Darryln Leikauskas - Berkshire Hathaway HomeServices Commonwealth Real Estate



Posted by Darryln Leikauskas on 12/21/2018

Filling out a mortgage application may prove to be a long, exhausting process. Fortunately, we're here to help you streamline the mortgage application process so you can move one step closer to acquiring your dream house.

Now, let's take a look at three tips to help you approach the mortgage application process with confidence.

1. Be Thorough

A mortgage application likely requests a lot of information about you, your finances and your employment history. However, it is important to answer each mortgage application question to the best of your ability. Because if you fail to do so, you risk delays in getting approved for a mortgage. Or, perhaps even worse, a lender may decline your mortgage application.

In addition, be honest in all of your mortgage application responses. This will ensure that if your mortgage application is approved, you will receive a mortgage that corresponds to your finances.

2. Ask Questions

There is no need to leave anything to chance as you complete a mortgage application. Thus, if you're uncertain about how to respond to various mortgage application questions, reach out to a lender for assistance.

Remember, there is no such thing as a "bad" question, especially when it comes to filling out a mortgage application. Lenders employ friendly, knowledgeable mortgage specialists who are happy to assist you in any way possible. Work with these mortgage specialists, and you can get the help you need to finalize your mortgage application.

3. Get Multiple Quotes

It may seem like a good idea to complete a single mortgage application to request home financing from a single lender. Yet doing so may be problematic, particularly for those who prioritize affordability.

Ultimately, meeting with multiple lenders and getting several mortgage quotes is ideal. If you shop around for a mortgage, you may be eligible for a low interest rate that helps you save money when you complete a home purchase.

Once you finish a mortgage application, it may be only a matter of time before you find out if you have received approval. Then, if you receive a "Yes" from a lender, you can accelerate the homebuying journey.

Of course, for those who plan to buy a home soon, it may be beneficial to employ a real estate agent. This housing market professional can put you in touch with the top lenders in your area, as well as help you complete a home search in no time at all.

A real estate agent typically learns about a homebuyer's goals and crafts a strategy to help this buyer accomplish his or her aspirations. Furthermore, a real estate agent provides recommendations and tips to help a homebuyer make informed decisions throughout the property buying journey. And if a homebuyer ever has concerns or questions, a real estate agent is available to respond to them.

Ready to complete a mortgage application? Use the aforementioned tips, and you can finalize a mortgage application, obtain home financing and make your homeownership dream come true.




Tags: Buying a Home   Mortgage  
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Posted by Darryln Leikauskas on 4/13/2018

Buying a home represents a dream come true for many individuals. However, to transform this dream into a reality, you'll likely need to qualify for a mortgage.

Finding the right mortgage may seem difficult, particularly for a first-time homebuyer. Fortunately, we're here to help you make sense of all of the mortgage options at your disposal so you can select the right option based on your budget and lifestyle.

Here's a closer look at three of the most common mortgage options for homebuyers.

1. Fixed-Rate

With a fixed-rate mortgage, there are no cost fluctuations. This means that you'll pay the same amount each month for the duration of your mortgage, regardless of economic conditions.

For example, if you sign up for a 15- or 30-year fixed-rate mortgage, you'll wind up paying the same amount each month until your mortgage is paid in full. In some instances, you may even be able to pay off your mortgage early without penalties.

A fixed-rate mortgage often serves as a great option for those who don't want to worry about mortgage bills that may fluctuate over the years. Instead, this type of mortgage guarantees that you'll be able to pay a consistent monthly amount for the life of your loan.

2. Adjustable-Rate

An adjustable-rate mortgage represents the exact opposite of its fixed-rate counterpart. The costs associated with this type of mortgage will change over time, which means you may wind up paying a fixed interest rate for the first few years of your loan and watch this rate go up a few years later.

For instance, a 5/1 adjustable-rate mortgage means that your interest rate is locked in for the first five years of your loan. After this period, the interest rate will adjust annually. Therefore, a rising interest rate may force you to allocate additional funds to cover your mortgage costs in the future.

An adjustable-rate mortgage may prove to be a viable option if you plan to live in a home for only a short amount of time. Or, if you're a college student or young professional, an adjustable-rate mortgage may help you pay less for a home now, secure your dream job and become financially stable by the time your initial interest rate period ends.

3. VA Loans

The U.S. Department of Veterans Affairs (VA) provides loans to military service members and their families. These loans are backed by the government and enable individuals to receive complete financing for a house. Thus, with a VA loan, an individual is not required to make a down payment on a house.

If you ever have concerns or questions about mortgage loans, banks and credit unions are available to help. Also, your real estate agent may be able to offer mortgage insights and tips to ensure you can secure a mortgage quickly and effortlessly.

Learn about all of the mortgage options that are available, and by doing so, you can move one step closer to buying a home that matches your budget and lifestyle.




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Posted by Darryln Leikauskas on 10/20/2017

Thereís many different myths about buying a home that may have been presented to you as fact. All of these rumors could have you believing that being a home owner is a dream. Here, weíll debunk some of the most common misconceptions about home buying and give you the tools to solve any issues that you may come across in the process of securing a home loan.


If You Donít Have 20% To Put Down On A Home, You Canít Buy


Many conventional loans do require a 20% down payment on a home. Thereís also many different loans available that may suit your needs. From Federal Housing Administration loans to Veteranís programs to down payment assistance programs, thereís many different things that can be done to help you buy a home. Keep in mind that any time you put less than 20% down, youíll need to provide additional mortgage insurance, also known as PMI or private mortgage insurance.  


If Your Credit Score Is Terrible Youíre Out Of Luck

If you want really good mortgage rates, having great credit is very important. If your credit score is low, your rates tend to be much higher. A really low credit score could keep you from getting a loan completely. FHA loans allow you to still qualify for a loan with a credit score as low as 580.


You Need To Make Bank To Get Money From The Bank


Monthly annual income is just one of the factors thatís considered when it comes to getting a loan to purchase a home. Your debts matter just as much if not more. People with significant credit card debt and other loans may be denied a home loan even if they have a substantial income. 


Youíre In The Clear If Youíre Pre-Qualified


Pre-qualification is much different than pre-approval. Pre-qualification involves giving your lender basic information about your finances in order to estimate how much of a loan you can get. This will give you a ballpark figure of about how much youíll be able to borrow. Of course, this is very helpful in the home search process, but youíre not done. To get pre-approved, youíll need a complete mortgage application in order to have your complete financial background check and credit rating.  


If Youíve Met One Real Estate Agent, Youíve Met Them All


This couldnít be further from the truth. Your relationship with your real estate agent is going to be quite close. Youíll need to share somewhat personal information in order to secure a house youíll love. Agents are involved in one of the biggest decisions that youíll ever make. Each agent has his or her specialties and knows different neighborhoods better than others. Definitely go with a real estate agent that you feel comfortable with and knows their stuff.  


Closing Costs Arenít Your Responsibility


Sometimes, sellers do pay the closing costs in the sale of a home. It all depends upon how the negotiations go with the home. Youíll need to be prepared for upfront costs in buying a home. These include a credit check, attorney fees and property insurance. As a buyer, youíll be paying anywhere between 2 and 5 percent of the purchase price of the home.  


Itís important to be prepared and to stay informed in order to make sound financial decisions throughout the process of purchasing a home. Everything will be that much more exciting when you have all of the pertinent information that youíll need.




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Posted by Darryln Leikauskas on 5/19/2017

Adjustable rate mortgages are also known as ďARMĒ loans. These are home loans with monthly payments that move up and down along with interest rates and the market. Thereís different periods that occur throughout the time of the adjustable loan including an initial period where the rate is fixed for a certain amount of time. The rates will change along with preset intervals of change. 


Rates Start Lower Than Fixed Rate Mortgages


Interest rates during the fixed rate period of an adjustable mortgage are usually lower than that of fixed-rate mortgages. The most common type of adjustable rate mortgage is called the 5/1 ARM. This means that the rate is locked for a total of 5 years before it becomes truly adjustable. After the 5 years the rate will change every year. Other forms of ARM loans are the 3/1, the 7/1, and the 10/1.


Rate Indexes And Margins


Following the fixed-rate period, the interest rate adjusts with whatís titled the index interest rate. This rate is set by the market and is released periodically by an independent party. Since there are a variety of indexes, your loan will state which index your adjustable rate mortgage will follow. To set your exact rate, your lender will look at the index and then add a number of percentage points that has already been set in place. This is called the margin. For example, an index rate of 2.5 percent and a margin of 2 will equal an interest rate of 4.5 percent. As the index changes, this number will go up and down.


Adjustable Rate Mortgages Come With Caps


If you do decide to go with an adjustable rate mortgage, you should know that youíre protected from extreme rate increases. These loans come with caps that limit the amount that both rates and payments can change by. There are several different kinds of caps including:


Periodic Rate Cap

This limits the amount that an interest rate can change from one year to the next.


Lifetime Rate Cap

This type of cap limits how much the interest rate can change overall throughout the life of the loan. 


Payment Rate Cap

This limits how much the monthly payments can rise over the life of the loan in a dollar amount. This is different than other caps, since it denotes dollars instead of percentage points.


Is This Type Of Loan For You?

Adjustable rate mortgages can be good, depending on the state of the economy and your own financial situation. Stay educated and shop around in order to get the best rates available for you.





Posted by Darryln Leikauskas on 9/2/2016

If you are looking to buy a home you may be wondering how you will be able to come up with the down payment. One way that many buyers come up with down payment money is from gifts. †If you are planning on using gift money to help buy a home there are some guidelines you will need to follow. Here are some simple rules: 1. Get a Gift Letter If you are getting gift money to help you buy a house you will need a gift letter. The letter has a few requirements:

  • Have the letter hand-signed by you and the gift-giver
  • State the relationship between the buyer and the gift-giver.
  • State the amount of the gift.
  • State the address of the home being purchased.
  • A statement that the money is a gift and not a loan†that must be paid back.
  • A statement that says: ďWill wire the gift directly to escrow at time of closing.Ē
2. Document a paper trail Mortgage underwriters want proof of where the money came from and where it went.†Get copies of transactions showing the withdrawals and deposits. You will also need to make sure that the transaction is for the exact amount of the gift. Following these simple guidelines will get you to the closing table hassle free.    







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