ProVisor Knowledge Base

Are you a first time home buyer? Has it been a while since you have been through the mortgage process?

ProVisor provides knowledge to keep you up to date on all things mortgage related.

Knowledge Base

Avoid Refinancing Traps

The Automatic Payment Trap It can take up to two weeks to have automatic payments canceled. If your payments are made this way be sure to turn it off before closing. You don't want to pay for the same month twice!

Home Inspections

We're often asked if a home inspection is required. The answer is usually no, but that doesn't mean you shouldn't have one done. You're making a large investment. Having a professional inspector alert you to potential problems can save money and surprises in the long run.

Mortgage Planning

For most people, the only possible mortgage plan is to pay it off as quickly as possible. There's nothing wrong with this attitude in general, but did you know there are many situations where it may not be best?

Refinance Dos and Don’ts

DO: Continue to make your regular payments. However, if you have a payment due just prior to your scheduled closing, consult with me first. It may be the best to pay at the closing rather than to risk having a payment and payoff letter cross in the mail.

Dreaming of a Second Home?

Have you always dreamed of owning a vacation home? It's not a decision to be taken lightly, but if it is something you've always wanted, the means for making that dream come true are not as difficult as you might think.

Still Writing Checks to the Landlord?

Home loan payments may now be less than rent payments. If you don't intend to stay in your home long, need extra mobility or are unsure about your employment prospects, tenting probably makes good sense for you. But if you're planning to stick around, owning may prove to be more rewarding. Here are five good reasons

Improving Your Home

A remodeling project may involve lots of choices, but you have only five basic ways to pay for it: cash, credit cards,personal loans, home equity loans, or cash out refinancing.

Approved

Congratulations, your loan is APPROVED! Approval means the underwriter has reviewed your documentation and issued a conditional commitment to lend. There are two types of conditions: "prior to" or "at closing/funding".

Home Possible

Have you been told getting a home loan is impossible? Have you waited out the market while saving for a down payment, only now to see the rates and values rising father than you can save?

USDA Loans

USDA loans are backed through the Rural Housing Division of the US Department of Agriculture. They are available to millions of eligible primary home buyers with low to moderate incomes or scarce funds for down payments.

VA Loans

You've served the US, now let us serve you! Veteran's Administration or "VA" loans are available for active, non-active, and retired Army, Air Force, Marine, Navy, National Guard, and Coast Guard vets who meet the established service requirements.

Mortgage Dos and Don’ts

DO: Availability - Keep your financial records close at hand in case updates are requested. Income - Be aware that underwriters typically verify your income and tax documents through your employer, CPA, and/or IRS tax transcripts. Hold onto new pay stubs as received.

Planning Ahead for the Perfect Mortgage Application

Preparing in advance will save you time and trouble once you've started making offers. Income: Provide your last two pay stubs along with your W2s and Federal tax returns for the last two years (include all schedules). State returns are not needed. If you are self-employed, ask me for the additional documentation requirements. If you receive bonus or commissions or have changed your job or position, let's talk.

If You Really Love the House, Don’t Lose the Bid

In the housing market, the best deal doesn't always come with the lowest price. Price vs. Payments: If you're financing your purchase, you'll probably never come close to paying the actual price. You're making a comparatively small down payment and then paying interest on the loan until you refinance or sell. Yes, you will have a higher payment if you pay more for the home, but an extra $10,000 of mortgage money can add less than $50 per month on a low-rate, 30-year loan.

Mental Mortgage Math

It's not as difficult as you think! Let's use a 6% interest rate as an example: Payments: The payment for principal and interest equals about $600 on a $100,000 30-year loan. Use this as your benchmark. (Actual is $599.55).

Pre-Approval: The Buyer’s Advantage

It's always been a good idea, but lately, it's become even more important. Why should I be pre-approved for a mortgage loan? In recent years, mortgage guidelines have been tightened. Documentation requirements have been expanded and followed more closely. A pre-approval gets you through the process and uncovers potential pitfalls long before you become obligated by a contract to purchase.

Is Now the Best Time to Buy?

It's human nature to want to buy at the best price. Yet the optimal time is often a fleeting moment that can be identified only in hindsight. In reality, we often are most consumed with purchasing at exactly the wrong time.

Understanding the MLS

The MLS (Multiple Listing Service) is a member organization that compiles real estate information and tracks the status of individual property listings and area real estate markets.

The Markets in Minutes

Please enjoy this quick update on what happened this week in the housing and financial markets.

Saving for a Home?

When prices are rising, why not let the market help you? It's great to save up for a large down payment of 20% or more. Yet when prices are on the rise, saving quickly enough to keep pace can be extremely difficult. In times such as these, why not let the market build equity for you instead?

Short Sale vs. Foreclosure

Understanding the difference. In a short sale, your lender may agree to accept less than the full amount owed on your mortgage loan, allowing you to sell your property for less than the total owed. The difference between the final amount paid and the amount owed is called a deficiency. Short sales are generally allowed only in case of economic or financial hardship.

The Road to Loan Approval

The Hard Way Requests for documents and info are contested or ignored. Bank statements are missing pages, and large deposits lack explanations.

FHA Loans

FHA Loans: Still working when others might not. Here are a few of the beneficial features: Low Down Payments: As little as 3.5% down will work in most instances, and 5% covers most others.

Credit Tips

Avoiding Mortgage Late Pays A good credit score is important for more reasons that just obtaining new credit.

Knowledge is the Key

Shopping for a home? Knowledge. Empowers. You. Purchasing a home is something most people do only a handful of times. We've all seen how things can go wrong in the markets, but more often, we've also seen how very right they can be.

The Markets in Minutes

Please enjoy this quick update on what happened this week in the housing and financial markets.

The Refinance Process

Breaking Down the Process Into Four Main Steps: The Application: After we determine that a refinance will be beneficial for you, we start the application. Much like your original mortgage application, this one collects general information and asks for documentation of your income and assets.

Buying Your First Home

We all know the old line about location. But buying a home takes research too. You will want to determine:

Keeping Your Money Safe: Avoiding Mortgage Wire Fraud

The team at ProVisor, Inc. regularly takes steps to protect your personal, financial and transaction related information. We partner only with approved, experienced and well vetted service providers. Mortgage wire fraud is something we work hard to avoid and not something we commonly see. However, we want to keep you informed so you can be vigilant, too.

APR: Comparing the Cost of Loans

When you see a loan rate advertised, you’ll also see a corresponding APR (4.5%/4.762% APR). This Annual Percentage Rate is the total cost of your loan (interest and fees) expressed as a single number. The purpose is to give you one number for comparing multiple loans.

Home Buying Advice

Buying a home can be very exciting but it can also be confusing, especially to first time buyers. The truth is that buying a home can be a simple and stress free transaction, if home buyers follow a few simple tips.

How Much Home Can I Afford?

“How much home can I afford?" This question is asked by almost all home buyers. With changing interest rates, homeowner association fees, assessments, and rising home prices, it’s natural to wonder what you can actually spend on a new home.

How Rising Interest Rates Affect Purchasing Power

You probably instinctively realize that rising interest rates will affect home buyers. The interest rate you pay can make a big difference in the size of the home loan you will qualify for as well as the price of the home you’ll be able to buy.

The Markets in Minutes

Please enjoy this quick update on what happened this week in the housing and financial markets.

Get In touch

ProVisor Locations

NMLS 1802853

200 S. Executive Drive

Ste. 120

Brookfield, WI 53005

262.255.2000​

NMLS 1841057

2894 Main Street 

Upper Level Unit 2    

East Troy, WI 53120

262.754.3322

NMLS 1841054

2800 Royal Avenue

Ste. 213

Madison, WI 53713

608.227.2000