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36 Gift Ideas for Every Kind of Homeowner on Your List

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Need ideas for the homeowner on your shopping list? We’ve got you covered. We’ve curated a list of 36 thoughtful gift ideas for every kind of homeowner in your life.

Gifts for The First-Time Homebuyer


Gifts for The Homeowner With Kids


Gifts for The Empty Nesters


Gifts for the Home Cook


Gifts for the Backyard BBQ Enthusiast


Gifts for the Home Gardener


Gifts for the Pet-Loving Homeowner


Gifts for the Hobbyist Homeowner


Gifts for Your Work From Home Friend

  No matter what you decide to gift the homeowner in your life, we like to think their home is really the gift that keeps on giving. Happy gifting!

*We do not warrant or endorse the merchandise or companies listed.

Your Guide to Using Gift Funds For FHA Loans

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Did you know you can use gift funds toward a down payment?

With an FHA loan, you can use gift funds to cover all or some of your down payment, closing costs or financial reserves.

So if you’re looking to pursue homeownership, why not put gift funds on your wish list this year? Read on to find out who can give, requirements and needed documentation.


What Are Gift Funds?

Gift funds are monies that are given to a borrower to go toward a primary or secondary home purchase. The funds can be put toward all or some of the down payment, closing costs or financial reserves.

Note: Gifts are not allowed on investment properties.

Who Can Give the Funds?

A Relative

Fannie Mae defines a relative as a spouse, child or other dependent or by anyone related to the borrower by blood, marriage, adoption or legal guardianship.

A Non-Relative

Someone who shares a familial relationship with the borrower which includes a domestic partner (includes relatives of domestic partners as well), a former relative, a godparent or a fiancé/fiancée, according to Fannie Mae guidelines.

Note: The donor can’t have an affiliation with the builder, developer, real estate agent or interested party.

Gift Fund Requirements


Minimum Borrower Contribution

For most purchases, a borrower doesn’t need to contribute a minimum amount of money and all funds needed for the transaction can come from a gift.

For borrowers who have a loan-to-value of over 80% and are purchasing a two- to four-unit primary home or a second home, the borrower must contribute 5% of their own funds before using gift funds, according to Fannie Mae guidelines.


Needed Documentation

Gifts need to be documented through a gift letter signed by the donor and list the name of the trust or estate account (if applicable). Gift letters include the following:

  • The actual or maximum dollar amount of the gift
  • A statement by the donor that they don’t expect to be repaid
  • The donor’s name, address, phone number and relationship to the borrower

Verifying the Gift Funds

To verify the donor’s contributions with your lender, the borrower must provide any of the following documentation:

  • A copy of the donor’s check and borrower’s deposit slip
  • A copy of the donor’s withdrawal slip and borrower’s deposit slip
  • Proof of the electronic transfer of funds from the donor’s account to the borrower’s account or to the closing agent
  • A copy of the donor’s check to the closing agent
  • A settlement statement showing receipt of the donor’s check

Your Home Purchase Starts Here

If a home of your own is on your wish list, we can help!

Our talented and knowledgeable Loan Officers will walk with you through all the needed documentation and steps, starting with preapproval so that you know how much you can afford when house hunting.

Get preapproved here to start your homebuying journey.

The Pros and Cons of Purchasing a Condo

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Are you eager to own a home, but hesitant about the maintenance that it might require or even the price? Thankfully, today’s homebuyers have a variety of property types to choose from, including condominiums, that offer unique advantages.

Curious if a condominium might be a good fit for you? Read on to find out the pros and cons of purchasing a condo and if it’s the right option for your lifestyle.

First, What Is a Condo?

When you buy a condominium, or condo, you own an individual unit that typically shares ownership of common spaces within a community of units. Common areas can include hallways, pools, gyms, elevators and more that are managed by a condominium association.

Pros of Buying a Condo

More Affordable

Condos typically cost less to purchase than a single-family home, making homeownership more accessible. In Sept. 2024, the median price of existing single-family homes was $409,000 compared to a median price of $361,600 for existing condos, according to the National Association of Realtors®.

Less Maintenance

Typically, you only need to care for your condo interior while common spaces are handled by a professional management company. So, you get to enjoy any amenities like a pool or gym without having to maintain it or having to rake leaves or mow the lawn.

Amenities

When you live in a condo, depending on how upscale it is, you will have access to amenities that you share the cost of with your neighbors like dog parks, gyms, playgrounds, pools, hot tubs and parking garages to name a few.

Community

Living in close proximity with others and sharing common spaces allows for more communal living and social opportunities. Plus, many condominium associations will organize events to help you connect with your neighbors. Some condos can have 24/7 staff like a concierge, doorman or security that can help residents who live by themselves feel safer and less alone.

Cons of Buying a Condo

Less Privacy

The reality of condo ownership is that you share spaces and oftentimes walls with your neighbors, so you will see and potentially hear them at times when you may not want to.

Condo Association Rules and Fees

Under the authority of a condominium association, you’ll be responsible for paying certain monthly fees to account for services like trash pickup, amenities and more. You’ll also be subject to its rules and less autonomous than you might be in a single-family home. There may be limits to what you can do inside and outside your home as it pertains to things like pets, home improvements or changes to your unit.

Less Space

Condos tend to have less square footage than single-family residences, which could be a positive if you live alone and want less of an area to clean. However, it might not be ideal for larger families as you’ll have less living space and often limited outdoor space.

The Bottom Line

If the downsides of condo living aren’t dealbreakers and you enjoy living communally with less maintenance and access to amenities, a condo might be a great fit for you! The good news is Premier Mortgage Associates provides the perfect loans to satisfy your condo financing needs. We offer a variety of condo loans at competitive rates that are suited for primary homes, second homes and investment properties. Our condo loans can be customized to address your unique scenarios, and our knowledgeable loan officers can provide you with a seamless loan experience.

Trigger Leads: What They Are and How to Opt Out

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If you’ve ever applied for a mortgage, credit card or had a hard credit inquiry, you’ve probably experienced other lenders or financial service providers contacting you with unsolicited phone calls, email or mail.

Why Does This Happen?

When you apply for a mortgage, your credit report is pulled from the three major credit bureaus: Equifax, Experian and TransUnion. As a lender, we take steps to ensure your privacy by removing your email address and phone number from the report.

However, the bureaus collect and keep detailed information about your credit history, and they may unfortunately sell your information to third-party companies – a practice called “trigger leads.”

What Can I Do to Stop it?

Thankfully, the bipartisan U.S. Senate bill called “The Homebuyers Privacy Protection Act of 2024” might lead to a ban on trigger leads in 2025, according to the National Mortgage Professional.

In the meantime, the good news is you can stop these unsolicited mail, phone calls and emails by opting out. And if you plan to apply for a mortgage in the next year, we recommend opting out ahead of time to prevent it from happening altogether.

How to Opt Out

There are two options: You may opt out for five years or opt out permanently.

How to opt out for five years:

Call 1-888-5-OPT-OUT (1-888-567-8688) or visit optoutprescreen.com.

How to opt out permanently:

Make your request at optoutprescreen.com – you will be provided a Permanent Opt-Out Election form that must be signed and returned. You’ll need to provide certain personal information that will be kept confidential and used only for the purposes of opting out.

Alternatively, you can send a written request to each credit bureau that includes your phone number, name, Social Security number and date of birth.

Experian
Consumer Opt-Out
P.O. Box 919
Allen, TX 75013
888.397.3742.

TransUnion
Opt Out Request
P.O. Box 505
Woodlyn, PA 19094
800.916.8800

Equifax
Opt Out
P.O. Box 740123
Atlanta, GA 30374
888.548.7878

Your Privacy Matters to Us

As a mortgage lender, Premier Mortgage Associates takes your privacy seriously and make every effort to ensure your information is secure. If you plan to apply for a mortgage any time in the future, we encourage you to opt out in advance so you can prevent the calls from coming in the first place.

Swimming Pools: A Deep Dive on the Cost and Value

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Happy woman, man and little girl swimming in a pool on a green inner tube. If you don’t have the luxury of a close community pool or a neighbor nice enough to let you use theirs, you might be wishing you had a pool in the backyard to cannonball in as temps rise. Whether you’re on the fence or ready to take the plunge, we’ve covered what you need to know about residential swimming pools.

Types of Swimming Pools

First things first, there’s many types of pools that you can install on your property, with some more affordable than others.
 

  1. Inground Pools | Cost: $28K-$55K



    These are your most traditional, family-friendly type of swimming pool, and they are typically made of either fiberglass, concrete or vinyl-liner.

    Fiberglass costs more upfront but can be installed quickly and has the lowest cost of maintenance out of the three, according to Forbes.

    Vinyl-lined pools are highly customizable in size and have the lowest installation cost, but the liners can be susceptible to tears and will need to be replaced every 7-15 years, a process that can cost up to $4,000, Ecooutdoor reports.

    Concrete pools are the most durable and long-lasting option, and they are highly customizable. The downside is you’ll have to wait three to six months for the install, according to Forbes. They can also be difficult to maintain and prone to algae growth, meaning you’ll need to invest in more filtration and chemicals on a routine basis.

  2. Above-Ground Pools | Cost: $1,850-$5,000



    Pools constructed above ground on your property allow homeowners to enjoy the perks of a pool at a lower upfront cost and quicker turnaround time. Plus, they offer a safer option for families as there’s a lower risk of falling in. However, they’re considered not as “pretty” as inground pools, which can be a deterrent to potential buyers when it’s time to resell. Additionally, durability is an issue as many only last seven to 12 years, according to Ecooutdoor.

  3. Lap Pools | Above-Ground Cost: $15K-$30K | In-Ground: $20K-$70K



    Designed for swimming laps, these long, rectangular pools are a refreshing way to exercise. While not a very family-friendly option, lap pools tend to incur less maintenance costs since they usually have less water.

  4. Infinity | Cost: $55K-$130K



    If you want the resort experience from the comfort of your home, you can opt for a custom-built infinity pool. While beautiful, you’ll end up paying 30% more than a regular inground pool.

  5. Saltwater Pools | Cost: Varies



    Opting for saltwater over chlorine can give you lower monthly maintenance costs and can be gentler on skin, according to Forbes. However, they can be more expensive up front thanks to special generators that cost up to $1,500 and salt cells that range from $300 to $600 and need to be replaced every several years, according to National Pools & Spas. Additionally, salt is corrosive and can damage anything metal.

  6. Plunge | Cost: $14K-$25K



    Designed to be cold, small and one depth, plunge pools are intended as a cool down after athletic activity rather than swimming.

  7. Swim Spas | Cost: $18K-$26K



    Kind of like a hot tub, swim spas are small pools meant for lounging that can have jets and lights. They cost less than a full-size pool and are a relaxing option for a small household. However, you won’t get much serious swimming done in it and they’re usually too small for families.

  8. Indoor Pool | $40K-$200K



    If you live in a colder climate, an indoor pool makes it possible to enjoy your pool all year long without having to winterize it. You can have it installed in an existing basement, sunroom or screened porch. While you’ll have less maintenance with it not being exposed to the elements, enclosed pools are still very expensive and require dehumidification systems.
 

The Cost of Residential Pool Maintenance

Once you have a pool, maintaining is a key part of helping retain the value of it. According to Forbes, it takes an average of about $180 per month, depending on your location and the size, materials and type of pool. Plus, be prepared for utility bills to increase as well as home insurance premiums.

Do Swimming Pools Add Value?

Now that we’ve looked at the numbers, you’re probably wondering if it’s worth it to install a pool and how much return you’ll see on your investment. In hot climates like Florida and Arizona, a well-kept pool can raise your sale price by 7%, according to Forbes. However, some buyers may not want to deal with the maintenance or safety risks a pool entails. When it comes to your own personal satisfaction, no one can put a price on the joy of jumping into a cold pool on a hot day.

Where’s it’s Really Cool to Have a Swimming Pool

NAR data from 2021 showed the top five cities that had the most pools in the U.S. were all in Florida: Boca Raton (74%), Miami (70%), Fort Lauderdale (69%), Hollywood (67%), and Pompano Beach (67%). On the other hand, pools were pretty rare in Anchorage, Alaska (2%); Lincoln, Nebraska (2%); Pueblo, Colorado (2%); and Lancaster, California (2%).

Pros and Cons of Owning a Swimming Pool

Pros

  • You have many options as far as sizing, materials and type of pool available to you
  • Great for family fun, exercising, cooling down and entertaining
  • Can increase your home value in some markets
  • A private swimming experience as opposed to a community pool

Cons

  • Requires regular maintenance
  • Cost of installation
  • Higher utility bills and insurance premiums
  • Safety Concerns

 

How to Finance a Swimming Pool

You’re not on your own when it comes to financing a pool – we offer a variety of options.

Cash-Out Refinance

Our cash-out refinance allows you to access funds from your home’s equity to help with renovation projects like installing a pool. It works by replacing your existing mortgage with a new home loan that is for more than what you owe on your current mortgage. Then, at closing, you get back the difference in cash.

HELOC

A Home Equity Line of Credit (HELOC) allows you to use the equity you have built in your house as a line of credit to finance large expenditures over time. HELOCs are perfect for remodeling projects that add value back into your home. We offer HELOC loans ranging from $25,000 to $500,000 with investment property, bridge and interest-only options.

Final Thoughts on Swimming Pools

Whether you choose to install a pool in your home, purchase a pool home or want a house with a sweet community pool, we can help. Learn more about our financing options and friendly Loan Officers who are ready to help you with all of your homeownership goals.

We do not guarantee the accuracy of the information provided by the vendors.

Down Payments: A Guide for First-Time Homebuyers

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Ever wondered if you need to put 20% down to buy a home? Or if there’s a way to reduce your down payment? Or even, what exactly is a down payment? There’s no dumb questions here, and we’ve got the answers for you.

As a Reminder

A down payment refers to the amount of money you contribute upfront when buying a home.

The 20% Down Myth

You might have heard that you need to put 20% down to buy a home, but that’s not exactly true. The size of your down payment will vary depending on the loan program you apply and qualify for.

For example, VA loans do not require a down payment for qualifying active-duty military, veterans and surviving spouses. Buyers wishing to purchase a home in rural areas can apply for a USDA loan, another government-sponsored zero-down program.

FHA loans, backed by the Federal Housing Administration, can go as low as 3.5% down depending on the borrower’s credit score.

Conventional loans, also known as conforming loans, allow buyers to put as little as 3% down, but typically lenders will require you to pay for private mortgage insurance (PMI) that can be canceled once you’ve earned over 20% in home equity.

So, How Much Should You Put Down?

That’s a great question, and the answer will be unique to you and your family’s needs.

Last year, the typical down payment for first-time buyers was 8% and 19% for repeat buyers according to the 2023 NAR Buyers and Sellers Demographic Report.

It’s beneficial to put down a smaller down payment to make homeownership more accessible and immediate without draining your savings.

However, with a larger down payment, you can typically get a slightly lower interest rate, plus you will be lowering your monthly mortgage payment since you’ll owe less over the life of your loan. You’ll also have more equity in your home upfront and can typically avoid PMI with a down payment over 20%.

Down Payment Assistance Programs

For first-time home buyers, 38% said saving for a down payment was the most difficult step in the process according to the 2023 NAR Buyers and Sellers Demographic Report.

However, there are many programs offered by state, county and city governed agencies that are designed to reduce the amount needed for a down payment using loan and grants. These are called Down Payment Assistance (DPA) programs, and they allow for first-time homebuyers with low to moderate incomes to achieve their goal of homeownership.

The Bottom Line

The size of your down payment will vary based on your unique circumstances and the loan program you apply for. Thankfully, you’re not alone in your home purchase pursuit, and our expert Loan Officers will walk you through your options and find the best financing fit for your needs.

How to Refinance Student Loans to Buy a Home Sooner

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If you’ve invested in higher education, chances are, your degree probably came with job opportunities, a cap and gown and countless memories – but most likely also a lot of debt.

According to Experian, the average student loan balance was about $38,787 as of Q3 2023.

The outstanding balance for federal student loans as of March 2024 totaled $1,620.1 billion spread out among 42.8 million borrowers, according to the office of Federal Student Aid – an office of the U.S. Department of Education.

That’s not even including private student loans, which have an estimated $130.28 billion total private student loan balance as of Q3 2023, according to Enterval Analytics’ Private Student Loan Report.

Suffice it to say, you’re not alone if you’re carrying around student loan debt. We have good news though: Refinancing can help.


Why Refinance Student Loan Debt?

Whether you’re not sure you should refinance your student loans or trying to decide if now is the right time, we can help.

We recommend refinancing student loan debt if:
  • You want to increase your chances of buying a home
  • You have any loans with double-digit or variable interest rates
  • You have multiple student loans, whether public or private
  • Your debt-to-income (DTI) ratio is high, meaning you owe more than you make
  • You want to pay off student loans faster

If any of those sound like your situation, we’ve got good news.

NEW Student Loan Refinancing Options

We’re excited to now offer student loan refinance options! This program allows for qualified applicants to refinance their public and private student debt into a single loan with a low fixed interest rate and monthly payment.

Student loan debt doesn’t have to hold you back from buying a home, and we want to help reduce any barriers to your homeownership goals through this new program.

The Benefits of Refinancing Your Student Loans With Us

You Could Save Thousands

Converting a high-interest student loan into a lower-interest loan can save you a lot of money and significantly cut down your student debt.

It Could Improve Your Monthly Cash Flow

With lower loan payments, you’ll have more disposable income at the end of every month.

It Could Allow You to Save for a Mortgage Down Payment Faster

When you refinance, you can put those monthly savings toward a down payment on a new home.

You’ll Be Lowering Your DTI

Your debt-to-income ratio is just as important as your credit score when applying for a mortgage. Refinancing can reduce your DTI, thus making it easier to qualify for a mortgage.

You’ll Only Need to Make Just One Monthly Payment

Instead of making multiple payments to cover multiple student loans, make just one! By refinancing, you can consolidate all your public and private student debt into one single loan with a low fixed interest rate and monthly payment.

5 Simple Steps to Refinance

As mentioned, refinancing a high-interest rate student loan or loans will save you money, improve your cash flow, lower your DTI and help you buy a home sooner.

And did we mention, it’s quick and easy? By your next payment, you could be paying a reduced interest rate and have a single lower monthly payment.

Here’s what you’ll do:
  1. Find your rate
  2. Apply online in 15 minutes
  3. Submit documents
  4. See loan rate and term
  5. Review loan and e-sign

Apply Today

Don’t let student loan debt hold you back from homeownership. Click here to see just how much you can save by refinancing your public and private student loans!*

*If you refinance federal student loans, you may no longer be eligible for payment options available to federal loan borrowers or other federal benefits.

NQM Funding, LLC is not affiliated with Bank of Lake Mills. NQM Funding, LLC offers home loan financing and does not offer student loans or debt consolidation services. A mortgage loan with NQM Funding, LLC is not contingent upon obtaining a student loan or using Bank of Lake Mills’ services. Please consult with a student loan advisor to understand the benefits that you may gain by consolidating or refinancing student loans. Bank of Lake Mills makes all credit decisions and is responsible for all student loan activities.

Home Renovations That Add the Most Value in 2024

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Whether your starter home is beginning to seem more long-term or you’re looking to upgrade your fixer-upper, investing in remodeling projects can help customize your home to your needs, enhance curb appeal and most importantly, add value to your home when it comes time to sell.

If you ready to invest in your home, but aren’t sure where to start, we recommend tackling projects that will give you the most return on investment (ROI), meaning the value you add to your home will exceed the cost of the job.


Renovations With the Highest ROI Nationally

According to the Remodeling 2024 Cost vs. Value Report, the top three renovation projects that you’ll get the most bang for your buck are a garage door replacement, steel entry door replacement and manufactured stone veneer exterior.


Garage Door Replacement

National Average Cost: $4,513
National Average Resale Value: $8,751
National Average ROI: 193.9%

Replacing your existing 16×7-foot garage door and tracks with a four-section garage door on steel tracks with top panel windows recoups an average 193.9% of the cost – a jump of 91% more value from 2023. The job, as described by Remodeling, uses the existing motorized opener but adds a new door made from high-tensile-strength steel with two coats of paint, insulation and thermal seals – plus, a lifetime warranty on the new door.


Steel Entry Door Replacement

National Average Cost: $2,355
National Average Resale Value: $4,430
National Average ROI: 188.1%

Give your entry door a fresh look by replacing it with a new steel door.  The Remodeling report suggests a 20-gauge steel unit with a dual-pane half-glass panel and an aluminum threshold with composite stop. The job will run you about $2,355, but you’ll be recouping 188.1% of the cost – up 88% from 2023. Not only will the renovation enhance curb appeal, but steel doors are also known to provide more insulation, making it an energy-efficient choice. Plus, you can count on it being long-lasting, durable and highly secure.


Manufactured Stone Veneer

National Average Cost: $11,287
National Average Resale Value: $17,291
National Average ROI: 153.2%

Add a whopping $17,291 value to your property by replacing your exterior vinyl siding from the bottom third of the front of your home with an adhered manufactured stone veneer. Make sure to include proper water protection and you’ll be left with an attractive, long-lasting and low-maintenance enhancement to your house exterior. The project will cost you upward of $11,000, but you’ll recoup 153.2%, up 50% from 2023 with a consistent increase in value year-over-year.


Renovations With the Lowest ROI

On the flip side, the Remodeling 2024 Cost vs. Value Report detailed the renovation projects that tend to cost way more than they are worth. Think twice before you proceed with adding a primary suite, bathroom or undergoing a major kitchen remodel.

Primary Suite Addition

Upscale: National Average Cost: $339,513
National Average Resale Value: $81,042
National Average ROI: 23.9%

Midrange: National Average Cost: $164,649
National Average Resale Value: $58,484
National Average ROI: 35.5%

Whether it’s midrange or upscale, no matter how you swing it, adding another primary suite will be an expensive project with little return. In fact, data going back to 2010 suggests the cost has always outweighed the resale value, with the ROI for an upscale addition peaking at 59.9% in 2017 and sharply declining ever since.


Bathroom Addition

Upscale: National Average Cost: $107,477
National Average Resale Value: $34,997
National Average ROI: 32.6%

Midrange: National Average Cost: $58,586
National Average Resale Value: $20,334
National Average ROI: 34.7%

Adding a bathroom to your home is another high-cost, low-reward renovation project, with just a midrange addition proving to be a loss of over $38,000. Going back to 2010, data shows that the resale value has never exceeded the cost, and the ROI has continued to decline since 2019.


Major Kitchen Remodel

Upscale: National Average Cost: $158,530
National Average Resale Value: $60,176
National Average ROI: 38%

Midrange: National Average Cost: $79,982
National Average Resale Value: $39,587
National Average ROI: 49.5%

Kitchen remodels are very common, but according to the data, doing a major renovation doesn’t recoup its value and hasn’t ever based on numbers going back to 2010.

Major kitchen renovations at the midrange level include updating a 200-square foot kitchen with 30-feet of semi-custom wood cabinets, a 3×5-foot island, laminate countertops and a double-tub stainless steel sink. Additionally, a major remodel would involve adding an energy-efficient range, vented range hood, built-in microwave, dishwasher, garbage disposal, custom lighting, resilient flooring and fresh wall paint.

However, if you’ve got your heart set on updating your kitchen, you would be better off considering a midrange minor kitchen remodel according to the numbers.

A 200-square foot kitchen remodel is considered minor by leaving the existing cabinet boxes in place but updating them with new shaker-style wood panel fronts, plus new hardware. Additionally, it includes updating appliances like the range and refrigerator with new energy-efficient versions, replacing laminate countertops, opting for a moderately-priced sink, new flooring and finally, a fresh coat of paint on the walls.

A minor midrange kitchen remodel will cost an average of $27,492, but will recoup 96.1% of the cost, with a resale value of $26,406.


Remodeling Projects With the Highest ROI by Region in 2024

Take a closer look at your region to find out the projects that recoup more value than they cost, according to the Remodeling 2024 Cost vs. Value Report.

East North Central

  1. Steel Entry Door Replacement: 161.8% ROI
  2. Garage Door Replacement: 152.3% ROI
  3. Manufactured Stone Veneer: 112.2% ROI

East South Central

  1. Garage Door Replacement: 172.8% ROI
  2. Steel Entry Door Replacement: 153.2% ROI
  3. Manufactured Stone Veneer: 141.4% ROI

Middle Atlantic

  1. Garage Door Replacement: 203.6% ROI
  2. Manufactured Stone Veneer: 158.6% ROI
  3. Steel Entry Door Replacement: 158.6% ROI

Mountain

  1. Steel Entry Door Replacement: 185.2% ROI
  2. Garage Door Replacement: 174.4% ROI
  3. Manufactured Stone Veneer: 124.3% ROI
  4. Fiberglass Grand Entrance: 100.4% ROI

New England

  1. Garage Door Replacement: 314.7% ROI
  2. Steel Entry Door Replacement: 236.2% ROI
  3. Manufactured Stone Veneer: 151.7% ROI
  4. Fiber-Cement Siding Replacement: 118.3% ROI
  5. Vinyl Siding Replacement: 115.8% ROI
  6. Minor Midrange Kitchen Remodel: 110.8% ROI

Pacific

  1. Garage Door Replacement: 250.7% ROI
  2. Steel Entry Door Replacement: 249.9% ROI
  3. Manufactured Stone Veneer: 203.5% ROI
  4. Fiberglass Grand Entrance: 136.6% ROI
  5. Minor Midrange Kitchen Remodel: 134.3% ROI
  6. Fiber-Cement Siding Replacement: 115.7% ROI
  7. Wooden Deck Addition: 111.1%

South Atlantic

  1. Steel Entry Door Replacement: 198.9% ROI
  2. Garage Door Replacement: 189.5% ROI
  3. Manufactured Stone Veneer: 150.2% ROI

West North Central

  1. Garage Door Replacement: 158.4% ROI
  2. Steel Entry Door Replacement: 152.5% ROI
  3. Manufactured Stone Veneer: 111.2% ROI

West South Central

  1. Manufactured Stone Veneer: 220.1% ROI
  2. Steel Entry Door Replacement: 163.2% ROI
  3. Garage Door Replacement: 149% ROI

Renovation Financing Options

If you’re ready to invest in your home, that’s where we come in. We offer a variety of options to help you finance your remodeling projects.

Cash-Out Refinance

Our cash-out refinance allows you to access funds from your home’s equity to help with renovation projects. It works by replacing your existing mortgage with a new home loan that is for more than what you owe on your current mortgage. Then, at closing, you get back the difference in cash.

HELOC

A Home Equity Line of Credit (HELOC) allows you to use the equity you have built in your house as a line of credit to finance large expenditures over time. HELOCs are perfect for remodeling projects that add value back into your home.

We offer HELOC loans ranging from $25,000 to $500,000 with investment property, bridge and interest-only options.


Renovation Loans

For homebuyers looking to purchase a fixer-upper, we also offer renovation loans that cover the cost of renovating, remodeling and installing new plumbing or electrical systems.

Find Out How Much You Can Afford Today

Ready to get started on replacing that front door? Or maybe you’re ready to swing for the manufactured stone veneer for ultimate curb appeal enhancement?

Contact one of our Loan Officers today to find out how much financing you can receive for the remodeling project of your dreams.

You can trust our highly experienced team of mortgage professionals to work with you to select the PMA loan product that best suits your unique financial and renovation needs.

Top Boca Raton Mortgage Brokers: Find Your Ideal Home Loan Partner

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Are you in search of reliable boca raton mortgage brokers? Look no further. This article provides a straightforward guide to finding the right mortgage partner in Boca Raton. It spotlights brokers like Premier Mortgage Associates, who excel in offering competitive rates and personalized services. Walk through the essentials of an outstanding mortgage experience without the hassle.

Key Takeaways

  • Boca Raton mortgage lenders provide personalized services through loan officers, ensuring a tailored approach that codifies diverse homebuyer needs, with options like conventional, Jumbo, FHA, VA, and USDA loans.
  • Premier Mortgage Associates, a direct lender, offers a streamlined approval process, competitive interest rates without broker fees, and a client-centric focus for a more efficient and personalized lending experience.
  • A wide array of home loan options are available in Boca Raton, including conventional and government-backed loans, and specialty mortgages accommodating unique borrower requirements, facilitated with the help of experienced loan officers.

Understanding Boca Raton Mortgage Lenders

Mortgage lenders in Boca Raton offer a variety of services to streamline the home buying process. From pre-qualification and pre-approval to the swift provision of commitment letters, these lenders ensure homebuyers are well-equipped to navigate the property market. Loan officers, the bridge between borrowers and lenders, play a crucial role in the lending process. They assess applicants’ financial history and screen for underwriting by examining parameters like salary, credit score, and debt-to-income ratio. This thorough evaluation ensures that mortgage products are tailored to the individual needs of each client. Boca Raton mortgage lenders are known for their adaptability, catering to the needs of various buyers by offering an assortment of financing options suited to different real estate transactions in Boca Raton FL. Whether you’re a first-time homebuyer or a seasoned real estate investor, Boca Raton’s lenders are equipped to guide you through the complexities of the mortgage process.

Mortgage Brokers

Mortgage brokers in Boca Raton, including a skilled mortgage broker, serve as intermediaries between borrowers and lenders. Their primary goal? To find the most favorable loan terms for their clients. These brokers collaborate with a network of wholesale lenders to obtain low-interest rates and reduce costs for borrowers, ensuring that homeownership becomes a reality for many. Offering a variety of loans, including Conventional, Jumbo, and various specialized loans, Boca Raton mortgage brokers cater to a wide array of client needs. Whether you’re looking to buy a suburban family home or a high-end beachfront property, these brokers can connect you with the right lender. However, while brokers play an important role, they are not the only option. Direct lenders, such as Premier Mortgage Associates, offer clear benefits over brokers, emphasizing a direct lending approach that aligns with customers’ needs for an efficient and less cumbersome home loan process.

Benefits of Choosing Premier Mortgage Associates

Choosing Premier Mortgage Associates as your mortgage partner can lead to significant time and money savings. With potentially better interest rates and lower closing costs compared to what brokers might offer, this direct lender ensures a favorable deal for its clients. As a reputable choice mortgage group, they are committed to providing top-notch services to their customers. One of the major advantages of working with a direct lender like Premier Mortgage Associates is the streamlined service. From processing to underwriting to closing, everything is managed in-house. This means fewer hoops to jump through and a much smoother lending experience. With Premier Mortgage Associates, you are not just a number. The firm focuses on building lasting client relationships, prioritizing this over generating a high volume of leads. This client-centric approach ensures a mortgage experience tailored to your unique needs and circumstances.

Competitive Interest Rates

Premier Mortgage Associates pride themselves in offering a variety of high-quality home loan options at competitive rates within the industry. This is made possible due to their extensive selection of home loan products, which include:
  • Conventional loans
  • FHA loans
  • VA loans
  • USDA loans
  • Jumbo loans
These loan options are tailored to meet the needs of a diverse clientele. One of the significant benefits of choosing a direct lender like Premier Mortgage Associates is the competitive interest rates. The elimination of broker fees means more savings for you – the borrower. So, whether you are a first-time home buyer or looking to refinance your mortgage, you are likely to secure a better deal with Premier Mortgage Associates.

Streamlined Approval Process

Time is of the essence in the home buying process. Premier Mortgage Associates understands this, offering a quicker loan approval process compared to many big banks. In fact, most of their loans are closed in 30 days or less. This swift approval process means you can move forward with your home purchase faster. With Premier Mortgage Associates, you no longer have to endure lengthy waiting periods or jump through bureaucratic hoops. Instead, you can focus on finding your dream home and planning the move.

Personalized Loan Programs

Direct lenders in Boca Raton, like Premier Mortgage Associates, are committed to offering personalized financing solutions. The firm focuses on building lasting client relationships for their loan programs, prioritizing this over generating a high volume of leads. They design customized loans based on clients’ unique needs and requirements to make the loan process both stress-free and seamless. This means that whether you are a first-time homebuyer, a seasoned investor, or someone looking to refinance, Premier Mortgage Associates has a loan program tailored just for you.

Exploring Home Loan Options in Boca Raton

Boca Raton’s mortgage lenders, including a reputable fl mortgage lender in Fort Lauderdale, offer an array of services to cater to various financial situations. From first-time homebuyer loans to refinancing, and even reverse mortgages, there’s a suitable loan for every borrower. Utilizing a mortgage calculator can help you determine the best option for your needs. Homebuyers in Boca Raton can choose from conventional loans, government-insured loans, and special products tailored for non-citizens and other specific borrower groups. Premier Mortgage Associates stands out in this diverse market, offering tailored loan programs such as conventional and non-conventional products designed to meet diverse financial needs. With loan options to suit a range of price points, including discounted rates for upfront payments and no-closing-cost loans, Premier Mortgage Associates ensures that there is a suitable leading edge mortgage for every borrower, regardless of their financial situation.

Conventional Loans

Conventional loans in Boca Raton serve a diverse group of buyers, catering to the needs of first-time home purchasers as well as seasoned investors. Available for a range of purposes, including home purchases and refinancing options, these loans offer flexibility and adaptability. The flexibility of conventional loans allows financing for various property types, from a buyer’s first home to real estate investment properties. So whether you’re a young couple looking to buy your first home or a seasoned real estate investor planning to expand your portfolio, conventional loans could be the right choice for you.

Government-Backed Loans

Government-backed loans provide vital financing options for many homebuyers in Boca Raton. These loans, offered by mortgage companies in the city, include FHA loans for low-to-moderate-income borrowers, USDA loans for rural property purchases, and VA loans for veterans and active military. Whether you’re a first-time homebuyer with a modest income, a veteran looking to settle down after years of service, or someone dreaming of a countryside home, these government-backed loans offer a path to homeownership. With such a range of mortgage options, finding the right one to suit your specific needs is made easier.

Specialty Mortgages

Alongside conventional and government-backed loans, Boca Raton also offers a variety of specialty mortgages. These programs cater to specific borrower needs, including:
  • Foreign nationals
  • ITIN programs for immigrants
  • Non-warrantable condo financing
  • Options for individuals with bad credit
From non-warrantable condo financing allowing for loans up to $3 million with flexible payment options, to ITIN programs allowing immigrants without a traditional credit history to access mortgages, these specialty mortgages ensure that all borrowers, regardless of their circumstances, have the chance to own a home.

The Importance of an Experienced Loan Officer

Loan officers play a crucial role in the mortgage process. They educate home buyers, maintain trust and transparency throughout the mortgage transaction, and are available seven days a week to assist clients. Experienced loan officers:
  • Evaluate creditworthiness
  • Possess a deep understanding of lending products
  • Offer personalized assessments
  • Ensure adherence to strict lending processes
  • Aid borrowers in managing paperwork
With their knowledge of banking regulations and licensing, loan originators play a crucial role in the mortgage process as a vital link between borrowers and the mortgage lender.

Navigating the Mortgage Process with Premier Mortgage Associates

The mortgage process with Premier Mortgage Associates begins with collecting personal information to start a client’s file. You then work with a loan specialist to prepare disclosure documents, outlining terms, costs, and additional loan details. These prepared disclosures are submitted to Premier Mortgage Associates for review, processing, and to acquire a preliminary loan application approval. During this process, the firm utilizes advanced financial technology for efficiency and security, ensuring that your documents are safe and handled promptly. Following underwriter approval, Premier Mortgage Associates coordinates the closing process, setting a date and clearing the client to close upon meeting all loan conditions. At closing, funds are released to the client, and you receive closing documents detailing loan repayment information.

Real Estate Agents and Mortgage Lenders: A Winning Team

The home buying process requires a team effort. Real estate agents and loan officers foster business growth by exchanging leads and leveraging one another’s resources for a competitive advantage. Effective communication by loan officers with all parties, including real estate agents, is a cornerstone of a beneficial partnership. Collaborative efforts between agents and loan officers ensure a smoother homebuying process, creating a more enjoyable experience for clients. By combining resources, they can accelerate the pre-approval process, empowering clients to act swiftly in the competitive real estate market.

Summary

Boca Raton offers a dynamic home buying market with a myriad of mortgage lenders. However, choosing a reliable partner like Premier Mortgage Associates can make all the difference. Offering competitive rates, streamlined processes, and personalized loan programs, this leading direct lender ensures a superior mortgage experience. Whether you’re a first-time homebuyer or a seasoned investor, a domestic buyer, or a foreign national, Premier Mortgage Associates has a loan program tailored just for you. By choosing them as your mortgage partner, you can navigate the home buying process with ease and confidence, making your dream of owning a home in Boca Raton a reality.

Frequently Asked Questions

What is the role of mortgage lenders in Boca Raton?

Mortgage lenders in Boca Raton play a crucial role in simplifying the home buying process by providing pre-qualification, pre-approval, and swift commitment letters. This enables you to navigate the process more efficiently and increase your chances of securing a home loan.

How does Premier Mortgage Associates offer competitive interest rates?

Premier Mortgage Associates offers competitive interest rates by eliminating broker fees, which leads to more savings for borrowers. This makes it a cost-effective choice for individuals seeking a mortgage.

What are the types of loans offered in Boca Raton?

In Boca Raton, you can find conventional loans, government-insured loans, and specialized products for non-citizens and other specific borrower groups. These options cater to a diverse range of borrowers, making it easier to find a loan suited to your needs.

What is the role of an experienced loan officer in the mortgage process?

An experienced loan officer plays a crucial role in educating and guiding home buyers, building trust, and assisting clients through the mortgage process to ensure transparency and support.

How do real estate agents and loan officers work together in the home buying process?

Real estate agents and loan officers work together by exchanging leads and leveraging each other’s resources to ensure a smoother home buying process and create an enjoyable experience for clients. This collaboration fosters business growth and a competitive advantage.

Navigate Your Dream Home Purchase With Top Mortgage Brokers in South Florida

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In South Florida’s competitive housing market, selecting the ideal mortgage broker is crucial. This article provides you with essential information on trusted mortgage brokers in South Florida, helping you understand their services and how they can best serve your home buying goals.

Key Takeaways

  • Premier Mortgage Associates offers direct lending with personalized service in South Florida, with speed and tailored loan options like FHA, VA, and USDA to cater to each individual’s needs.
  • Mortgage brokers in South Florida are key players due to the high demand for homes, helping homebuyers understand their options and navigate through loan terms, while direct lenders may offer more control and potentially lower fees.
  • Premier Mortgage Associates provides a range of services that include mortgage pre-approvals, digital loan monitoring, and refinance options to help homeowners save on payments or tap into home equity, as well as specialized financing for investment properties and second homes.

Discovering Premier Mortgage Associates: South Florida’s Direct Lending Leader

Premier Mortgage Associates is not just another mortgage lender in South Florida. We are a direct lender with over a quarter-century of experience under our belt. We prioritize long-term relationships with our clients, offering direct communication through our seasoned loan originators. Our intimate knowledge of the South Florida market equips us to offer you a diverse range of tailored loan products, whether you’re a first-time buyer or seeking investment properties.

The Benefits of Direct Lenders Over Brokers

Our direct lending model ensures you get the best of both worlds: personalized service and comprehensive control of the loan process. We eliminate the need for intermediaries, keeping you in the loop every step of the way, from processing to underwriting to closing. Plus, our in-house services offer loans free from hidden fees, potentially reducing overall costs for you.

Tailored Loan Programs to Meet Your Needs

Every homebuyer is unique, and so are their needs. That’s why we offer a wide array of customized loan programs, including government-backed FHA, VA, and USDA loans. These loan programs are designed with low or no down payment options and flexible credit guidelines, making them accessible to a broad range of homebuyers.

Speed and Efficiency in the Mortgage Process

When it comes to securing a mortgage, time is of the essence. Our focus on speed and efficiency means we often close loans within 30 days, surpassing the timelines of larger financial institutions. We achieve this by:
  • Incorporating innovative thinking
  • Adopting new platforms
  • Offering flexible options that accommodate your lifestyle, whether you’re at home, at work, or on the go.

The Role of Mortgage Brokers in South Florida’s Real Estate Landscape

Mortgage brokers, including a south Florida mortgage broker, play an essential role in the South Florida real estate market, especially given the high demand for investment properties and vacation homes. The warm Florida climate only adds to the allure, presenting a bustling landscape for brokers to navigate and potential homeowners to explore Florida mortgage options.

Understanding the Brokerage Service Model

At its core, the role of a mortgage broker is to:
  • Facilitate connections between buyers and lenders
  • Apply their extensive knowledge of various lenders and loan terms
  • Simplify the mortgage process
  • Present suitable options for homebuyers
In return, they earn their compensation through loan origination, upfront, and loan administration fees. However, it’s important to note that they maintain direct communication with clients, ensuring a personalized mortgage experience.

Comparing Multiple Lenders: A Double-Edged Sword?

Having access to multiple lenders and loan options through a broker can lead to more competitive mortgage rates and terms for borrowers. However, working with a direct lender like Premier Mortgage Associates offers more control and potentially lower fees. Moreover, mortgage brokers are regulated to prevent charging excessive fees and cannot be compensated based on the loan’s interest rate or charge more than 3% of the loan amount, signaling borrower protection in their dealings with mortgage lenders.

Navigating Loan Types with Expertise

Understanding different loan options is crucial when navigating the world of mortgages. That’s why at Premier Mortgage Associates, we offer a diverse array of loan programs tailored to fit each client’s specific circumstances. Our loan programs include:
  • Conventional loans
  • FHA loans
  • VA loans
  • USDA loans
  • Jumbo loans
Our knowledge and expertise contribute to our high approval rates for clients, helping them on their path to homeownership.

Conventional Loans Made Simple

Conventional loans, designed to comply with the lending guidelines established by Freddie Mac and Fannie Mae, provide borrowers with:
  • Stable interest rates
  • Regular payment amounts throughout the loan term
  • Low down payment options, some as low as 3%
  • The ability to cancel mortgage insurance once they reach an 80% loan-to-value ratio.
And if you’re looking to pay off your home faster and save on interest, shorter-term conventional loan options are also available.

Government-Backed Loans: FHA, VA, and More

Government-backed loans such as FHA and VA loans are not only for first-time homebuyers. They’re designed with low or no down payment options and flexible credit guidelines, making them accessible to a wide range of homebuyers. Plus, we offer expert guidance to help clients understand and apply for these loans, regardless of whether they are first-time buyers or not.

Innovative Solutions for Unique Circumstances

Every borrower’s financial situation is unique, and we understand that. That’s why we customize loan options to accommodate non-traditional requirements, such as covering down payments, closing costs, or property renovation expenses. Innovative lending solutions, like bank statement loans, are particularly beneficial for self-employed clients who may have non-traditional income documentation.

Achieving Homeownership Goals

At Premier Mortgage Associates, we believe in equipping you with the right tools to achieve your homeownership goals. One of these tools is obtaining mortgage pre-approval, which not only speeds up the buying process but also gives you a competitive advantage when making an offer. Understanding the approval process is essential for a smooth and successful transaction. To make the process even smoother, we provide you with a digital platform via a mobile app that allows you to monitor your loan status and maintain clear communication with loan officers. Plus, our Monthly Mortgage Payment calculator gives you a comprehensive financial overview, including estimates for property taxes, insurance, and mortgage insurance.

Pre-Qualified vs. Pre-Approved: Starting on the Right Foot

While pre-qualification provides an informal estimate based on self-reported financial information, pre-approval is a formal indicator of creditworthiness that requires a rigorous verification of your financial data. Obtaining pre-approval gives you a clear understanding of your affordability, expected mortgage rate, and estimated costs, aiding in more informed house hunting. Plus, a pre-approved mortgage signals your seriousness and financial capacity, positioning you favorably in negotiations and home purchase endeavors.

Closing with Confidence: The Final Steps

The home buying process can be daunting, especially during the closing process. But don’t worry, we’ve got you covered. We help you understand and complete all necessary steps for a smooth transaction. Before closing, you’ll need to provide proof of homeowner insurance and title insurance. And remember, it’s always a good idea to conduct a final walkthrough with your realtor to confirm that all contractual conditions concerning the home’s condition are met, prior to the closing day.

Refinancing for a Better Tomorrow

Refinancing your mortgage can be a game-changer. At Premier Mortgage Associates, our mortgage advisors provide homeowners a path to more favorable loan conditions and potentially significant long-term savings and financial flexibility by exploring various mortgage options, including mortgage refinance. By optimizing your mortgage conditions through refinancing, you can potentially lower your monthly payments and, over time, the overall cost of your home loan.

Lower Your Interest Rate and Monthly Payment

Refinancing can result in a lower monthly payment for homeowners, allowing you to allocate more cash for other expenses or investments. On average, homeowners who refinance in Florida might see their monthly mortgage payment reduced by $361. From switching from an adjustable-rate to a fixed-rate loan or shortening the term of your mortgage, refinancing offers multiple strategies to reduce your burden.

Cash-Out Refinance: Accessing Home Equity

Cash-out refinancing allows homeowners to tap into their home’s equity. You can replace your current mortgage with a larger one and receive the difference in cash. Cash-out refinancing can be used for various purposes, such as:
  • Making home improvements
  • Consolidating other debts
  • Paying for education expenses
  • Funding a major purchase or investment
By utilizing cash-out refinancing, you can access the funds you need to achieve your financial goals. But remember, this option may lead to higher monthly payments, especially if a significant portion of home equity is accessed through a home equity line.

The Local Advantage

Choosing a local lender like Premier Mortgage Associates comes with its unique advantages. Here are some reasons why:
  • We have a deep understanding of the South Florida market
  • We stay abreast of regional trends and up-to-date with regulations
  • Our local professionals handle the mortgage process, ensuring you receive personalized, face-to-face service.

Community Roots and Personalized Service

We don’t just offer loans; we build relationships. We closely listen to your specific needs and wishes to craft personalized loan solutions. Our local professionals are always ready to provide hands-on assistance, and we use cutting-edge financial technology to protect your data and streamline the mortgage process.

Keeping It Local: Why It Matters in Real Estate

Choosing a local lender offers several advantages:
  • Personalized service
  • Comprehensive market knowledge
  • Expert advice specific to the region
  • More efficient mortgage processes due to proximity and in-depth understanding of the area’s real estate dynamics

Investment Property and Second Home Financing

South Florida’s vibrant real estate market presents an array of opportunities for investment properties and second homes. Whether you’re considering a beachfront condo or a residential building with one to four units, we offer financing options that cater to a diverse suite of investment properties. But remember, mortgage requirements for a second home stipulate that the property cannot be used for profit if it’s classified as a second home.

From Beachfront Condos to Rental Properties

Conventional loans can be utilized for a variety of investment properties, including vacation homes and rental properties. No matter your investment strategy, we can help you find the right financing option to fit your needs.

Structuring Your Loan for Investment Success

Structuring your loan correctly can play a crucial role in your investment success. Conventional loans often favored by sellers due to their perceived lower risk and less paperwork could make your offers more attractive. Plus, portfolio loans like adjustable-rate mortgages offer flexibility in your investment strategy, with finance terms that can extend up to 25 years.

Summary

Navigating the world of mortgages can be complex, but with the right lender, you can secure your dream home or investment property with confidence. Choose a local lender like Premier Mortgage Associates, who not only offers personalized service but also a deep understanding of the South Florida market. From understanding the advantages of direct lenders over brokers to exploring diverse loan options and structuring your loan for investment success, we’ve got you covered!

Frequently Asked Questions

What are the advantages of direct lenders over brokers?

Direct lenders offer centralized control, potentially lower fees, and direct communication, making the loan process more straightforward and efficient.

Why is it important to get pre-approved?

It’s important to get pre-approved because it gives you a clear understanding of your affordability, expected mortgage rate, and estimated costs. Additionally, it signals your seriousness and financial capacity to sellers, positioning you favorably in negotiations.

What are the benefits of refinancing?

Refinancing can help you save money with lower interest rates and monthly payments, as well as access your home’s equity for other financial needs. It’s a smart way to improve your financial situation.

Why should I choose a local lender?

You should choose a local lender because they have a deep understanding of the local market, offer personalized service, and can provide more efficient mortgage processes. This can ultimately benefit you in securing the best possible loan for your property purchase.

How can I structure my loan for investment success?

To structure your loan for investment success, consider choosing the right type of loan, such as a conventional or adjustable-rate mortgage, as it can significantly impact your investment outcomes.

NQM Funding, LLC (NMLS # 75597) dba - Premier Mortgage Associates; Patriot Mortgage Solutions; Villa Home Loans;Texas: Consumers wishing to file a complaint against a mortgage company or a licensed residential mortgage loan originator should complete and send a complaint form to the Texas department of savings and mortgage lending, 2601 North Lamar, Suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the department’s website at www.sml.texas.gov. A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out-of-pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov | www.nmlsconsumeraccess.org