Amber Hutton | Mortgage Advisor | NMLS #1756546| Licensed in MN, CA, TX, CO, & IN
501 (c)(3) non-profit providing education around financial wellness |
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DO I need a large down payment to purchase a home?
To purchase a home in Minnesota there are more than one option for your down payment. Each program has its own regulations, but it is a Myth that you must have a large downpayment to buy a house.
What is PMI?
PMI stands for Private Mortgage Insurance. It is an insurance that is part of the borrowers monthly mortgage payment if the loan to value amount is less than 80%. This monthly payment is in place to protect the LENDER in case you the borrower default on the mortgage. On Conventional Loans the PMI can be dropped at 80% and will automatically drop at 78%. On FHA loans that were originated after June 3, 2013 PMI is on the loan for the life of the loan.
Should I pay off my debt by the largest percentage Rate first?
All though it seems that paying your debts off by the largest interest rate first, it actually in the long run does not save you that much. However, the psychological impact of eliminated your debts in order of the smallest value amount first has a much higher success rate of completion than doing it in order of the highest interest rate. I recommend you do the Debt Snowball approach with your debts that Dave Ramsey recommends.
DO i NEED A FINANCIAL aDVISOR?
If you want to build wealth the answer is YES! However, if you are currently not saving money, and/or have access to a life insurance policy elsewhere then the answer is NO. I would only recommend you have a Financial Advisor if you realistically can save money each month above and beyond what you have in your current Savings and Checking accounts. The returns that your money can make at an investment firm are much larger than what you can make at your traditional bank. Traditional banks are not built for long term interest growth. As with anything, a good professional will be well worth their fees if that is your concern. Seek out a referral for a good Financial Advisor who has a proven record of high touch customer service.
What is the difference between a Loan Originator and a mortgage Advisor?
Loan Origination is the term used to describe the process that occurs when a buyer obtains a mortgage loan from a lender. These individuals are transactional in nature.
Mortgage Advisor is the term used to describe me, a person who develops deep relationships with borrowers and provides advice on which mortgage would fit your financial portfolio best. Then I provide the steps to help you be approved for the best loan and help you get to closing on the new loan.
Mortgage Advisor is the term used to describe me, a person who develops deep relationships with borrowers and provides advice on which mortgage would fit your financial portfolio best. Then I provide the steps to help you be approved for the best loan and help you get to closing on the new loan.
Where can you originate loans?
I am currently licensed in Minnesota, Colorado, Texas and Indiana. If you are located in any of these states I can originate your home loan. If you are in any of the other states and we have a branch there, I can do the majority of the loan setup, I just can not originate it. Contact me if you have questions.
What does it look like to work with you?
The best place to start is contacting me about your financial questions, or applying for my coaching services. From there I can help you determine if it makes sense what your best next steps are for financial freedom. I am available for budgeting questions, business finance questions and any other miscellaneous questions you have around money. If I do not know the answer I will connect you with an expert in the field that you are needing assistance in.
What does it cost to work with you?
As a Non-Profit my services are available on a donate what you can basis. After you fill out your financial coaching inquiry I will reach out with my recommendations for next steps.
