Guaranty Trust Mortgage Guide Magazine- May 2012
On May 8th, 2012 in Guaranty Trust Mortgage Guide Magazine by Jenny Williams
Check out the latest version of the Guaranty Trust Mortgage Guide Magazine!
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Our Blog
Income Requirements for Mortgage Qualification
On May 7th, 2012 in Mortgage 101 by Jeremy Warren
When going through the qualification and underwriting process, calculating and verifying your income is one of the most important things a lender will look at before fully approving your loan. Having sufficient income to qualify for the loan is the backbone for insuring that you will be able to make the payments on the new loan.
Lenders use the term debt-to-income ratio (DTI) to determine if your income is within program guidelines when compared to your current monthly debt and the proposed new monthly mortgage payment, which includes principal, interest, property taxes, and insurance (PITI).
There are two different types of ratios that your lender will look at when going through the underwriting process to determine if your income meets the guidelines for the type of loan you are trying to acquire.
1. Housing or Front End Ratio
• This is calculated by dividing the proposed PITI by the gross monthly income for all borrowers on the mortgage
• The ratio should fall between 28% and 31% for most loan programs
2. Total Debt or Back End Ratio
• This is calculated by dividing the proposed PITI and all monthly consumer debts reported on the credit report by the gross monthly income for all borrowers on the mortgage
• Most loan programs require that the ratio fall at or below 45%
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FREE Facebook Training for Realtors!
On May 1st, 2012 in G.R.E.A.T. Program for Real Estate Agents by Jenny Williams
Realtors, register now for this FREE Facebook Training through the G.R.E.A.T. program.
Thursday May 3rd 9AM-11AM. Location: Guaranty Trust Company
This training course is best for those who already have a Facebook fan page for your business OR attended the Facebook 1 training two weeks ago.
- We will be taking questions and doing a refresher from Facebook 1.
- Applications to add to your Facebook fan page, how to do it, and how to customize the way the apps appear on your timeline.
- Content Ideas: we’ll give you some ideas of sites to watch and show you how to actually post content. We’ll also refresh on hootsuite and how to use it.
- Timeline Cover design- we’ll introduce a free tool at timelinecoverbanner.com that will help you design your own customer cover image for free.
- Facebook Advertising- you’ll learn about the different types of Facebook advertising and how to launch your first affordable ad campaign.
Space is limited so, register now below.
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Realtor Fridays: Helpful links from around the web! Including Free Facebook Timeline Cover Maker!
On April 27th, 2012 in G.R.E.A.T. Program for Real Estate Agents by Jenny Williams
GREAT Training Program, Ethics Training, Staging Tips, and Facebook Customer Timeline Cover tool!
Don’t miss out on the incredible opportunities for Real Estate Agents like yourself through GTC’s GREAT program. GREAT provides free training sessions that include various social media topics such as Facebook, Google Places, etc. as well as topics related to your use of our E-Properties solution for helping you sell more and earn more! To learn more about being a part of this program, just click this link and fill out the quick online form. One of our loan officers will contact you.
Need to fulfill your Code of Ethics training requirement? National Association of Realtors has some online training courses if you’re a member.
Photo from HGTV.com
15 Secrets to Home Staging- great photo slideshow and article to pass along to your sellers from HGTV.com
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Thursday’s Home: Floating House in the Desert- Video
On April 26th, 2012 in Thursday's Home by Jenny Williams
Floating house in the desert preserves the original landscape beneath. The environmentally friendly home is definitely unique, check out the video.
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Guaranty Trust Hendersonville is MOVING to Volunteer State Bank Building
On April 24th, 2012 in General Information, News by Jenny Williams
In the month of May, Guaranty Trust Company, a mortgage company owned by Volunteer State Bank, will be moving to a new location. GTC has currently been at the Winston Hills Retail Center for the past 5 years and is moving into the new location of the recently built Volunteer State Bank in Hendersonville at 323 East Main Street to better serve our customers and have better parking facilities. Guaranty Trust staff will be located on the 2nd floor of the new bank location on the corner of Maple and East Main – across from the City Hall of Hendersonville.
Kaye Fought Clark, Vice President, Branch Manager, Jeff Byrd, Senior Loan Officer, and Kara Bennett, Senior Processor for the retail division of GTC will be located upstairs in the new bank building. They have been with GTC for 7 years. Also, Melanie Majority, Senior Underwriter for GTC Wholesale division and Stacy Eubank, Loan Account Manager for GTC Wholesale will be moving into the new bank building upstairs….
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Thursday’s Home: Village of District 12 from The Hunger Games is for sale!
On April 19th, 2012 by Jenny Williams
Well, this is definitely a unique property on the market! The village of District 12 from The Hunger Games is for sale!
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Sell or Refinance..HARP*4*REALTORS
On April 4th, 2012 in General Information, Mortgage 101 by Sherry Carney
Sell or Refinance….HARP*4* REALTORS
As a Real Estate Agent, you can be certain you’ll receive calls from panicked homeowners who want to sell their home because they owe too much, or falsely believe it is better to rent than to experience their home’s value decline in a soft market. Fearing the worst, some homeowners want to just get out from under their mortgage…right now!
For homeowners that owe more than the value of their home, selling may not be an option right now. Guaranty Trust is offering the HARP2 refinance program. As a Realtor, you may be in the first position to recognize and recommend this solution to your clients. The HARP product allows a homeowner to refinance into a better rate, and at higher loan to value than any current conventional or government loan does now.
Right now, you may be asking, “what does that do for me?” Well, it is all about the care and feeding of our clients….good advice goes a long way to protect that relationship for future business. There are some guidelines to qualify…here’s the primary list;
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BI-WEEKLY Mortgage Payments- How much can you save?
On April 3rd, 2012 in General Information, Mortgage 101 by Sherry Carney
I’m asked this question all the time. “How much can I shorten my mortgage by making bi-weekly payments?” (Not to be confused with bi-monthly payments, as the savings are not the same.).
Bi-Weekly payments by definition means you are paying ½ of your payment every TWO weeks, so you’re paying part of your principal early, AND you’re making two extra payments a year, which can reduce your 30 year term by years. Bi-weekly payments can also take your principal balance down faster, even if you don’t plan to stay in your home for 30 years.
See for yourself with this quick calculator I found…Just plug in your numbers and see how much you can save! ...
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Thursday’s Home- The house made from 100 cars
On March 29th, 2012 by Jenny Williams
Thursday’s Home is a new series on the blog. Each Thursday, we’ll feature a unique and interesting home.
Reclaimed wood, pieces of junkyard cars, and an old shipping container all went into building this super eco-friendly California home.
If you were building a house right now, would using recycled materials be important to you? Why?
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$100 Down HUD Home Purchase Program
On March 21st, 2012 in General Information, Mortgage 101 by Sherry Carney
Imagine, getting into a home for $100 down! Yes, its true, there are some HUD foreclosed properties where a buyer can purchase a home for just $100 down! Before you rush to make a bid on one, there are some stipulations to that program you’ll want to be aware of:
1. This $100 down program is for HUD “Insurable” properties only, not the UNinsured properties that are sometimes available thru HUD. ‘Insurable’ properties are usually in satisfactory condition or can be made that way, with repairs that total less than $5,000.
2. You must be the occupying owner for this product. Investors are not eligible.
3. Your bid must be for the full asking price and your Realtor must state the bid is for the $100 down program. This means you may have to pay out of pocket at closing for upfront mortgage insurance and some closing costs. But in most cases you will not have to purchase, an appraisal, termite inspection, or even a home inspection. HUD usually has these items already completed.
4. Your purchase loan must be….
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2 Ways to Rebuild Your Credit Score…and FAST!
On March 16th, 2012 in General Information, Mortgage 101 by Kaye Clark
A few ideas for rebuilding your credit scores:
There are several misconceptions on building credit floating around in the mortgage industry. Below are a few ideas that may be effective in building up a credit score in as quick a manner as possible to help obtain a mortgage with having a better credit score.
1. Personal Loan and CD: Open up a Certificate of Deposit of a small amount – let’s say $500 and then ask for a personal loan of $250 (half of the CD amount) Tell the bank you are trying to build up your credit. The trick is – do not spend the money – use the money to pay back the loan – say within a two – three month period. Then you will have a positive credit line on your account that you paid off within a short time period…..
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Our Dirty Little Secrets: Where they all come from
On March 9th, 2012 in General Information by Jeannine Dalton
Guaranty Trust has decided I need to become a Social Media Ninja, which will not be an easy task. I am now on Facebook where I occasionally post pictures of my husband, children, grandchildren, and my two precious dogs. I post a quote I feel the world should know about ...and….. I look at my Facebook friends’ pictures of their husband, children, grandchildren and precious dogs and read a quote they feel the world should know about. I am on twitter. I look at twitter to see what amazing things my children and grandchildren are up to on a daily basis. I am on LinkedIn. At this point, I just keep linking in with people I don’t know, but I know someday I will get it, I’m just not there yet.
I was required to write three blog posts a year, yes baby steps . After my first blog post last month about our dirty little secrets, I was then asked if I would post to the blog once a month on our website about my secrets. I agreed because there are so many stories to be told about what goes on behind the scenes that I feel real estate agents and consumers alike need to hear…to help me, help you, get to the closing table in a timely manner.
Just a quick background of my history in the mortgage business….
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6 Steps to Staging Your Home to Sell Fast
On March 1st, 2012 in General Information, Home Improvement by Sherry Carney
“Staging” your home…Does it really help your home sell faster?
You’ve cleaned your home and mowed the lawn…Are you ready for the new “it must be perfect” buyer’s market? A few simple steps to stage your home could payoff in not only a fast sale but a top dollar sale. First, visit some model homes, and talk to your Realtor for ideas, then get to work… Here are a few tips to remember;
1. Clean, Clean, Clean…especially bathrooms and the kitchen, and any pet odors that may exist.
2. Fix anything that doesn’t work…Have you been listening to a dripping faucet or looking at a crack in the wall?….You’ve gotten used to it, but a potential buyer will pick up on everything you’ve overlooked or forgotten about.
...
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The Big Question From Homebuyers “Can I sell my home on my own”? FSBO
On February 27th, 2012 in General Information, G.R.E.A.T. Program for Real Estate Agents by Cheryl White
The big question “Can I sell my home on my own” aka FSBO?
I am getting more and more borrowers that want to move up a home size and ask me the question “do you think I can sell my home myself?”.
My first instinct may be to cringe, but then I politely go into the reasons ‘not’ to try to sell their home themselves.
I work with realtors everyday so I see firsthand the processes that you go through when helping a customer sell their home and/or purchase a new one. It’s not just writing a contract and you’re done! Realtors coordinate everything between the buyer, seller, home inspector, title company and of course the lender.
Guaranty Trust is committed to helping you, as the Realtor, sell your listings!
We have developed a G.R.E.A.T. program to help realtors market homes, attract more buyers, gather feedback and sell your listings fast!
Here are just a few things the systems and training of the G.R.E.A.T. program will do for you:...
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Our Dirty Little Secrets : A Soft Pull Credit Report, WHAT is it and WHY should I care?
On February 16th, 2012 in General Information by Jeannine Dalton
Have you ever thought about how important something as simple as a soft pull credit report can be? First, let me explain the purpose of this report. Lenders will typically pull the report 24 to 48 hours before the loan closes to make sure the borrower has not gone out and made any new purchases so, we are looking for inquiries that might affect our borrowers debt ratio.
When my processor comes to my office with a soft pulled report in her hand, my first thought is ...what did they go out and buy? A car? a refrigerator ? maybe a washer and dryer? They all think that is a must now that they are going to be homeowners right?
Well, no, none of the above ...how about a brand new… collection!! Now that is something that gets my heart racing.
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SETTING THE “SELL” IN MOTION…..
On February 6th, 2012 in General Information by Angy Farris
From the listing – to the closing, everyone involved wants it smooth. So here’s a few tips for that “Smooth-Selling”!
- Listing the Property – Encourage the seller to minimize furnishings, from floor to ceiling. Open, airy space is best! The buyer wants to be able to picture their family in the home. For great information from NAR on staging a home to sell, click HERE.
- Showing the property – Introduce the home, point out the GREAT things about it, and step back a little. Allow the buyer to explore on their own. No one wants a sales associate walking around the store with you while you’re shopping. Remember when showing a home, your safety is also important. Watch this informative video for safety tips.
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GREAT Training Program OPEN HOUSE for Realtors, February 22nd
On January 31st, 2012 in General Information, G.R.E.A.T. Program for Real Estate Agents, Events by Jenny Williams
GUARANTY TRUST G.R.E.A.T. PROGRAM
OPEN HOUSE LUNCHEON
FEBRUARY 22
11 AM TO 1 PM
Guaranty Trust announces the G.R.E.A.T. program open house luncheon.
The Guaranty Trust GREAT program provides marketing tools and training to help Real Estate Agents enhance their marketing techniques and grow their real estate business…
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Grants Available to Murfreesboro, TN Homebuyers!
On January 23rd, 2012 in General Information, Mortgage 101 by Shearer Spears
Special Funds are available in the City Of Murfreesboro by the City of Murfreesboro. The borrower does not have to be first time homebuyer. The grant amount can be up to $14,999 in certain census tracks, including 409,410,411,412,413,414 & 421, and has to be a foreclosed and vacant property. In some cases, this grant can be added to an additional grant of $10,000, which requires the buyer to be a first time homebuyer…
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Property Flipping in 2012
On January 11th, 2012 in General Information by Lori Clark
As I was closing out my 2011 files and getting ready for 2012, I took a quick glance back through the year. This is always a fun time of year for me, I am able to revisit some of the buyers’ files that bring back some great memories, especially of those grateful first time homebuyers.
Something I noticed was the large increase in property flipping. We are seeing more and more local investors coming into the market and making a difference in our communities.
For a first time investor, the first property flip can be a little intimidating when dealing with the lender.
Here is a list of basic rules that will help with your first flip….
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Guaranty Trust Gives Back During the Holidays
On December 19th, 2011 in Get To Know Us by Jenny Williams
Everyone had a blast at our Christmas Breakfast Party this year. As part of the fun, we had a prize wheel each employee could spin for a $5 donation to our Angel Tree fund. Angel Tree is a local ministry through the Salvation Army that provides Christmas gifts to about 1,300 children in our community. With all of the donations, we raised about $600 and were able to sponsor 5 Angel Tree children….
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When is it better to Buy or Rent ?
On October 21st, 2011 in General Information by Sherry Carney
Buying a home is not only a big financial commitment…but it’s also a personal decision that is unique to everyone….Be sure you’re ready. Check out this video….if you need more help call on us anytime.
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Credit History Gets Personal
On October 20th, 2011 in General Information by Sherry Carney
The Credit Report companies used for determining credit risk for the mortgage industry is about to get more personal. When this happens consumers will be evaluated on their cell phone payment history as well as their utilities payment history. While this is an improvement for buyers…
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Fun Mortgage Calculator
On October 19th, 2011 in General Information by Sherry Carney
Check out this easy and fun mortgage payment calculator! Just drag the bars to match your principal amount, interest rate, and loan term to see your payment amount.
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Murfreesboro Celebrates 200 Years!
On October 18th, 2011 by Jenny Williams
Guaranty Trust Company’s home office is located in Murfreesboro, Tennessee. We are very happy to be a part of the growing community of Murfreesboro. Beginning this month, the city will celebrate the Bicentennial for 13 months. Each month will have a different emphasis that influences the festivities…
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Mustache Bash!
On October 11th, 2011 by Jenny Williams
Everyone here at Guaranty Trust had a great time at the Mustache Bash celebrating the upcoming weddings of Adam and Lane as well as Matt and Emily. Adam works in our set up department, and Matt is a loan account manager. Check out the photos below of the party!
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G.R.E.A.T. Guaranty Trust Real Estate Agent Training Program
On September 14th, 2011 in G.R.E.A.T. Program for Real Estate Agents by Jenny Williams
The Guaranty Trust G.R.E.A.T. Program is a marketing and training program designed to provide Real Estate Agents with marketing tools and techniques to enhance their real estate business. Find out how this lead generation program can save you money.
G.R.E.A.T. Guaranty Trust Real Estate Agent Training
The program includes systems and training for:
- Enhancing and Maintaining Listings
- Winning New Listings
- Finding Qualified Buyers
- Social Networking Technology
- Marketing Programs
- Referral Generation Campaigns…
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The Basics of Title Insurance
On August 25th, 2011 in Mortgage 101 by Aimee MacIlveen
When I meet with borrowers, I am often asked questions about title insurance. Many borrowers don’t understand what title insurance does and why it is required.
Unlike home insurance and car insurance which focus on hazards that haven’t happened yet, title insurance is protection against loss from hazards and defects that happened in the past.
The title insurance company will search land records going back many years. They research transactions in which the property has been transferred from one owner to another. This history is considered to be the chain-of-title. Title companies will search for any defects or weaknesses in the chain of title. These weaknesses may include:
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USDA Rural Development and YOU
On August 24th, 2011 in Mortgage 101 by Retta Gardner
Now you are probably wondering what USDA has to do with a home loan? Well USDA offers a very special mortgage program that allows 100% FINANCING, NO DOWNPAYMENT OPTIONS. Guaranty Trust is one of the top lenders for Rural Development Home Loans in the Great State of Tennessee!
Program Highlights Include:
• 100% Financing
• Low Monthly Mortgage Insurance Premiums
• Seller Can Pay All Closing Costs
• Great Interest Rates
• Flexible Credit Qualifying (No Credit Scores Accepted)
• 30 Year Fixed Rates
• Generous Income Limits
• First Time Homebuyers Welcome
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Congratulations Jessica Vincent on the birth of your little boy!
On August 23rd, 2011 in Get To Know Us by Jenny Williams
Guaranty Trust has seen several new babies born recently! The most recent is Jessica Vincent’s little boy, Colton, was born at 11:51 A.M. on Saturday 8/20/11 weighing in at 7 pounds 13 oz. and 20 inches long. We are so excited for Jessica! Here is a photo of sweet Colton!
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Interest Only Mortgage….Is it Right For You?
On August 22nd, 2011 in Mortgage 101 by Sherry Carney
You’ve heard it can save you $100s per month in your payment…but you wonder, what are the facts…and would an initial interest only payment work for you?
With an interest-only mortgage loan, you pay only the interest on your mortgage in monthly payments for a fixed term. Usually the term is 5, 7, or 10 years. At the end of that term, you’d either refinance, pay the balance in a lump sum, or start paying off the principal, in which case of course the payments would increase. You won’t build equity in your home loan during the interest only term, unless you make principal payments; But in a strong market your home’s value can be expected to increase…
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What can a seller pay towards my closing costs?
On August 18th, 2011 in Mortgage 101 by Shearer Spears
I get this question all the time. What can a seller pay towards my closing costs? Here are just some of the ways to figure this. If you are doing a conventional loan and are only putting down 5%, the seller is limited to pay only 3% towards your closing costs, points, prepaid items and title. But, if you are putting down 10% or more, the seller can pay up to 6% towards these same items. FHA will allow the seller to pay up to 6% towards closing costs, points, prepaid items and title regardless of the down payment. A VA loan does not have a maximum amount that the seller can pay towards a buyer’s closing costs. Also, Rural Development does not have a limit on what the seller can pay for the buyer’s closing costs, pre paid items, points and title. If you have questions, please leave a comment, and I will be happy to help!
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United Way Presents Guaranty Trust with the Gold Award!
On August 10th, 2011 in General Information by Jenny Williams
United Way representatives were in the office today as we prepare for our United Way campaign next week. They presented Wendell, GTC President, with the Gold Award for the exemplary support GTC has provided United Way. We are so proud to partner with this organization that has touched 1 in 3 people in our community!
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“... you wildly exceeded our expectations…”- Brett Tritch
On August 8th, 2011 in What GTC Customers are Saying by Jenny Williams
In an email to one of our Guaranty Trust loan officers, Shearer Spears, Brett Tritch wrote:
“You were awesome throughout the home buying process and drastically exceeded our expectations in all areas! You were extremely responsive to our every need from our initial conversations on through to closing on the house and went above the call of duty with even attending our closing to ensure that everything went smoothly. I can’t say enough about the speed with which you closed our deal as well. Knowing that we were in a time crunch you wildly exceeded our expectations by closing our deal from start to finish in only a week and a half which saved us big time in not having to move our belongings into storage and not having to obtain temporary housing; thanks to your efforts we were able to move straight from our old house into our new house with no delays! I can’t thank you enough for that. Aside from being great at your job you are also a great person to work with, extremely personable and caring. I would recommend you to anyone!”
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Win an iPad 2!
On August 1st, 2011 in General Information by Jenny Williams
Win an iPad 2!
In celebration of the recent launch of the Guaranty Trust blog and Facebook page, we are giving away an iPad 2! Everyone here at Guaranty Trust is excited about connecting with our customers in new ways.
The blog is off to an amazing start. We hope that the Mortgage 101 post category will be a helpful resource to those looking to buy a home and needing to learn about the mortgage process.
We have created a Facebook fan page for our mortgage customers, realtors, and other business partners. On this page, you’ll find the most recent and relevant mortgage news. Most importantly though, this is a place to connect with you and be an available and convenient resource to meet your mortgage needs.
Now, on to the giveaway details! Here’s how to enter:
What is mortgage insurance and why do I need it?
On August 1st, 2011 in Mortgage 101, Mortgage Basics by Patrick Cranmer
For years, everyone that has ever thought about purchasing or refinancing a home has had this question and gone to great lengths to avoid the “monster” called mortgage insurance, or, sometimes referred to as PMI (private mortgage insurance). However, in today’s housing market where we have all experienced declining home values, mortgage insurance has become commonplace and necessary to allow homeowners and potential homeowners to obtain financing for a new home or refinance their existing loan with the very low interest rates that are being currently offered. Mortgage insurance is a default insurance for the lender, and unfortunately, the lender passes this charge on to the homeowner. Standard lending guidelines dictate that a lender’s maximum exposure in any loan cannot be more than 80%. With mortgage insurance placed on the loan, the lender is protected and thus, is willing to lend as much as 100% of the market value or purchase price of the home…
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Congratulations to Melanie Little on the birth of her little man!
On July 28th, 2011 in Get To Know Us by Jenny Williams
Melanie Little works in the Wholesale Set Up department. She had to have been the cutest pregnant girl, so tiny. She has such a sweet heart and makes the most adorable hair bows for little girls. Her little guy, Christopher Thomas Miller was born July 16th and weighed in at 5 lbs 8 oz. Here is a photo of Melanie at the baby shower thrown by her friends at Guaranty Trust and a photo of sweet Christopher!
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What is Debt to Income Ratio?
On July 20th, 2011 in Mortgage 101, Mortgage Basics by Sherry Carney
So you’re ready to take the plunge? The All American Dream of homeownership! Wait! How do you know how much home to look for, if you don’t quite know what you can afford? This is a common concern that reflects you’re using the smart approach in reviewing this investment so that you don’t get over your head in financial obligations.
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Asset Requirements
On July 13th, 2011 in Mortgage 101, Mortgage Basics by Jeremy Warren
When applying for a new home loan, your loan officer will need to verify your assets, and more specifically, your liquid assets. The lender needs to verify assets to make sure you have enough money to cover the cash required at closing which includes down payment, closing costs, and prepaid items; as well as the total reserves required for underwriting approval.
Types of Allowable Assets:
• Checking and Savings Accounts
• Earnest Money
• Stocks
• Bonds
• Investments
• IRA/401(k)/retirement accounts
• Gift Funds
• Selling non-liquid assets
Guidelines for loan programs that require asset verification require that the lender source and/or season the assets. Sourcing assets means that you can verify for the lender where all of the funds came from. Seasoning assets means that the lender can verify that they have been in the account for at least two months….
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Why is the APR on my Truth-in-Lending disclosure higher than the note rate?
On July 12th, 2011 in Mortgage 101, Mortgage Basics by Aimee MacIlveen
Why is the APR on my Truth-in-Lending disclosure higher than the note rate?
The difference between the annual percentage rate (APR) and the note rate is very confusing especially for first time home buyers. Actually, even seasoned buyers have difficulty understanding the difference between the two numbers.
The interest rate is the rate a lender charges a borrower for use of money for a specific length of time. The interest rate, loan amount, and loan term determine your monthly payment. The APR does not affect your monthly payment….
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Can You Afford to Buy a Home? You May Qualify for Down Payment Assistance!
On July 7th, 2011 in Mortgage 101, Mortgage Basics by Shearer Spears
The Mortgage Industry has changed over the last several years regarding various loan program down payment requirements.
There are 4 basic loan programs. Each has its own unique down payment requirement.
They are as follows:
VA is a 100% loan for Veterans and do not have a down payment.
Rural Development is a 100% loan to qualified buyers.
FHA requires a 3.5% down payment.
Conventional requires a 5% down payment.
Many borrowers worry about not having the funds to purchase a home. Don’t give up on your dream home without knowing all of the down payment assistance options available to you whether you are a first time homebuyer or buying your fifth home!
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Meet Adam Booten!
On June 30th, 2011 in Get To Know Us by Jenny Williams
Adam Booten works here at Guaranty Trust, and he actually just bought a home! Here is a Q&A to help you get to know Adam a little better. Make sure and comment to give Adam some love!
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Getting the Lowest Interest Rate is NOT Always a Good Thing!
On June 29th, 2011 in General Information, Mortgage 101, Mortgage Basics by Patrick Cranmer
Did you know that the most important factor in choosing the right loan is NOT always the interest rate ??
Many customers that I speak to concentrate heavily on getting the lowest interest rate possible in the market today, and completely ignore what they are actually paying to get that rate. We all want the lowest rate possible, but you must always factor in the closing costs you are having to pay or finance in the loan to tell if this lower rate is the best option for you.
2 most important questions to ask yourself:...
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Is Now the Time to Refinance Your Mortgage?
On June 28th, 2011 in General Information by Patrick Cranmer
Guaranty Trust is trying to get valuable information out to all homeowners who are contemplating a refinance and are not sure if now is the right time. We have all heard that when you inquire about a refinance, you should try to reduce your interest rate by 1-1.5% for it to be financially prudent. This is no longer the case. Because of new lending standards and guidelines put into effect by the Federal Government, closing costs on refinance loans are MUCH LESS than what they used to be. The result is that you are able to recoup the closing costs in a much shorter time period, thus, you do not need as much of an interest rate reduction to make it worthwhile.
Above and beyond interest rates and closing costs, there are 3 much more serious factors that EVERY homeowner needs to take into consideration:
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Meet Marci Davidson! Guaranty Trust, Loan Account Manager
On June 21st, 2011 in Get To Know Us by Jenny Williams
Marci Davidson is moving to the Guaranty Trust Atlanta office at the end of June. I asked her a few questions so we can all get to know her better…
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Tennessee First Time Homebuyer
On June 20th, 2011 in Mortgage 101, Mortgage Basics by Lori Clark
Hi, I’m Lori Clark, the Branch Manger and a Sr. Loan Officer with Guaranty Trust Co. Since this is my first blog post, I think a good place to start is to address first time homebuyers. I get calls every day from buyers with questions about the mortgage process or even looking for a local realtor. Don’t feel overwhelmed by all of the scary stories others may have shared about their mortgage process- your loan options are unique to you! I can assure you that when you work with someone that is knowledgeable about the programs that are available to first time homebuyers you will have a smooth closing!
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Credit- What, Where, How and Why?
On June 16th, 2011 in Mortgage 101, Mortgage Basics by Sherry Carney
Congratulations!….You’ve decided you’re ready to buy a home, and you’ve heard horror stories about CREDIT- nightmares that you’d rather avoid. Well, the first step to being at peace with your credit is to understand it.
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Ryan and Shann McCormick’s Twin Girls are Here!
On June 15th, 2011 in Get To Know Us by Jenny Williams
Ryan McCormick is a vital member of the Guaranty Trust family. He handles everything related to technology here at GTC so, you can imagine how important he is to our work. He and his wife just had twin baby girls yesterday, Adleigh and Claire. Isn’t their photo cute? Here is a video from the baby shower we had for the McCormicks, including their son Jace, last week. Talk about cutting it close! Congrats Ryan, your girls are beautiful!
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Mortgage Basics
On June 14th, 2011 in Mortgage 101, Mortgage Basics by Jeremy Warren
What is a Mortgage?
There are many different definitions for a mortgage. But to put it in simple terms, a mortgage is a loan that is secured by a property or house and paid in installments over a set period of time. The mortgage is your promise to the lender that the money borrowed will be repaid.
What are the Components of a Mortgage?...
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Celebrating 25 Years!
On May 27th, 2011 in Words from Wendell by Wendell Mandrell
I am absolutely thrilled to be celebrating the 25th anniversary of Guaranty Trust Company. The years have flown by since I started this business back in 1986. I recognized a real need for service in the mortgage lending industry and founded Guaranty Trust to fill that need and provide unparalleled service to its customers. We are still doing this today, 25 years later, because of our tremendously talented employees who are like family to me.
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Welcome to the Guaranty Trust Blog!
On May 23rd, 2011 in General Information by Retta Gardner
Thank you for visiting our blog! We are new to this so please be gentle with us.
By you being here we are betting that you are looking for some information in regards to a purchase or refinance of a residential property and with 25 years under our belt of financing home loans…we have plenty of information for you. Here are just a few items we can help you with:
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