How much cash will I need to purchase a house?

The amount of cash that is necessary depends on a number of items. Generally speaking, though, you will need to supply: Earnest Money: The deposit that is supplied when you make an offer on the house Down Payment: A percentage of the cost of the home that is due at settlement Closing Costs: Costs associated…Continue Reading

What does my mortgage payment include?

For most homeowners, the monthly mortgage payments include three separate parts: Principal: Repayment on the amount borrowed Interest: Payment to the lender for the amount borrowed Taxes & Insurance: Monthly payments are normally made into a special escrow account for items like hazard insurance and property taxes. This feature is sometimes optional, in which case…Continue Reading

How do I know which type of mortgage is best for me?

There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture and how long you intend to keep your house. Multiple Option Mortgage Services can help you evaluate your choices and help you make the most appropriate…Continue Reading

How do I know how much house I can afford?

Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able…Continue Reading

I don’t have enough for a down payment. What can I do?

There are loan programs for first-time home buyers that only require 3% down and on conventional loans if your credit score is above 760 these funds can be a gift. FHA loans require 3.5% down and these funds can be gifted regardless of credit. There are also KHC loans which offer a down payment assistance…Continue Reading

What is title insurance?

Title insurance is purchased for every loan in order to protect the lender in case of a title defect. Optionally, the owner can purchase title insurance to protect themselves. Title insurance, will pay for an attorney in the event of a title defectContinue Reading

Why should I get a survey?

A staked survey is used to show property boundaries, and shows possible encroachments between neighboring properties. Knowing encroachments before purchasing allows buyers to file an easement and take care of issues before moving. A survey can also be useful by showing underground utilities and boundaries when doing future landscaping or upgrades to the property.Continue Reading

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Stacey Parks NMLS# 56992 РShelly Jones NMLS# 57012

Robert Jones NMLS # 1266752


Multiple Option Mortgage Services NMLS# 57052295

North Hubbards Lane, Suite 102, Louisville, KY 40207

Phone: 502-473-1817 Fax: 502-458-0330