A mortgage statement, which may also be referred to as a billing statement, is a document that comes from your lender and includes information on the status of your loan. Many lenders issue mortgage statements once a month, but you can usually access them online at any time.
Some of the information you might see on your mortgage statement includes:
Your monthly payment summary
Loan information
Year-to-date-payments
Transaction activity
Client service information
What Are The Most Important Mortgage Documents To Keep?
Deed
Deed of Trust and Promissory Note
Purchase Contract and Seller Disclosures
Home Inspection Report
Home Warranty
How Long Should You Keep Your Mortgage Statements?
The amount of time that you want to retain your mortgage documents depends on the item.
You should keep monthly statements for the shortest amount of time. Because the information on these statements gets outdated quickly, you don’t need to keep them for long.
Most homeowners typically keep their statements for about 3 years. Even though your lender will have copies of your monthly billing statements, it’s a good idea to have the physical ones on hand. You may want to keep each one for a longer period of time if you notice a mistake on one of your statements.
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As you embark on the process of buying a house, there are many tasks you’ll need to complete before you can close and move into your new home. One of the most important things you’ll have to do is get a home loan. A key figure in this process is the mortgagee, but who is the mortgagee and what are their roles and responsibilities in the home buying process?
Let’s look at what the term “mortgagee” means.
Who Is The Mortgagee?
“Mortgagee” is a term you’ll likely see in your mortgage documentation. It refers to the lender, whether that’s a bank, credit union, other financial institution or specialized mortgage originator. Put simply, the mortgagee is the entity giving you the home loan.
Mortgagor Vs. Mortgagee
The term “mortgagor” refers to you, the borrower, and can be used to refer to all parties involved in taking out a mortgage loan. When thinking about the mortgagor/mortgagee relationship, remember that the mortgagee is the entity lending the money for the home, while the mortgagor is the person or persons borrowing the money to buy a home.
What Does A Mortgagee Do?
Set And Offer Mortgage Rates
Originate And Issue A Mortgage
Draft A Secured/Perfected Lien
Seize A Home
Sell Or Secure A Seized Home
Get Pre-Approved Now!
Get approved to see what you can afford. Message me or Schedule your call today by clicking the link below.
If you’re a teacher looking for affordable ways to purchase a new home in the state of Texas, there are several available programs, including Homes for Texas Heroes, Teacher Next Door, and Good Neighbor Next Door. These state-backed initiatives provide financial home buyer assistance for qualified professional educators in the state, so long as applicants meet certain eligibility criteria.
Have you been thinking about buying a new home? While it can feel daunting, there are many resources available to teachers and other educators that can make the process a little easier. Here are three programs that you might want to consider:
Homes for Texas Heroes program
The Homes for Texas Heroes program was created in 2003 as a loan program for firefighters and law enforcement members but was expanded to cover more categories of public servants in 2005. This program offers affordable mortgages and grant-funded financial assistance statewide on a first-come, first-serve basis. Unlike loans, these grants do not require repayment.
The purpose of the Homes for Texas Heroes program is to provide home loans for teachers and other public servants in Texas, especially those in need of financial assistance to purchase homes. This assistance can be used to cover upfront costs, down payments, closing costs, or prepaid fees necessary for homeownership. These fees and charges can be extremely expensive, preventing public servants from purchasing and maintaining residences.
Under the Homes for Texas Heroes program, full-time public K-12 teachers, teacher aides, school librarians, certified school counselors, and school nurses are eligible for the following types of loan assistance in the state of Texas:
A 30-year fixed interest rate conventional mortgage loan, with various rates and loan options
Assistance for down payments through grants or forgivable second lien loans, meaning recipients aren’t required to pay back funds
Down payment assistance for anywhere from 3%-5% of the total loan amount
No first-time homebuyer requirement for applicants
Available to certified teachers and other public educators through an expansive network of qualified lenders, so long as applicants are permanent residents in the state of Texas
Income limits to qualify for this program vary by county, expanded income and limits on the purchase price in certain areas
Must meet income limits that vary from one country to another
Must meet certain credit score requirements, depending on the lender, loan amount, loan length, loan terms, and total loan amount
Must show proof of identification and employment
Must prove that they are professional educators
When it comes to home loans for teachers in Texas, first-time home buyers and Texas Home Heroes loan recipients can also apply and qualify for a mortgage credit certificate, which is a type of interest tax credit that lowers the total amount of annual federal income taxes a homeowner must pay.
Good Neighbor Next Door program
Professional teachers (pre-K through 12th grade) looking for affordable ways to purchase homes also have access to the US Department of Housing and Urban Development’s (HUD’s) Good Neighbor Next Door program.
HUD provides a generous financial discount of 50% off the total list price of a particular dwelling, so long as the buyer promises to use it as their primary residence for at least 36 months.
Single-family homes that are eligible for this program are typically located in targeted revitalization neighborhoods and are listed for sale for one week. Properties available as part of the Good Neighbor Next Door program that are for sale in Texas can be found here. HUD asks applicants to agree to a second mortgage and note for the discounted financial amount.
Teacher Next Door program
Teachers in Texas are eligible for financial grants of up to $4,170 through the Teacher Next Door program, which is available to pre-K through 12 teachers, school administrators, and other educational staff members. Additionally, educators may qualify for up to $10,681 of down payment assistance. Qualified applicants can apply here.
Get started today!
The Homes for Texas Heroes program, Teacher Next Door program, and Good Neighbor Next Door program were designed to give teachers and other professional educators affordable ways to purchase homes in the state of Texas. If you’re a public educator, this type of loan assistance may be available to you. Learn how The Financial Suit Team can help you buy the home of your dreams.
Realtors, CPAs, Divorce Attorneys, Financial Advisors, Title Companies – THIS EVENT IS FOR YOU!! CLOSE MORE DEALS WITH LESS TIME & EFFORT!
As we approach the halfway point of 2022, it’s time to take scores, reflect, and game plan for the rest of the year.
The market is shifting. What will you be doing differently and what strategies do you have in place to adapt and grow?
This month, join us on June 15 with our special guest speaker, Shon Washington from #1 Wholesale Lender UWM, to explore another open topic on growing our business and closing more deals with less time and effort.
HUSTLE HARD, BUT, HUSTLE SMART!
Whether you are realtors, CPAs, Divorce Attorneys, Financial Advisors, or Title Companies, we are all connected! If you are in a business that relies on or can be benefited from referrals, there will be something to take away from this event.
**Bring your team, your colleagues, business partners, and your business cards to exchange knowledge and network over some afternoon snacks, drinks, AND fun raffle prizes, courtesy of Capital Title – Post Oak.
**Space is limited – register today to RSVP. See you there!!!
Pop quiz: What’s the average age when most people buy their first home? Thirty-four, according to the credit reporting company Experian. And if you’re near that age and thinking of buying a home, the decision to proceed probably has a lot to do with your life’s journey thus far.
“Homebuyers in their 30s tend to be more financially mature,” says Phong Truong, a Mortgage Advisor with The Financial Suit Team of NEXA Mortgage in Houston, Texas. “They usually have a larger amount of savings and a partner who’s involved with the purchase. Plus, they’ve had time to establish credit, which can qualify them for a better mortgage rate.”
If you’re in your 30s and thinking about buying your first home or upgrading to a larger house, here are crucial things to consider to make your homebuying dreams a reality.
Is it the right time for you to buy?
The best time to buy a home depends on two personal and crucial questions.
“First, can a buyer commit to being in one location, in one home, for the next five years or so?” asks Khai Tran, Team leader of CGP Realty Group, in Houston, Texas. Ask yourself what your near-future goals are, as well as where you want to be in the next five to 10 years.
“Secondly, can a buyer commit to the upkeep that’s required on a home?” adds Tran. “If the answer to these questions is yes, then it might make sense to buy.”
If you’re renting, crunch the numbers on buying a home or condo, says Hien Le, a Realtor with CGP Realty Group in Houston, Texas. In many areas of the country, it can be cheaper to buy than rent. (Check out FREE Home Pre-Qualifier to see How much you can afford for).
Do you already own a home?
Did you buy a starter home in your 20s? Phong suggests looking at your home’s value and your mortgage balance. Those figures will help you to decide if you have enough equity to sell your current home and buy another one.
“It can make financial sense to upgrade, considering that most of the time, real estate appreciates,” adds Phong.
What kind of home do you need?
Buying your first home? Khai Tran, team leader of CGP Realty, a Houston, TX-based real estate group, urges all 30-something homebuyers to drill down on whatever is likely to serve their future needs.
“I find that people in their 30s tend to be trying to create deep roots in a city or neighborhood,” says Tran. “And they tend to focus on trying to find long-term perfection in their home, more so than any other age group.”
So think about whether or not the home you have your eye on will still work if you change jobs. Is it located in a good school district? Does it offer enough space for a home office? Many homebuyers in their 30s also look for comfort and convenience, such as being close to a grocery store or restaurant.
You don’t necessarily need to be looking at a forever home, however. Your life will invariably be different in your 50s and 60s.
Consider going big
About 20% of millennial homebuyers are looking for a large home to accommodate family changes, such as marriage or children, says Tran.
“You’re in a growth stage in your 30s,” adds Hien Le. “In your 20s, you buy an affordable home just so you can get a stake on the market, keep control of your expenses, and build your savings. In your 30s, you need to buy what you need to raise a family.”
Homebuyers ages 31 and 40 had a median income of $105,600 in 2019, according to a National Association of Realtors report. Almost 70% of buyers in this age group are married couples, and 30% have children.
So if you can afford it, buying a larger home may be a good idea. But, if you can’t, take a step back.
“If you’re buying more than you need in proportion to your income, it’s stressful and a disadvantage, because you’re not saving money,” says Tran.
He recommends keeping your mortgage payment at a third or less of your income.
Financial considerations
Getting a mortgage pre-approval is an essential first step in your home buying process—especially if you’re purchasing a more expensive home.
“Many people have no idea how their credit looks, or why it can look different to a lender versus reviewing it on their own,” says Truong. “Having a mortgage advisor consultation can provide a clearer picture and allow a homebuyer to make a smarter financial decision.”
Also, make sure you can afford the down payment for a new home, while retaining an emergency fund to cover unexpected costs, such as repairs.
If buying a first home or upsizing is a possibility in your near future, congratulations!
“Getting your ducks in a row in your 30s will pay dividends in the coming decades of your life,” says Tran.
Ready to buy? Get started today by requesting a no-obligation consultation with one of our mortgage advisors at The Financial Suit Team!
