Home Loans, Mortgages and Refinancing

Theresa will help you navigate your way to the best mortgage solution

Whether you’re a first time buyer, looking to scale-up or downsize, or looking for an income property, Theresa will help you find the best home loan product for your specific needs.

Explore some of the mortgage and loan products below to get a feel for what’s out there. When you’ve collected the information you’re looking for give Theresa a call or fill out her contact form and she’ll connect with you to get the ball rolling!

Theresa can help you with these types of loans and more…

New Home and Purchase Home Loans

How Much Cash Do I Need To Buy My Home?

When purchasing your home, Theresa Springer, Senior Loan Officer, will take the time to sit down with you to review the current home loan market situation. The home loan market is very dynamic and conditions are changing constantly, therefore effecting underwriting standards. Theresa will make sure that you are getting the most up-to-date information so you can make an informed decision regarding your financial well being.

There are three main components that will determine the amount of money needed for closing a purchase home loan. They are as follows:

• Down Payment

• Pre-Paids

• Closing Costs

Luxury Home Loans (Jumbo Loans)

Purchase that perfect home that just happens to come with a bigger price tag

A Jumbo mortgage, also known as a non-conforming loan, can help you purchase a home that is over $453,100 (or $679,650 in high-cost areas). And while some Jumbo loans can have stricter qualifying criteria when compared to a Conventional loan, Movement Mortgage has a wide variety of financing options and is committed to helping you find the one that best meets your specific needs.

Details & Benefits

• Loan amounts of $3M and higher are available, as well as other options

• No Mortgage Insurance required on certain loan options

• Allows you to purchase a home in a highly desirable real estate market

• Ability to choose between different term lengths and between Fixed-Rate or Adjustable Rate Mortgages (ARM)

• Finance the full amount needed for your home instead of breaking it into two separate loans

• Vacating current residence options are available

Ready to get started? Contact me today and learn how to get pre-qualified!

Finance your investment property with Movement Mortgage

If you’re looking to invest in real estate, now may be the time! Whether you are renovating, reselling or renting out, Movement Mortgage offers home loans for those looking to purchase investment properties with as little as 20% down.

Owning rental property can be very lucrative, with the potential to:

• Make steady residual income

• Offer tax benefits*

• Diversify your investments while increasing your real estate portfolio

*Not tax advice; homebuyers should consult with their tax advisor.

Contact me today to explore which Movement investment loan options are right for you!

Why have one dream home when you can have two?

If you have been considering the purchase of a second home, now may be the time! With home
values continuing to be on the rise, purchasing a vacation or second home may be a great way
to expand your real estate portfolio. Movement offers several mortgage options to help you buy and
finance a second home.

There are several benefits of owning a second home, such as:

• Earn additional income by renting the property

• Take advantage of possible tax benefits*

• Finally enjoy that vacation home you’ve always talked about after years of hard work

• Choose from a selection of second home loan options including Conventional, Jumbo and Jumbo VA/FHA

*Not tax advice; homebuyers should consult with their tax advisor

Ready to buy? Contact me today to discuss the best options for you!

FHA Loans

Less Down, More Options!

The FHA loan, though originally created for first-time homebuyers, is now open to a much wider audience. Because an FHA loan is insured by the Federal Housing Administration (FHA), it has less stringent qualifications and credit requirements compared to Conventional financing, providing an excellent alternative for many homebuyers or if you’re looking for a refinance on your home loan.

Benefits of an FHA Home Loan

• Down payment amount as low as 3.5% if purchasing with an FHA home loan

• Rate and term or cash out refinancing available

• The entire down payment can be paid with 100% gift funds

• Flexible qualifying criteria with lower credit score requirements

• Bankruptcy is allowed if discharged for a minimum of two years

• Ability to choose between a fixed rate or an adjustable rate mortgage

• Sellers may contribute up to 6% off the purchase price for closing and pre-paid costs

• Related non-occupant co-borrower allowed

Ready to take the next step towards homeownership? Call me today!

VA Loans

It’s time to take advantage of your well-deserved VA benefits

If you are a veteran, reservist, active-duty personnel or the surviving spouse of a veteran, you may be eligible for a no down payment* loan. Movement Mortgage is proud to be a qualified VA lender. You served our country, now let us serve you.

VA Loan Benefits

• No down payment*

• No cash reserves

• No application fees

• No monthly private mortgage insurance

• VA funding fee may be financed into the loan

• The VA allows sellers to assist with up to 4% of closing costs

• Flexible qualifying criteria with lower credit score requirements

• Use a VA mortgage even if you’ve used your benefits in the past

*Veteran applicants must have sufficient VA entitlement to qualify for the no down payment option. Gift funds or bond programs for closing cost assistance are allowed.

Ready to take the next step to homeownership? Call me today to get started!

USDA Home Loans

Financing for Rural America

USDA financing provides significant benefits to homebuyers in a wide variety of areas around the country. It offers qualifying borrowers an option that requires no down payment when they purchase a home in designated rural areas, and has less stringent qualifications and credit requirements compared to other mortgage options.

This may be the perfect option for you if you’re looking to leave the city behind!

USDA Home Loan Advantages

• 100% financing available for eligible applicants in designated rural areas

• Flexible qualifying criteria that allows low-to-moderate income borrowers qualify

• Allows flexible seller contributions for closing costs

• Allows the use of grant or gift funds for the down payment

• Eligibility is simply a matter of meeting the income and location requirements set by the USDA

• The USDA mortgage is not limited to first-time homebuyers

What is a Hobby Farm?

Simply put, a hobby farm is any small-scale farm operated mainly for pleasure rather than a principal venture. A hobby farm not only takes commitment, but land and capital. Fortunately, Movement Mortgage can help you get started.

Why choose this program?

Attain the home you’ve always wanted – whether that’s living on a horse ranch, vineyard, orchard, organic farm or simply a country home with acreage.

• Great for rural residents, hobby farmers, and full-time farmers

• Cash out refinancing

• 15 year and 30 year options

• Credit score of 680 or higher

• No set guidelines for assets and reserves

• Gifts of cash and gifts of equity allowed from family members

Contact me today to learn more about Movement’s wide array of mortgage options!

Cross Collateral Bridge Loans

Bridge the gap between selling your current home and purchasing your new one…

A cross collateral bridge loan is short term interim financing on a purchase money transaction. The bridge loan essentially “bridges the gap” between the time their old property is sold, and new property is purchased. When a seller won’t accept the buyer’s contingency, a bridge loan might be the next best way to finance the new home.

Cross collateral bridge loans are typically more expensive than conventional financing to compensate for the additional risk of the loan. Cross collateral bridge loans typically have a higher interest rate, points and other costs that are amortized over a shorter period, and various fees. The lender also may require cross-collateralization and a lower loan-to-value ratio.

Many purchase contracts have contingencies which allow the buyer to only agree to the terms if certain actions occur. For example, a buyer may not have to go through the purchase of the new home they are in contract for unless they sell their old home first. This gives the buyer protection in the case that no one buys their home, or if nobody is willing to buy the property at the terms they desire.

Cross-collateralization is a term used when the collateral for one loan is also used as collateral for another loan.

Mortgage Refinancing

It’s time to unlock the equity in your home

The equity you have accrued in your home could be of great value to you! With a cash-out refinance from Movement Mortgage, your home investment could help you finance just about anything!

What is a Cash-Out Refinance?

A cash-out refinance is when you refinance your current mortgage and take some of your hard earned
home equity out in cash to pay for a variety of different things.

What can I use the cash I take out for?

The most common use for a cash-out refinance is to pay for home improvements, but it can
be used for anything: that dream vacation you’ve always talked about, college tuition, medical
expenses, to pay off other debts and more!

Can I qualify for a Cash-Out Refinance?

Qualifying for a cash-out refinance will depend on your Loan-to-Value ratio (the amount you owe
divided by the appraised value of your home) and your credit score. Ask your loan officer if a cash-out
refinance is the best option for you!

Will my rate and terms change with a Cash-Out Refinance?

Yes, your new mortgage will have different terms. Depending on your original loan’s terms, you
might even be able to obtain a better rate and terms when you refinance.

Will I have to pay closing costs?

Yes, you’ll be responsible to pay closing costs for a cash-out refinance, just like you would with
any refinance. The average closing costs are typically 3% to 6% of the mortgage amount.

Contact me today to find out if a cash-out refinance is a great option for you!

Second Mortgage

Home Equity Loan

A home equity loan (sometimes abbreviated HEL) is similar to the HELOC but with one major difference – A HELOC is a line of revolving credit with an adjustable interest rate whereas a home equity loan is a onetime lump-sum loan, often with a fixed interest rate.

Home equity loans are most commonly second position liens (second trust deed), although they can be held in first position. Most home equity loans require good to excellent credit history, and reasonable loan-to-value and combined loan-to-value ratios.

Home equity loans are mortgage loans just like the HELOC and will be secured with a Deed of Trust. When considering these types of loans, you should sit down with a mortgage professional to make sure this is the right type of loan for you and your situation.

Reverse Mortgages

What is a reverse mortgage?
A reverse mortgage is a government backed home loan that allows a homeowner to access the existing equity in their home and convert it to cash. Many savvy homeowners across America have taken advantage of the significant benefits of a reverse mortgage. If you are 62 years or older, it may be a good option for you.

Can I qualify for a reverse mortgage?
Qualified applicants must be at least 62 years old and occupy the home as their primary residence. There are no employment or health requirements and you must meet financial eligibility criteria as established by the HUD.

A reverse mortgage does require someone with experience, patience and understanding to help you determine if your specific goals can be met through one, so contact your local loan officer today.

How much is the down payment for a reverse mortgage?
Reverse mortgages are a bit different than traditional mortgages and the amount of money that you would be required to put down varies depending on your situation.

You can pay for most of the costs of a HECM by financing them and having them paid from the proceeds of the loan. Financing the costs means that you do not have to pay for them out of your pocket. On the other hand, financing the costs reduces the net loan amount available to you.

Program Highlights

• Receive money in a lump sum, line of credit or a combination of both

• Stay in your home and retain the title

• Eliminate monthly mortgage payments (still responsible for property taxes, insurance)

• Maximize your Social Security benefits by extending retirement savings

• Preserve your hard-earned savings

• Create a “rainy day” fund

Benefits

• Eliminate monthly mortgage payments with a HECM for Purchase1

• Increase your purchase power

• Move closer to friends and family

• Lower your cost of living during retirement

• Move into a new, smaller home or into a senior housing community

• Protect your hard-earned savings

MYTH #1 – My children will become responsible for the repayment of my reverse mortgage.

Fact – Because reverse mortgage are considered “non-recourse loans”, the sale of the property is used to pay off the loan when the homeowner passes away or decides to sell the home. Therefore, there is no mortgage debt left for the heirs to pay off.

MYTH #2 – I have an existing mortgage, does this mean I am not eligible for a reverse mortgage?

Fact – If you have enough equity in your home currently, you may be able to pay off your existing mortgage with the funds from your reverse mortgage. In fact, paying off an existing mortgage tends to be the number one reason Seniors decide to take out a reverse mortgage!

MYTH #3 – I am on a limited fixed income, will this prevent me from obtaining a reverse mortgage?

Fact – Because a reverse mortgage pays you, as opposed to a forward mortgage where you have to make monthly payments, a fixed income does not disqualify you. Oftentimes, Seniors who may not qualify for traditional financing are able to qualify for a reverse mortgage.

MYTH #4 – Does a reverse mortgage mean that I no longer own my home?

Fact – You retain ownership of your home during the life of your reverse mortgage and can choose to sell the home at any time. As long as you continue to pay the property taxes, homeowner’s insurance and maintain the property as your primary residence, the loan will not be called due.

*Borrower is responsible for property taxes, homeowners insurance, and property maintenance. A HECM is a home-secured debt payable upon default or a maturity event. This material has not been reviewed,approved, or issued by HUD, FHA, or any government agency.

Contact me today to learn more about the potential benefits of reverse mortgages!