up our credit, showed us what we couldn't see, and over the course of a year we were able to purchase our first home. Not only was she helpful up front, but Theresa made the entire process painless. Her help and personal attention was priceless. Just recently, when rates were dropping Theresa contacted us and helped us through a refinance. Thanks for helping us with everything! Theresa will be hearing from us soon on our next home purchase!

-- Cory & Bob

In working with Theresa, I've had the opportunity to interview several of her clients and see her work up close. Plain and simply, she's phenomenal at what she does. She has a real understanding of both construction and residential lending and goes way beyond what many financial institutions will do to help you secure not just a loan, but a loan package that you can live with and that fits your unique needs. I highly recommend giving Theresa a call if you're looking to build a property, or buy or refinance a home.

-- Drew Z., LeftBrainRightBrain Marketing

“We would like to attest to the professional services we received from Theresa Springer. She was able to obtain an home loan on our extremely complicated real estate transaction. Additionally, we were under a time constraint due to the numerous loan rules that challenge borrowers today. Theresa was able to work with us in a knowledgeable, efficient and detailed fashion. She was always responsive to our questions and needs, even after hours and on the weekends. We fully recommend Theresa to anyone seeking to obtain a mortgage.”

-- Ken and Kiri T.

We went through a very challenging purchase where, after accepting our offer, the seller couldn't produce clear title. Theresa's extraordinary knowledge was our greatest advocate - she'd even advised the title company as to what steps needed to be taken. In the end, we walked from that purchase, but Theresa stood by us through it until we eventually found the beautiful home we did ultimately purchase. She's an incredible professional and we can't recommend her strongly enough!

-- Drew & Linda Z.

We just can't say enough about Theresa's professionalism and perseverance. She has been a delight to work with from start to finish and we wholeheartedly recommend her!

-- Jim A., Arney Construction, Inc.

As first time buyers it was a very smooth experience. We were absolutely very satisfied!

-- Joshua & Leslie S.

Information provided is believed to be accurate as of the date posted, information is subject to change without notice.
Please consult your tax advisor regarding mortgage interest and/or mortgage insurance deductions. Models/Lifestyles shown do not reflect ethnic/racial preference.
CA-DOC283982, OR, WA MLO-283982 | Movement Mortgage, LLC supports Equal Housing Opportunity. NMLS ID# 39179 (www.nmlsconsumeraccess.org) | 877-314-1499. Movement Mortgage, LLC is licensed by10101708“CA Department of Business Oversight under the California Residential Mortgage Lending Act” # 4131054, OR # ML-5081, WA # CL-39179, Interest rates and products are subject to change without notice and may or may not be available at the time of loan commitment or lock-in. Borrowers must qualify at closing for all benefits. “Movement Mortgage” is a registered trademark of the Movement Mortgage, LLC, a Delaware limited liability company. 8024 Calvin Hall Rd, Indian Land, SC 29707.