ASSISTING REALTORS IN THEIR BUSINESS AND BRAND

Home Financing Guide

This page was designed to prepare for the home buying process. Know what is required of a home buyer and how you can help educate them on best practices for a successful transaction. 

The most important step in the home buying process is first obtaining a Mortgage Pre-Approval. This step-by-step guide will give detail of documents, timelines, and government regulations associated with real estate transactions. 

Download your Home Financing Guide here!

Know what is to come during our transaction! See the steps you will take before the closing on your new home. 

Download your Home Loan Process here!

See the required documents needed to start your loan. Some additional documents may be needed based on the buyer’s financial situation. 

Download your Home Loan Checklist here!

This checklist is designed to assist you in identifying potential repairs associated with government financing available for properties that meet minimum health and safety requirements.

Download your Government Appraisal Checklist here!

This checklist is a valuable tool in identifying these potential concerns upfront and will assist in the decision making process and negotiations of a potential property.

Download your Property Scrub Sheet here!

What are Seller Concessions? When the home seller pays certain closing costs on the home buyer’s behalf! 

i.e. Title insurance, Processing fees, Origination fees, Inspection fees, Transfer taxes.  These can differ with each financing type or transaction purposes such as primary residence, second or vacation home or investment property.

FHA and Rural Development:
6% of the purchase price is the MAXIMUM seller concessions to be used for closing costs and prepaid items.

Conventional Financing:
6% MAXIMUM seller concessions for 10% or more down payment.

Less than 10% down payment, the MAXIMUM seller concessions is 3% of the purchase price.

20% or more as a down payment the MAXIMUM seller concessions are 9% of the purchase price.

Conventional Financing for an investment property will be limited to 2% of the purchase price.

Download your Seller Concessions Cheat Sheet here!

When looking for home loan financing, it more important than ever to be cautious and aware of possible scams.
Here are some helpful tips for safeguarding your finances and identity during the loan process and in any other transaction.

Send Securely

In loan transactions, you will often get requests for supporting documentation. This usually includes documents that reflect your date of birth, full name, and often – your social security number.

Always be sure that when you share your documents – it is done securely! Highlands Residential Mortgage provides an easy-to-use secure portal for submitting documents. If you must email, please encrypt those documents and verbally provide the key to your Loan Officer.

Confirm the Source

If someone asks you for information and you don’t know who they are or why they are asking for it – call your Loan Officer! They can tell you all the players associated with your loan and whether it is a legitimate ask. If your Loan Officer is unavailable, contact our Highlands Corporate line and we will put you in touch with the right person to help! Always ask!

Don’t Send Funds Without Checking!

Scammers aggressively target the real estate market and go after unsuspecting borrowers. If someone emails you asking for funds to be wired for your closing – ALWAYS confirm with your Loan Officer.

We have seen instances where scammers send emails that LOOK like they are from the title company, but really aren’t! It’s very hard, if not impossible, to get those funds back. Check and double-check before sending any funds for the closing!

See the proven strategies used to help your clients buy and sell their homes for the best financial outcome. This includes the universal standard for 20% down although this may not lead to the best financial outcome. 

Download Buy/Sell vs. Sell/Buy

Download 20% Down Scenario