Author: Hannah Connolly

3 Reasons to Love Our On-Time Closing Guarantee

As a mortgage company, we are committed to making sure our clients have the best home buying experience possible. We understand one thing that gives many homeowners headaches is worrying about their closing date being pushed back. There are a lot of logistics that go into a real estate closing. If you plan for a closing date and move out of one home before you can close on and move into the next, things can get complicated and expensive. That’s why we created the Marketplace Home Mortgage On-Time Closing Guarantee*.

Here are 3 Reasons Our Clients Love It:

1. Make A Stronger Offer
Closing on time is important to both the Buyer AND the Seller. In today’s competitive market, our On-Time Closing Guarantee* helps you stand out during multiple-offer scenarios. It lets the seller know they can count on Marketplace to keep the financing on track and helps give them peace of mind.

2. Worry Less 
With the added protection of our guarantee, you don’t need to worry as much about the possibility of unexpected costs due to a delay. If for some reason Marketplace Home Mortgage is unable to close your new home purchase on or before your scheduled closing date, we will pay your first mortgage payment up to $1,500 and the seller of the property will also be paid $5,000*.

3. Enjoy the Excitement
With the On-Time Closing Guarantee* in place, you are able to focus on the exciting parts of your home purchase, like the joy of preparing and planning for life in your new home.

To learn more about our On-Time Closing Guarantee* and what it can mean for you during your home buying process, reach out to a Marketplace Home Mortgage Loan Officer today.

 

*For details see our complete Terms & Conditions.

 

 

Tips for Buying A Vacation Home

Vacation homes can be a great way to invest in real estate. Whether it’s in the mountains, on a lake, or by the beach, a vacation home is a wonderful place where your friends and family can make memories for generations to come. With interest rates still historically low, now could be a great time to buy. If you are in the market for a place to call home, away from home, here are several things to consider as you start your search.

  1. Choose An Area You Love
    This may seem all too simple, but if you are looking to buy a vacation home, make sure you choose an area that you are certain you love spending time in.  In most cases, it is best to visit several times before you confirm it is a place you would like to invest. Consider factors like logistics and convenience, how easy or difficult is it to get to from your current home? Is it close to the places you like to spend time at when you are in the region?
  2. Estimate Maintenance and Carrying Costs
    Look into what you will be spending on property taxes, insurance, and any caretaking that you will need to have done while you are away. Factoring these costs into your budget will help you make a more informed decision when comparing properties.
  3. Talk to the Locals and Do Your Research
    The more you can learn about the area, the better. Of course, you will want to work with a trusted REALTOR® who knows the area, but talking to the locals is a great way to get a feel for the location as well.  Ask about what the region is like during the off-season. Learn more about the weather year round, local businesses, and if the area is growing. You might learn something that will help shape your purchase.
  4. Decide How You Will Use Your Vacation Home
    Decide in advance how you will be using your vacation home. Do you plan to live there seasonally or for weekend getaways? Do you intend to use the property to generate rental income or will it be primarily for family use?
    If you are financing the home, you could purchase it as either a second home or an investment property. The difference between the two is whether or not you are able to use the property to generate rental income. Each option has its own pro and cons.

    Are you ready to get started? To learn more, reach out to a Marketplace Home Mortgage Loan Officer. They can help you prepare for your purchase and determine the loan program that is best for you.

New Hires in Michigan and Florida

Al Duoba

We are pleased to welcome new team members to more branches across the US.

Al Duoba has joined MPH Mortgage in Novi, MI. With over 25 years of experience in the mortgage lending industry, Al has worked as a Loan Officer, Branch/Sales Manager, and Broker Owner.  When asked why he chose to work with MPH, Al says, “I saw Marketplace’s innovative approach of using Marketing Coordinators, a solid product line, and their On-Time Closing Guarantee as real differentiators in the marketplace.” He joins our Novi office as the Branch Manager where he will serve home buyers and help grow MPH’s presence in South Eastern Michigan.

Jeremiah Rogan

In Florida, we welcome two more new key hires. Jeremiah Rogan and Tina Lou Lang will be joining the Marketplace Home Mortgage team as members of our Wellington branch. Jeremiah will operate as the Branch Manager and Tina will be serving as a Senior Loan Officer. Together they will be using their years of experience, combined with Marketplace Home Mortgage’s tools, to provide homebuyers with a top tier mortgage experience.

Rogan writes, “I am very proud of the company I am part of because Marketplace Home Mortgage shares my intense desire to make a difference in each and every client we work with, the need to be the best by providing the best.”

Tina Lou Lang

Tina Lou Lang’s reputation for excellent customer service precedes her and aligns perfectly with Marketplace Home Mortgage’s commitment to client satisfaction.  Having built her business on a strong referral network we are pleased that she will be bringing her expertise to MHM.

 

 

 

Marketplace Home Mortgage Expands into Iowa

Sara Lindecker
Senior Mortgage Loan Officer, Sara Lindecker NMLS# 746725

We are excited to announce that Marketplace Home Mortgage will be adding an Iowa market to our growing list of service areas and locations.  As part of this expansion, we will be welcoming Senior Loan Officer, Sara Lindecker, a 15-year veteran of the Dubuque area market.

“Sara’s experience gives us an anchor in eastern Iowa as we expand across the state,” said Marketplace Business Development Manager Craig Nester. “She’s the perfect ambassador to show Iowans how Marketplace outperforms our competition.”

Lindecker grew up in the tri-state area and says Marketplace’s advanced technologies focused on home buyers and Realtors – like the mobile app which lets them check the status of their application and upload documents – present a new opportunity for her to provide exemplary service to her clients.

“Dubuque’s strong housing market means real estate agents and lenders will compete for the chance to serve home buyers,” Lindecker said. “I’m excited to work for a company that’s always thinking about how best to serve those customers.”

“Our unique approach to serving real estate partners and home buyers has made Marketplace a sought-after commodity,” says CEO Keith White. “Loan officers like Sara are phenomenal relationships builders in the markets they know best, and these are the people that will allow us to grow across the U.S.”

Marketplace Home Mortgage’s South Dakota Team Continues to Grow

We are excited to announce that our South Dakota base has continued to expand with the addition of another key loan officer.

Jen Albers

After nearly 15 years as a mortgage loan officer at a large bank, Jen Albers joins our growing team of home mortgage experts in Sioux Falls. She’ll work alongside Josh Osborne, another new major hire, as a key team member assisting the company’s goal of becoming the No. 1 mortgage lender in the city within a year.

“I’m thrilled to join Marketplace and help South Dakotans find their perfect home,” Albers said. “I am so excited to surround myself with the professionals at Marketplace and continue to learn what has made them so successful.  Through working with the best, I will be able to provide my clients and customers even better products and services.”

Albers said Marketplace’s deep catalog of loan programs and marketing tools convinced her to join the company. She’s also excited to use Marketplace’s industry-leading technology suite, which speeds up and simplifies the loan approval process for every party involved.

More and more loan officers with backgrounds at large banks are joining Marketplace for similar reasons, said Northwest Regional Manager John Showers.

“We’re big enough to offer our team the resources of a major financial institution, but nimble enough to stay on top of industry trends,” Showers said. “New hires see the value in our innovative approach to the mortgage business, such as the security that comes with our On-Time Closing Guarantee.”

Marketplace is continuing to expand our Sioux Falls presence as the area is experiencing major growth in industries like health care.

“We fought hard to bring Jen and Josh on board because they operate with the high level of excellence Marketplace is known for,” CEO Keith White said. “I have great confidence that our new team members in Sioux Falls will deliver the same extraordinary results and bring outstanding benefits to their clients that we are known for in every market we operate in around the country. ”

South Dakota’s Top Loan Producer Joins Marketplace Home Mortgage

Josh Osborne

In his seven years as a loan officer, Osborne has created a respected, experienced group of home mortgage professionals. Last year alone his team executed more than 400 closings. The Sioux Empire Housing Partnership named him 2016’s housing lender of the year. The state Housing Development Authority deemed him the “best of the best” at helping families use its first-time homebuyer program in the Sioux Falls region.

“Josh has built in less than a decade what many people take a lifetime to achieve,” said Marketplace Northwest Regional Manager John Showers. “He matches the Marketplace profile of friendly, expert service with no surprises along the way.”

“We love the people and economics of Sioux Falls. It is a key piece of our strategy in this region and we believe that our unique approach to reaching more consumers will help further enhance the home buying experience for the people of SD,” said CEO Keith White.  “We wanted the right person to expand and lead our South Dakota footprint, and there’s truly no better choice.”

Five Things to Avoid When Seeking A Loan Pre-Approval

When you are preparing to buy a house it’s important to make sure your finances are in order and well-documented.  There are a number of things you should avoid doing financially as you prepare to seek a loan approval, and some of them might surprise you.   Even after you have been pre-approved you should be cautious to make sure that nothing disrupts your final closing. Here are five things you should not do to ensure a smooth loan process.

  1. Don’t Apply For New Credit

    Changes in credit can cause delays, change the terms of your financing, or even prevent closing. If you must open a new account (or even borrow against retirement funds) consult your Loan Officer first.

  2. Don’t Change Jobs

    Probationary periods, career changes, or even status changes can be subject to very strict rules when it comes to mortgages. This includes changing from a salaried to a commissioned position, requesting a leave of absence, or accepting a new bonus structure. If you think a change in your job might affect your ability to secure financing speak with your Loan Officer.

  3. Don’t Make Undocumented Deposits

    Primarily large but sometimes even small deposits must be sourced unless they are identified. Make copies of checks and deposit slips. Keep your deposits separate and small. Avoid depositing cash.

  4. Don’t Wait to Liquidate Funds From Stock or Retirement Accounts

    If you need to sell investments, do it prior right way and document the transaction. Don’t take the risk that the market could move against you leaving you short of funds to close.

  5. Don’t Ever Be Afraid to Ask Questions

    If you’re uncertain about what you need or what you should do, your loan officer will be there to help you through the process, even long before you intend to buy.

The Benefits of an FHA Home Loan

For some buyers, an FHA loan may work when others can’t.

The FHA loan program is designed to help promote homeownership. Loans distributed through this program are insured by the Federal Housing Administration. For many buyers, FHA loans make it easier to qualify for a mortgage.

When it comes to FHA Loans, here are a few of the features that can be beneficial:

  • Low Down Payments – As little as 3.5% down will work in most instances, and 5% covers most others.
  • Higher Loan Amounts – In some areas, FHA maximums can exceed conventional loan limits.
  • Lower Total Cash to Close – Sellers can help pay closing costs, and borrowers can receive gift money toward their down payments.
  • Streamlined and Cash Out Refinancing – Subsequent refinancing can be far easier and more lenient than with conventional loans.
  • Purchase and Rehab Financing – The FHA 203k loan can be a great option for the purchase of homes in need of a quick spruce up or even major remodeling when you don’t have sufficient funds to do it on your own.
Program details sourced from Top of Mind Networks, LLC. All rights reserved.
Questions? Contact a Marketplace Home Mortgage Loan Officer today.
Not connected with a Loan Officer yet? Find one at a branch near you.

What is a USDA Rural Home Loan?

USDA loans are a type of loan backed through the Rural Housing Division of the U.S. Dept. of Agriculture. They are available to millions of eligible primary home buyers with low to moderate incomes or scarce funds for down payments.

Features, benefits and things you need to know:

Zero Down – No down payment is required for USDA loans. Thirty-year, fixed-rate loans with no pre-payment penalty are the norm. Rates are very competitive with conventional loans.

Eligible Property – These loans are limited to “rural” areas, though you might be surprised by some of the suburbs of major metropolitan areas that qualify as rural. Homes should be modest in size and cost and constructed per local codes and regulations.

Eligible Borrowers – Funds are available for qualified borrowers who earn up to 115% of the area median income. Even candidates who have had past credit issues with late pays, bankruptcies or foreclosure may be eligible. Borrower’s income must support the proposed payments and meet the program requirements for approval. Primary occupancy is required. This program is not for investment properties.

Benefits – Minimum cash is needed to close. The USDA Guarantee Fee and eligible closing costs may be financed. Gift money, grant money, and seller contributions are allowed.

Program details sourced from Top of Mind Networks, LLC. All rights reserved.

If you have questions or want to learn about areas that meet the rural designation criteria, please don’t hesitate to reach out. We’re happy to help.

Where Do I Begin? – Taking the First Steps Toward Home Ownership

They say that the first step is always the hardest, and that can definitely be true when it comes to buying your first home. Many people know that it makes more sense for them to buy than it does to rent but are not sure where to begin.

It is understandable that purchasing a home may seem daunting but you shouldn’t let intimidation get the best of you. You don’t need to know the finer details of the process to get started, and once you begin you will have experts to guide you. If you are considering becoming a homeowner, here are some simple first steps to get you on your way.

 

Step 1: Reach Out To A Loan Officer

Unless you are buying a home with cash, the first and most important step toward becoming a homeowner is to meet with a licensed mortgage Loan Officer. A Loan Officer will serve as your guide through the financial side of the home buying process. They will help you with everything from reviewing your credit and loan options, to securing pre-approval and financing.

If you don’t already have a Loan Officer in mind, and would like to work with Marketplace Home Mortgage, you can visit the “Find A Loan Officer” page on our website. Choose a branch near you, and then browse the websites of mortgage professionals who are available to help you at that location.

Once you have found a Loan Officer you would like to work with, call or email to set up an initial appointment. During this appointment, they will help you review your current financial standing by looking at things such as your credit score and income. They can help you determine if there are any credit issues you should work on before you start your house hunt.  If you are ready, your Loan Officer will work with you to determine what you can afford and help you get pre-approved.

 

Step 2: Select A Realtor®

Once you have found and met with a Loan Officer, the next step is to find a licensed REALTOR® that you trust. Your Loan Officer may be able to recommend an agent that their past clients have worked with, or you may have friends and family who have referrals from within their sphere. There is also an abundance of sites that can help you find an agent.

Just like with a Loan Officer you can browse their website, read reviews and meet with them to determine if they are someone you would like to work with.

 

Step 3: Find Your Dream Home

Once you have your home buying team in place you can start in on the adventure of choosing a home. Your Realtor® will help you find the perfect home and navigate the purchase process, while your Loan Officer helps with the remaining steps required to secure financing and make the purchase.

Although the home buying process may seem daunting, with the right team in place, you will have experienced professionals there to guide you through every step. The only one you have to take on your own is the first.

Give a Marketplace Home Mortgage Loan Officer a call and get started today.

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Lending services may be provided in certain states by Marketplace Home Mortgage, L.L.C. (NMLS#1082).  This is not an offer to lend or to extend credit, nor is this a guaranty of loan approval or commitment to lend.  The information here may not be up-to-date and may no longer be accurate.  Consumers must independently verify the accuracy and currency of available mortgage programs.  All loan approvals are subject to the borrower(s) satisfying all underwriting guidelines and loan approval conditions and providing an acceptable property, appraisal, and title report.

If you are interested in learning more about becoming a homeowner, our loan officers can help you get started.

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