Pittsburgh Mortgage and Real Estate Blog

Quote of the Day
“Vision is the art of seeing the invisible.” Jonathan Swift.

Product for the week
I wanted to remind you that Chase is an approved bank for the First Front Door Program. You may want to see if first time home-buyers making FHA offers with seller assist may instead qualify for this grant that is worth up to $5000. That is enough in some cases to cover closings costs and down payment with Chase Home Loans. Call me at 412.432.7941 for the program details.

Person to Know
Do you or someone you know need legal advice? (I feel like I am advertising for People’s Court). Really if you or one of your investors want to create an LLC or become incorporated call Jarrod Duffy with Thorp, Reed, & Armstrong. Jarrod can be reached at 412.394.2560. He has helped to create LLC for my real estate investor clients and they have all called to thank me for referring them to Jarrod.

Pittsburgh Fun Fact - Just in case you (yinz) were wondering! No one is really sure where Pittsburghese came from. Much of it is the ethnic mix of Pittsburgh, which is really a quintessential melting pot of the gateway to the west. We have Germans, Poles, Italians, Slovaks, and a dozen other nationalities that all settled where the three rivers come together.

These local idioms are pervasive in all sections of Pittsburgh culture, however, not just in the mill towns. I always make sure I redd up (tidy up) my room. When the floor ‘needs swept’ I pull out the sweeper (vacuum). I even wash dishes with dish soap (dishwashing liquid). I can’t stand when my neighbors get too nebby (nosy), my mailman uses gum bands (rubber bands) to bundle my mail and I enjoy an occasional Ahrn (Iron City beer). I definitely drive my wife nuts with these and no doubt countless other Pittsburghese. But these are the terms everyone uses, aren’t they? Apparently not, as I recently received some quizzical looks and even a few snickers when asking a sales person in a department store in Dallas for ‘rubbers’ (galoshes).

It took me years to realize that wash did not have an ‘r’ in it (we always said warsh – as in warsh cloth). Fortunately, most of my idioms are just quirks, compared to some die-hard Pittsburghers that start every sentence with ‘Yinz’ (you ones), and end them with “n’at” (and that). Then again, I guess I cringe when I hear someone, who wants a soft drink, ask for a soda. Of course, we all know that a soft drink is ‘pop’, and a soda is really a flavored, carbonated beverage (like root beer) with ice cream in it.

Well, scratch my back with a hacksaw, I hope to see you all in da ‘ Burgh real soon! Learning Picksburgese is easier than you might think. Once yinz guys git into tahn, pump an Ahrn or two, ave some pigs-n-a-blanket and a chipped ham sammich n’at, yizzel be old pros! Well, ‘nuff fer now. Elvis has left the building. Just remember, it’s a ‘Burgh thing!

Jerry Pounds
412.432.7941
Sales Manager
Chase Home Loans

Congratulations! You’re about to become a homeowner. The closing is when the finalized loan documents are signed, and the mortgage funds are disbursed.

How to ensure a successful closing:

Fulfill conditions.
Fulfill any conditions specified by the Underwriter at the time of your loan approval.

Obtain homeowner’s insurance.
This required insurance protects you against loss or damage due to theft, fire, or certain weather-related hazards.

Walk-through.
Conduct a final walk-through of home to ensure any agreed upon repairs have been completed by seller.

Funds to close
Review the final estimates of your closing costs.. Prepare a certified check or money order to cover your down payment and closing costs, if any.

At the closing, you’ll receive and review some very important documents. If you have questions, just ask. And if you spot an error, say so - don’t sign the document until the issue is resolved.

Documents you’ll review at closing:

HUD-1 Final Settlement Statement - is an itemization of all costs paid by the buyer and seller. Make sure you review the HUD-1 a day in advance of closing.

Truth-In-Lending Disclosure - provides important information about your loan; the APR, finance charge, amount financed, total of payments, and payment schedule.

Deed - states that Chase receives a lien on your property as security for your loan.

The Note - your binding legal agreement to make payments to Chase per the terms of your mortgage.

And that’s it! You can now move into your new home!

So you’ve found a home and your offer has been accepted by the seller. Now I wiill assist you with the details of finishing the application and closing on the home.

Here is what happens next:

Review Everything
I’ll review your information, confirm with you your intent to apply and request required documentation to begin processing your application.

Process Information
Your information is transferred to the Loan Processor to verify that all documentation needed to process the loan has been collected.

Appraisal
I will order a formal appraisal that estimates the current value of the property.

Title Search and Insurance
A title search and title insurance are required to ensure that there are no other liens on the property. I will order these services on your behalf.

Underwriting
Once documentation is complete, everything is transferred to the Underwriter. The Underwriter has no direct contact with you but they review all of the documentation and makes the decision to approve or deny your loan. You are then notified of the decision and if approved, can set a closing date.

Once the Underwriter’s decision is made, the information is transferred back to me. If approved, I will contact you, request any further documentation, and set a closing date.

When complete, the information is given to the Closer to assemble the finalized loan documents.

The Loan Processor makes sure that all fees and other payments to be made at closing are documented accurately, and verifies information with the title agent. In most cases, he or she will also establish an escrow account for payment of necessary insurance and real estate taxes. Finally, the Loan Processor authorizes the mortgage funds for disbursement.

Go to Step 6 to see what happens at closing.

While you’re shopping for a home, you should gather all the information and supporting documentation you’ll need to apply for a mortgage. Getting ready ahead of time will help the process move along quickly and smoothly.

Arrange your paperwork

Move on to Step 5, and Finish the Loan Application.

Get preapproved for your mortgage before you start shopping for a home. This will give you a significant advantage when shopping for your home.

And, once you find the perfect home, your transaction should close more quickly.

Contact me and I’ll get you pre-approved today so that you can start shopping for your home with Danielle Gundlach!

Go on to Step 4 and learn about How to Get Your Paperwork Ready.

When choosing a mortgage, you should consider your current financial picture, how your finances might change in the future, how long you intend to remain in the home, and how comfortable you are with fluctuating mortgage payments.

We offer 3 types of Mortgages at Chase Home Loans.

Fixed Rate Mortgage (for Security)
They’re the most popular type. With these loans, the interest rate is fixed for the life of the mortgage, so your monthly payments never change.

Adjustable Rate Mortgages (for Flexibility)
ARMs start out with an interest rate lower than a fixed-rate loan. This saves you money early on, and may help you qualify for a more expensive home. However, your rate is tied to a market interest rate. As the market rate goes up or down, your payments will also change at each scheduled adjustment period. (There are reate caps to limit the amount your mortgage can go up or down.)

Special Mortgage Options (for Unique Borrowing Needs)
Chase offers a variety of home financing options for customers with special considerations. These may include special credit needs, FHA or VA loans, low down payments options or affordable home loan programs.

Please contact me to learn how simple it really is to get you into a home.

Go onto Step 3 of the mortgage process, Get Pre-Approved before you start home shopping.

Step 1: How much home can you afford?

If you have a job, you can buy a home. You just need to buy a home you can actually afford. And the first step toward finding the right mortgage is to determine how much you can afford to pay each month. This saves you time by allowing you to focus on homes in your price range. It can also help you plan other costs you can expect to pay, such as closing fees, escrow accounts, etc.

To quickly compute your purchasing power, use our mortgage calculator to see how much house you can afford.

If you would like more personalized service, we can offer you an analysis of your budget to determine how much you can afford and even factor in your current and future income/expenses.

Then, continue to Step 2 of the Mortgage Process in Pittsburgh, Choose the Right mortgage.

Union Plus Mortgage and Real Estate has partnered with Chase to make buying a home or refinancing much easier for Union Members. Read about the following benefits of this incredible program and then give me a call today to get started.

Parents and children of union members are even eligible!

Satisfied Union Member Speaks Out!
“This year and in 2003 I was out for several months due to a shoulder injury. Each time the no-interest loans I got from Union Plus allowed me to make my mortgage payments, gave me a great deal of peace of mind and allowed me to focus on getting better.”

–Dave Zalonski
CWA, Local 1298.

Please give me a call today to get started!

Jerry Pounds
Chase Home Loans

Is your adjustable rate or interest only loan about to increase?
Need to refinance to more affordable terms?

If so, I might be able to help, since Chase is now a qualified partner in the REAL program offered by the PHFA. It offers very attractive 30 year fixed rates because it combines 100% financing with very flexible credit underwriting. The current Interest Rates on this program as of January 16, 2008, are:

REAL (No Fee)
Series: 24–292
Rate: 7.625%
Program & Qualifying Fee: None
Delivery Period: 90

REAL (Fee)
Series: 23–292
Rate: 7.375%
Program & Qualifying Fee: 1% + $300
Delivery Period: 90

To be eligible for this loan, you must meet the following conditions:

The REAL loan can also be used to finance subordinate mortgages, closing costs, prepayment penalties, delinquent property taxes, and arrearages that have occured in the last 12 months after your loan went up to a higher monthly payment.

If you don’t qualify for a mortgage refinance under the REAL program, PHFA’s HERO program may be able to offer assistance. Give me a call today to learn more, the PHFA and Chase has so many options for you if you need help.

Jerry Pounds
Chase Home Loans
2835 East Carson Street
2nd Floor, Suite 208
Pittsburgh, PA 15203
(412) 432 - 7941
(412) 432 - 7972 fax
(800) 377 - 6861 toll free
(412) 606 - 6701 mobile
jerry@moneysmartpittsburgh.com

Are you in Pittsburgh and are in the military? Are you concerned about making a mortgage payment if you’ve just been notified that your unit might be mobilized? Well, Chase has carefully designed a Military Mortgage Program that gives extra ttention to the Guard and Reserve servicemembers at the time of the loan origination.

The national director of the military mortgage program at Chase says …

“We know military men and women have many, many issues on their minds when they are alerted that their unit may be mobilized. we go above and beyond the Servicemembers Civil Relief Act with Chase’s exclusive Military Mortgage Program.”

If you take out a Chase Military Mortgage, you automatically save $300 off of your closing costs. Some other incredible benefits of this program are:

To qualify, you must:

Please give me a call today to learn more and get started on the process for a Military Mortgage.

Jerry Pounds
Chase Home Loans
2835 East Carson Street
2nd Floor, Suite 208
Pittsburgh, PA 15203
(412) 432 - 7941
(412) 432 - 7972 fax
(800) 377 - 6861 toll free
(412) 606 - 6701 mobile
jerry@moneysmartpittsburgh.com