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Author: Mann Mortgage

Christmas Tree Sweepstakes Rules

Posted on by Mann Mortgage

NO PURCHASE IS NECESSARY TO ENTER OR WIN. A PURCHASE DOES NOT INCREASE THE CHANCES OF WINNING.

1. Eligibility: This Campaign is open only to those who follow https://www.facebook.com/katiedillingerloanofficer and who are 18 years or older as of the date of entry. The Campaign is only open to legal residents of the United States, and is void where prohibited by law. Employees of Life Mortgage, its affiliates, subsidiaries, advertising and promotion agencies, and suppliers, (collectively the “Employees”), and immediate family members and/or those living in the same household of Employees are not eligible to participate in the Campaign. The Campaign is subject to all applicable federal, state, and local laws and regulations. Void where prohibited.

2. Agreement to Rules: By participating, the Contestant (“You”) agree to be fully unconditionally bound by these Rules, and You represent and warrant that You meet the eligibility requirements. In addition, you­­­­­­­ agree to accept the decisions of Life Mortgage as final and binding as it relates to the content of this Campaign.

3. Campaign Period: Entries will be accepted starting on November 23rd, 2021 and ending December 3rd, 2021.

4. How to Enter: The Campaign must be entered by following https://www.facebook.com/katiedillingerloanofficer. The entry must fulfill all Campaign requirements, as specified, to be eligible to win a prize. Entries that are incomplete or do not adhere to the rules or specifications may be disqualified at the sole discretion of Life Mortgage. You may enter only once. You must provide the information requested. You may not enter more times than indicated by using multiple email addresses, identities, or devices in an attempt to circumvent the rules. If You use fraudulent methods or otherwise attempt to circumvent the rules, your submission may be removed from eligibility at the sole discretion of Life Mortgage.

5. Prizes: The Winner(s) of the Campaign (the “Winner”) will receive an artificial holiday tree, valued at $250.00. Actual/appraised value may differ at time of prize award. The specifics of the prize shall be solely determined by Life Mortgage. No cash or other prize substitution shall be permitted except at Life Mortgage’s discretion. The prize is nontransferable. Any and all prize-related expenses, including without limitation any and all federal, state, and/or local taxes, shall be the sole responsibility of Winner. No substitution of prize or transfer/assignment of prize to others or request for the cash equivalent by Winner is permitted. Acceptance of prize constitutes permission for Life Mortgage to use Winner’s name, likeness, and entry for purposes of advertising and trade without further compensation, unless prohibited by law.

6. Odds: The odds of winning depend on the number of eligible entries received.

7. Winner Selection and Notification: Winner will be selected by a random drawing under the supervision of Life Mortgage. Winner will be notified by means of email within 1 day following selection of Winner. Winner will also be announced on Facebook platform. Life Mortgage shall have no liability for Winner’s failure to receive notices due to spam, junk e-mail or other security settings or for Winner’s provision of incorrect or otherwise non-functioning contact information. If Winner cannot be contacted, is ineligible, fails to claim the prize within 2 days from the time award notification was sent, or fails to timely return a completed and executed declaration and release as required, the prize may be forfeited, and an alternate Winner selected. Receipt by Winner of the prize offered in this Campaign is conditioned upon compliance with any and all federal, state, and local laws and regulations. ANY VIOLATION OF THESE OFFICIAL RULES BY WINNER (AT LIFE MORTGAGE’ SOLE DISCRETION) WILL RESULT IN WINNER’S DISQUALIFICATION AS WINNER OF THE CAMPAIGN, AND ALL PRIVILEGES AS WINNER WILL BE IMMEDIATELY TERMINATED.

8. Rights Granted by You: By entering this content (e.g., photo, video, text, etc.), You understand and agree that Life Mortgage, anyone acting on behalf of Life Mortgage, and Life Mortgage’ licensees, successors, and assigns, shall have the right, where permitted by law, to print, publish, broadcast, distribute, and use in any media now known or hereafter developed, in perpetuity and throughout the World, without limitation, your entry, name, portrait, picture, voice, likeness, image, statements about the Campaign, and biographical information for news, publicity, information, trade, advertising, public relations, and promotional purposes. without any further compensation, notice, review, or consent. Optional verbiage for Contests: By entering this content, You represent and warrant that your entry is an original work of authorship, and does not violate any third party’s proprietary or intellectual property rights. If your entry infringes upon the intellectual property right of another, You will be disqualified at the sole discretion of Life Mortgage. If the content of your entry is claimed to constitute infringement of any proprietary or intellectual proprietary rights of any third party, You shall, at your sole expense, defend or settle against such claims. You shall indemnify, defend, and hold harmless Life Mortgage from and against any suit, proceeding, claims, liability, loss, damage, costs or expense, which Life Mortgage may incur, suffer, or be required to pay arising out of such infringement or suspected infringement of any third party’s right.

9. Terms & Conditions: Life Mortgage reserves the right, in its sole discretion, to cancel, terminate, modify or suspend the Campaign should virus, bug, non-authorized human intervention, fraud, or other cause beyond Life Mortgage’s control corrupt or affect the administration, security, fairness, or proper conduct of the Campaign. In such case, Life Mortgage may select the Winner from all eligible entries received prior to and/or after (if appropriate) the action taken by Life Mortgage. Life Mortgage reserves the right, in its sole discretion, to disqualify any individual who tampers or attempts to tamper with the entry process or the operation of the Campaign or website or violates these Terms & Conditions. Life Mortgage has the right, in its sole discretion, to maintain the integrity of the Campaign, to void votes for any reason, including, but not limited to: multiple entries from the same user from different IP addresses; multiple entries from the same computer in excess of that allowed by Campaign rules; or the use of bots, macros, scripts, or other technical means for entering. Any attempt by an entrant to deliberately damage any website or undermine the legitimate operation of the Campaign may be a violation of criminal and civil laws. Should such attempt be made, Life Mortgage reserves the right to seek damages to the fullest extent permitted by law.

10. Limitation of Liability: By entering, You agree to release and hold harmless Life Mortgage and its subsidiaries, affiliates, advertising and promotion agencies, partners, representatives, agents, successors, assigns, employees, officers, and directors from any liability, illness, injury, death, loss, litigation, claim, or damage that may occur, directly or indirectly, whether caused by negligence or not, from: (i) such entrant’s participation in the Campaign and/or his/her acceptance, possession, use, or misuse of any prize or any portion thereof; (ii) technical failures of any kind, including but not limited to the malfunction of any computer, cable, network, hardware, or software, or other mechanical equipment; (iii) the unavailability or inaccessibility of any transmissions, telephone, or Internet service; (iv) unauthorized human intervention in any part of the entry process or the Promotion; (v) electronic or human error in the administration of the Promotion or the processing of entries.

11. Disputes: THIS Campaign IS GOVERNED BY THE LAWS OF the UNITED STATES AND WASHINGTON, WITHOUT RESPECT TO CONFLICT OF LAW DOCTRINES. As a condition of participating in this Campaign, participant agrees that any and all disputes that cannot be resolved between the parties, and causes of action arising out of or connected with this Campaign, shall be resolved individually, without resort to any form of class action, exclusively before a court located in Washington having jurisdiction. Further, in any such dispute, under no circumstances shall participant be permitted to obtain awards for, and hereby waives all rights to, punitive, incidental, or consequential damages, including reasonable attorney’s fees, other than participant’s actual out-of-pocket expenses (i.e. costs associated with entering this Campaign). Participant further waives all rights to have damages multiplied or increased.

12. Privacy Policy: Information submitted with an entry is subject to the Privacy Policy stated on the Life Mortgage website. To read the Privacy Policy, https://lifemort.com/privacy/ click here. Note: a privacy policy is optional, but may be required when running a promotion on the web when using third party platforms or when using features from social channels. Including this information makes it clear to your users how you are going to use their information.

13. Winners List: To obtain a copy of the Winner’s name or a copy of these Official Rules, mail your request along with a stamped, self-addressed envelope to: Life Mortgage, 842 Washington Way 110 Longview WA 98632. Requests must be received no later than December 3rd, 2021.

14. Sponsor: The Sponsor of the Campaign is Life Mortgage, 842 Washington Way 110 Longview WA 98632.

15. By entering this contest, You, the Contestant, have affirmatively reviewed, accepted, and agreed to all the Official Rules.

16. This campaign hosted by Life Mortgage is in no way sponsored, endorsed, administered by, or associated with Facebook.

Mann Mortgage wins a Top Workplace award from The Oregonian

Posted on by Mann Mortgage

For the tenth year, The Oregonian/OregonLive has partnered with Philadelphia-based Energage to rank the Top Workplaces in Oregon and Southwest Washington. The process involves an extensive survey of employees who rate their corporate culture. Only companies with the most positive employee responses on their corporate alignment, engagement, leadership, performance, coaching, and connection are considered a Top Workplace.

Mann Mortgage is proud to have been named a Top Workplace.

“This is our first year competing for Top Workplace,” says Tara Tucker, Human Resources Manager. “To achieve that recognition for Oregon and Southwest Washington is a huge achievement for us.”

Employees in the Oregon and Southwestern Washington offices reported that Mann Mortgage’s family environment, relaxed workplace, work/life balance, and teamwork make it a great place to work.

“I’m proud of the team’s ability to work together and act like team members – nobody has a role more important than another,” says Valerie Smith, loan officer/branch manager at Allied Mortgage in La Grande, OR (a division of Mann Mortgage).

Mann Mortgage’s offices across Oregon and Southwestern Washington provide home financing to people in their communities. Their ties with the communities they’re in run deep.

“Our whole team is very passionate about making sure other people in our community are taken care of,” says Liz Olheiser, office manager at Mann Mortgage in Redmond, OR. Our branch manager made an awesome program where once a quarter we donate to two different nonprofits in the three counties we have branches in. So it’s six nonprofits each quarter. What truly makes Mann Mortgage the best place to work is the team and family atmosphere.”

Mann Mortgage was recently named a national Top Workplace of 2021 by Energage, one of the 10 Best Financial Lenders of 2021 by Industry Era, a Top Workplace by Mortgage Professionals America, and the #12 Best Place to Work by Outside Magazine.

“This award is really meaningful because it’s our employees in Oregon and Washington that helped us earn it. They’re working with thousands of people in our communities buy, build, and refinance homes – and they’re having fun doing it!” says Jason Mann, CEO of Mann Mortgage. “Our culture is all about working together to help more Americans own homes. Everyone at Mann is valued for their contribution towards our goal. And it’s really rewarding to keep being recognized for how well we’re doing it.”

Mann Mortgage is hiring

Join Mann’s award-winning team. We’re hiring in Oregon, Washington, and all across the U.S. Visit our career page to learn more.

Buying a house when you have student loan debt

Posted on by Mann Mortgage

More than half of all college students have taken on some form of debt in order to pay for their education – mostly through student loans. The average outstanding amount owed? Between $20,000 and $24,999. If you’re among those that have student loan debt, what are your options for getting a home loan? 

Do lenders look at debt?


When issuing credit, lenders biggest concern is whether a borrower will be able to pay the loan back. They use a lot of calculations to figure it out. One of the major ones is to divide the borrowers’ monthly debts by their monthly gross income. This is called a borrower’s debt-to-income ratio.  

To get an idea of your debt-to-income ratio, consider the amount you pay each month for your minimum credit card payments, auto loan, rent, mortgage, student loan, and other monthly payments. Keep in mind that lenders will look at what you pay each month, not the total amount you owe. If you have $20,000 in student loan debt and make $200 monthly payments, your lender will use the $200 monthly payments in the calculation. Now, divide the amount you pay each month by your gross monthly income (before taxes and other deductions). This is your debt-to-income ratio. 

Generally, lenders want to see, at a minimum, a ratio of 50% or less. 

Pay down your student loans before getting a house?


Thinking about waiting to purchase a home until your student loan debts are paid down can feel like putting your life on hold. Whether you should pay off or down your student debt really depends on your unique financial situation. The price of a home ownership far exceeds just the monthly mortgage bill. There’s insurance, property taxes, utilities, maintenance, and plenty of small expenses. On the flip side, making a wise investment in a home could provide you with financial stability in the right real estate market.  

Speak openly with your home loan officer to decide whether now is the right time for you to invest in a home. They’ll be able to give you expert advice about your real estate market, interest rates, and financial requirements for loans you may qualify for. 

What home loans are available to people with student debt?

Many loan options are available to people regardless of the type of debt they have. Some favorites among young borrowers with student loans are conventional, USDA, VA, and FHA loans. 

Conventional loans
If you have decent credit and can make a down payment of at least 3.5%, a conventional loan will offer you many great benefits including PMI fees that stop once you reach 22% equity in your home. 

USDA loans 
If you’re looking to purchase a primary home in an area defined as “rural” by the USDA, a USDA loan is a great choice. Chief among the benefits for those with student loan debt is a 0% minimum down payment and no private mortgage insurance fees. 

VA loans 
Another great 0% down payment option for those who are former or current members of the U.S. military. VA loans are available to fund the purchase of primary residences only. 

FHA loans 
If your credit has been diminished by student loan payments, consider an FHA loan. They’re available to borrowers with FICO credit scores as low as 500. You’ll have to make a down payment of 3.5 to 10% depending on your credit score, but it may be a good option to start building financial stability with a home. 

Should you buy a home now? 
Depending on your financial goals, taking advantage of the low interest rates might be a great choice. Contact your local loan officer to help you make the decision about whether you’re ready for home ownership or if it would be more advantageous to wait. 

Buying a home during a pandemic

Posted on by Mann Mortgage

There’s no doubt that Covid-19 has impacted how Americans are buying and selling their homes. Social distancing rules, historically low interest rates, and more people working from home have all changed, but certainly not stopped, home sales. 

What homebuying trends can we expect to continue through 2021? 

Virtual home tours

 

Don’t assume you’ll be able to attend open houses or leisurely tour homes on the market. In order to limit exposure to COVID-19, many sellers allow just the realtor and buyer into the house – with masks and gloves on, of course. No children or extra family/friends are allowed. Last year when Zillow surveyed  home sellers, 43% of them said they’re likely to try to sell their homes entirely online. 

Faster internet connections and better technology have given real estate agents a new tool – virtual tours. In addition to posting better photos, sellers’ agents are offering 3D virtual tours as part of their home listing. If you’d still like to see the home for yourself, your real estate agent can schedule an online video meeting. That way, you can watch a live video, ask questions, and talk to your agent while they tour the home for you. 
 

Low interest rates

 

Rates have dropped like they’re hot. They’re the lowest they’ve been in 50 years, and they’re projected to stay low. Mortgage interest rates are partly based on what the Federal Reserve sets for the federal funds rate. And Federal Reserve Chairman Jerome Powell told NPR in an interview in September 2020, “We think that the economy’s going to need low interest rates, which support economic activity, for an extended period. It will be measured in years.”  

Low interest rates are a boon to home buyers. Last year, 30-year fixed mortgage interest decreased by 1.07%. On an average home loan of $250,000, that’s a savings of about $150 each month between the two rates. That means buyers can afford more expensive homes – and they’re going to need those rates to stay low to compete in this real estate market. 

Sellers’ market with bidding wars

 

We’re generally in what’s considered a “seller’s market”. In many areas, more people are looking for houses than there are houses available. A sellers’ market means we can expect home prices will continue to rise, though experts predict it will happen at a slower pace than we saw in 2020. 

To buy a home in a seller’s market, be prepared to have a better offer than your competition. More than 20% of homes in the U.S. market are selling above their asking price, according to a recent Zillow report. Most commonly, it’s happening among homes priced below $259,906. And Redfin reported more than half of all offers were involved in bidding wars from May through November 2020. That means multiple offers at the same time, often driving up the price above what it was listed for in hope of winning the home. 

Fast-moving inventory

 

Homes were averaging five days less on the market in 2020 then they were just a year before. Zillow reports homes spent an average of just 25 days on the market before accepting an offer. In September, homes moved even faster – the average was under contract in just 16 days. 

What does all this mean for home buyers? When you see a house that fits your needs, make an offer quickly and be prepared to find out others have made an offer as well. Competing for homes can be an emotional roller coaster. Your best bet for staying level-headed is to work with your loan officer to set your budget and be prepared to walk away from a home you can’t afford. 

Buying a second house using a home equity loan

Posted on by Mann Mortgage

Purchasing a second or a vacation home is a dream for many people. But saving enough for a down payment may be a considerable barrier. A home equity loan could be the solution.

If you own a home and you’ve built equity in it, it may make sense to use that equity as the down payment to purchase a new or investment home. This could be done in the form of either a home-equity line of credit (HELOC) or home equity loan.

Your home’s appraised value, your equity in it, and your financial profile will all be used by your lending institution to determine whether you’re eligible for additional financing.

Can you have more than one home equity loan?

You can have as many mortgages and equity lines or loans as you can qualify for. As long as you aren’t overburdened or own more than your property is worth, there are no limits on the number of loans you can have at one time.

Your lender may be less willing to extend further lines of credit to you if you already have one outstanding with them. Rather than taking out two of the same type of loans (two HELOCs or two home equity loans), you may have better luck getting one of each instead. This is because each is looked at as a different type of credit – a HELOC with a revolving credit and a home equity loan with a fixed rate.

Finance for a down payment?

Usually, you can borrow up to 80% of the current value of your home less what you owe for your mortgage. As example, if you have a $500,000 home and owe $300,000 on the mortgage, you’d have $100,000 available for a down payment (80% of $500,000 is $400,000. $400,000 – the $300,000 mortgage = $100,000).

If you’re able to take out a loan for more than 80% of your home equity, you will likely have to pay PMI on your original home loan until you have 22% equity in it again.

Benefits to financing a second home with equity

Home equity credit offers some of the lowest consumer rates on the market because they’re secured by high-quality collateral – your home. The terms your lender can offer you are often far better than anything you could secure on a similar personal loan.

Talk to your local Mann Mortgage branch to see whether using the equity in your home is an option for you when considering a new or investment home.

Buying a Home with Challenged Credit

Posted on by Mann Mortgage

Buying a home with poor credit can be a challenge, but it’s not impossible. Your credit score – whether it’s good or bad – is just one of the factors your home lender will use to decide whether you’re eligible for a loan. 

What is a Bad Credit?

Bad or “low credit” typically means your FICO score is under 600. FICO credit scores range from 300 to 850 and represent how likely you are to pay back a loan. Your score is calculated based on your payment history, amount owed, length of your credit history, new credit, and the mix of credit you have. Your score is using by lending agencies to determine whether you’ll be eligible for a loan and at what interest rate. The closer your score is to 800, the more loan options and lower interest rates you’ll have access to. Lenders tend to define the scores as: 

Exceptional: 800+  
Very good: 740 – 799 
Good: 670 -739 
Fair: 580 – 669  
Very poor: 300 – 579 

To check your credit report annually, you can visit annualcreditreport.com to see what your current FICO score is. It’s free to use once a year and it won’t impact your credit rating. 

Minimum Credit Score Needed for a Home Loan?

There isn’t a universal minimum credit score needed to get a home loan. Instead, each mortgage lender decides the minimum credit score they’ll accept. But when a score is under 600 it’s classified as “subprime” and your loan options drop significantly. A score under 550 is going to have very limited loan options with very high interest rates. 

Other Factors Lenders Consider

Besides your FICO score, a lender will evaluate how much money you have for a down-payment, how much debt you already have, your credit history, and your income. To increases your chances at getting a loan with bad credit, the best option is to have as large a down payment as you can afford to minimize your risk to the lender.  

A potential borrower with a low credit score but a sizeable down payment and a decent credit history is more likely to be approved for a loan than someone with low credit, a small down payment, and no credit history. 

Long-Term Cost of Low Credit Scores

Since early 2020, interest rate on mortgages have dropped. Lower mortgage rates mean smaller monthly payments for principal and interest – and a lower cost for the loan over its life. That said, there’s still a big difference between how much someone with good credit will pay compared to someone with a bad credit score.  

From the chart below, you can see a borrower with a credit score of 639 will end up paying $93,638 more in interest over the lifetime of the loan than a borrower with a credit score of 760. 

MyFICO Loan Savings Calculator for $300,000 mortgage 
FICO score APR Monthly payment Total interest paid 
760 – 850 2.377% $1,166 $119,856 
700 – 759 2.577% $1,201 $132,310 
680 – 699 2.776% $1,229 $142.389 
660 – 679 2.99% $1,263 $154,750 
640 – 659 3.42% $1,334 $180,158 
620 – 639 3.966% $1,426 $213,494 

Home Loan Options for Someone with Bad Credit

FHA loans are insured by the Federal Housing Administration and are designed specifically for borrowers with low credit and lower-to-middle income. You’ll need a down payment to qualify for FHA loans, but your mortgage lender may be able to secure a loan through them even if you have a FICO score as low as 500. 

The best way to evaluate your loan options is to speak with a local mortgage expert. Based on your financial goals, loan eligibility, and local real estate conditions, they’ll be able to help you find the right loan for your needs. 

Getting a mortgage for a tiny home?

Posted on by Mann Mortgage

What counts as a tiny home?

 

What defines a tiny house (also called tiny homes) is, of course, their size. A tiny house is considered a home under 400 square feet (the average traditional home was 2,301 square feet in 2019). Some are built on permanent foundations with a septic tank and solar panels, but most often they’re built on trailers so they can be hauled from one location to another. This has led to some municipalities labeling tiny homes as “recreation vehicles” unsuitable for a primary dwelling. 

Why would you want a tiny home?

 

They’re affordable, they consume less energy, and (if they’re on wheels) you can pick up and move where the wind blows you. They cost about the same per square foot as a standard home, but because there’s less square footage, they can be a great option for people who don’t want or can’t afford a large mortgage. In the last few years, they’ve been very popular with 25-40 year-olds that use them as a step towards buying a traditional home. But they’re equally popular with people over the age of 55 who use them as a way of downsizing, a mobile home for visiting family, or as a second home on their property for visitors. 

Can you build a tiny home anywhere??

 

Despite the growing enthusiasm with tiny houses, it’s still hard to find a place to build one for full-time use. Zoning laws and building codes have minimum size restrictions that most tiny homes won’t meet. Some cities have begun to create tiny house-friendly zones, but they’re rare. Your best bet? Keep your tiny home on wheels or don’t use it as your full-time residence. If that’s not an option, be sure to talk to your local mortgage originator or other housing expert that understands your local building codes and zoning restrictions to see if you can live in a tiny home or not. 

Home loans for tiny homes?

Maybe. If your tiny house is on wheels (and most are) it’s almost always classified as a recreational vehicle (RV). You can’t get a home loan for an RV even if you plan to live it in full-time – you’ll need an RV loan. But, if you build your tiny home on a permanent foundation, you may be able to get a home loan for it. Home loan originators (your bank, mortgage company, or credit union) will likely have a minimum amount they can loan for a home, usually around $50,000. So long as you meet their minimum requirements, you may be able to get a mortgage for the tiny home of your dreams. Your best bet is to reach out to your loan originator directly to see whether you would qualify for a tiny house home loan. 

Other options for purchasing a tiny home

 

If you already own a home and want to add a tiny home to the property it’s on, consider getting a home equity line of credit to finance it.  To talk to a loan officer at Mann Mortgage on options and potential alternatives, please get in touch.

The future of tiny homes

 

Job losses due to Covid, stagnant wages, and increased property prices all make it more difficult for first time homeowners to break into the market. There will certainly be a market for tiny affordable houses, but the real hurdle is the lack of legal places to live in one. The American Tiny House Association and the Tiny Home Industry Association are both working hard to promote best practices in home construction and recognize them as a safe and permanent housing option.  

If you have any question about tiny homes in your community or whether you’d be eligible for a home loan for your tiny home, contact your local mortgage expert at Mann Mortgage today. 

Mann Mortgage Named one of America’s Best Place to Work by Outside Magazine

Posted on by Mann Mortgage

Each year, Outside magazine accepts submissions from companies around the U.S. to be included in their prestigious list of Best Places to Work. Outside vets each company’s workplace culture, demographics, work-life balance, and perks of the job. In addition, they do an extensive anonymous survey with current employees to get their take on the work environment. Only those companies that excel in both areas – providing excellent company benefits and getting great reviews from employees – make it to the list of 50 Best Places to Work.

To be eligible for the award, everyone at Mann Mortgage completed an anonymous survey. They were asked to rate areas such as their relationship with their supervisor, their work environment, their confidence in the leadership team, their role satisfaction, and their pay and benefits. The survey results were 75% of Mann’s total score, and they were high enough to rank us as the #12 Best Place to Work in the US.

This year, a theme among companies that made the Best Place to Work list was embracing the new working environments where social distancing and creative team building are the norm. At Mann, we quickly adapted to working, meeting, and partying remote – 40% of us now work from our home offices. Like many of the companies on the list, we’ve found working remote to be an effective and efficient way to work and we’ll continue to allow it, even once the pandemic is over.

“We’re thrilled that we, a mortgage company, are included in this list of exceptionally innovative companies. These organizations are defining what great corporate culture looks like in this country, and we are honored to be included with them,” said Cassidy O’Sullivan, business executive for Mann Mortgage. “We want Mann to be a positive place where people are excited to come to work and have a voice in the company.”

Mann Mortgage’s positive corporate culture was also recognized by Mortgage Professionals Americawho gave the company a Top Mortgage Workplace 2020. Of the hundreds of mortgage companies that were nominated, Mann Mortgage was one of only 29 who received the award.

“These awards show our employees do a great job making each other feel welcome, needed, and heard” said company CEO, Jason Mann, “and I’m just so grateful to be part of such an exceptional team.”

Want to Join the Mann Mortgage Team?

Mann Mortgage is based out of a beautiful Kalispell, Montana. We’re always on the lookout for talented and fun-loving people to join our team. Our corporate office hires for positions such as quality control, underwriters, and product specialists. We also have branch offices across the United States that hire loan officers, production assistants, processing agents, mortgage sales managers, and more. You can view and apply for open positions at mannmortgage.com/careers or email your resume and cover letter to jobs@mannmortgage.com.

What is a home equity line of credit?

Posted on by Mann Mortgage

A home equity line of credit (HELOC) uses the equity you’ve built in your home as collateral to get an additional loan. Since you’re using your home as collateral, lending institutions generally are able to offer much more favorable interest rates than you would get from an unsecure borrowing source (like a credit card company).  

How much money can you get from a HELOC?

Each lending institution has different guidelines that dictate how much they can lend you. Their guidelines are usually based on your loan-to-value ratio (LTV), which is the amount of principal on your mortgage compared to your home’s appraised value. Most often, you’ll need at least 20% equity in your home (which is a LTV of 80%) to qualify. As example, if your home’s current value is $300,000 and the remaining balance on your mortgage is $250,000, you would have an LTV of 83%. For many lending institutions, you would not qualify for a HELOC.  

However, if your home’s current value is $300,000 and the remaining balance on your mortgage is $175,000, your LTV would be 57.9% and you would normally qualify for a HELOC for up to 80% of the equity in your home. In this example, you may have access to $65,000. 

Be aware that many lenders won’t give you a HELOC for less than $25,000.  

How do you get the cash?

Much like a credit card, you’ll have a revolving line of credit available. You can access your funds through an online transfer, a check, or a credit card. As you borrow more from your line of credit, your payments will increase though the rate of interest will remain the same.  

When Do You Pay Back HELOC Funds?

Most have two phases. The first is the “draw period” which may last years (often up to 10) during which you can access your available credit. During the draw period, you’ll make monthly interest-only payments on the funds you withdraw. At the start of the second phase, you’ll no longer have access to your funds and you’ll have to start making regular principal-plus-interest payments until your balance is $0. Most lenders allow the second phase to last around 20 years. 

Benefits of a HELOC

Even if you get a HELOC, you don’t have to use the funds. As long as your lender doesn’t require you to do minimum draws, it could be a good source of emergency cash or a temporary safety net. If you do need to use the cash, the interest rates are lower than the rates tied to credit cards. 

Cons of a HELOC

The rate on your HELOC might fluctuate, and if it goes too high, you may have a hard time paying off your interest. Furthermore, your lender may decide to reduce your line of credit if your home’s value takes a drastic dip. And, don’t forget your overall debt load will increase with a HELOC or any other second mortgage. 

Is a HELOC right for you?

If you have enough equity built into your home and need cash for a home improvement, to cover medical bills, to pay off credit cards, or to sustain your lifestyle after losing a job, a HELOC might be a great solution. To find your home’s current value and how much you could get from a HELOC, contact your local Mann Mortgage expert today. 

Alternative options

One potential alternative is a cash-out refinance, which you could also use to pay for a home renovation or to pay off credit card bills. Learn more about cash-out refinances. If you have questions on HELOCs or other programs that will let you leverage your home equity, please get in touch with one of our local mortgage experts today.

6 things you shouldn’t do when you’re pre-approved for a mortgage

Posted on by Mann Mortgage

Just because you’re pre-approved for a loan doesn’t mean you’re guaranteed to get final approval on your loan. When your offer has been accepted and it’s time to begin closing on your loan, your mortgage lender is going to take another detailed look at your credit history, assets, income, and FICO score. You want to make sure you look just as good as you did the day you got pre-approved. How can you do that?  

1. Don’t miss payments   

They’re going to see whether you’ve been late or missed any payments on your credit cards or loans since you were pre-approved. Just one 30-day late payment can negatively impact your credit report by many points. Make sure you have all your medical bills, parking tickets, and utility bills up-to-date and paid too! 

2. Don’t apply for new credit 

Applying for new credit will lower your credit score and, if you’re approved, increase your debt-to-income ratio – a key factor lenders consider when you apply for a mortgage. These changes could affect the terms of your loan or get it denied altogether.

3. Don’t change jobs  

This might be out of your control, but it’s best to stay with the job you had when you had your loan pre-approval. Switching jobs could signal a change in income, which may impact the amount you’re approved to borrow.

4. Don’t make large purchases

You might be tempted to start shopping for furniture or appliances for your new home, but you shouldn’t do it. If you put the charges on your credit card, your debt-to-income ratio will change. And if you pay cash, you’ll have less money for a down payment or as an asset. Hold off on any large purchases until you’ve closed on your new home!

5. Don’t make a large cash deposit 

Any big cash deposits into one of your accounts prior to your mortgage closing looks fishy to an underwriter. They’re trained to spot evidence of borrowers needing to be gifted money for their mortgage – a clear sign the borrower may default. If it’s inevitable that you’ll have a deposit over $1,000, expect to be able to show the origin of the funds to your mortgage company. Transferring money between your accounts is generally fine.

6. Don’t refinance for lower rates    

Don’t refinance your loans for a lower rate until after your home loan has closed. Refinancing is considered taking out a new line of credit, which isn’t good for someone looking for a mortgage. An established loan you’ve been making regular payments on looks better to mortgage underwriters than a new lower-interest loan you haven’t made many payments on yet.

What should you do? 

Talk to your mortgage expert if you have any question on your current credit score or how your actions will affect your pre-approval. Your local Mann Mortgage branch is dedicated to making your experience both personalized and hassle-free.

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