Home Mortgage Blog
We are excited to announce that our South Dakota base has continued to expand with the addition of another key loan officer.
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. ”
One of South Dakota’s top loan producer officers is bringing his team, talent, and coveted brand to Marketplace Home Mortgage.
Josh Osborne will be leading our new brick-and-mortar location in Sioux Falls, where families are flocking to buy homes as the market booms. Accompanying Osborne are members of his team who helped close more than $76 million in home loans last year.
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.”
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 pre-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.
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.
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.
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.
Don’t Wait to Liquidate Funds From Stock or Retirement Accounts
If you need to sell investments, do it right away and document the transaction. Don’t take the risk that the market could move against you which could leave you short of funds to close.
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 loan pre-approval process, even long before you intend to buy.
For some buyers, an FHA home loan may work when others can’t.
The FHA home 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.
Not connected with a Loan Officer yet? Find one at a branch near you.
A USDA rural home loan is a type of loan backed through the Rural Housing Division of the U.S. Dept. of Agriculture. It is 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 a USDA rural home loan. 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.
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 a first-time homebuyer knows 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 as a first-time homebuyer. 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.
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 first-time homebuyer, our loan officers can help you get started.
Homeownership has many benefits, one of which is the valuable tax deductions that come each spring. Although tax benefits for homeowners may require a little extra work, claiming these deductions can create significant savings. So if you bought a home this year, or are considering becoming a homeowner in 2017, here are some deductions you should know about.
Loan limits 2017 update: For the first time in years, maximum conventional and FHA loan amounts have increased. Refer to the table below for the new conventional limits on loans closed in 2017 (even if originated prior to 1/1/2017). In addition to the changes in the table below, the high balance limits have also increased. READ MORE
We are excited to announce that Marketplace Home Mortgage, LLC is expanding into Michigan markets as MPH mortgage.
Novi, Mich. (Oct. 19, 2016) – The MPH Mortgage offices in Ann Arbor and Novi are open for business with a dedicated team of loan officers and support staff already assisting home buyers achieve their dreams. READ MORE