Most mortgage lenders use some variation of the “Uniform Residential Loan Application,” a document drawn up by Fannie Mae and Freddie Mac, two huge government-backed corporations that buy mortgages from lenders. The uniform application divides loan applicants’ assets into two categories: liquid and non-liquid. Liquid assets are those held in cash or easily converted to cash, including checking and savings accounts; stocks, bonds and other securities; and life insurance policies with a cash value. Non-liquid assets are harder to convert into cash but are still valuable. They include real estate, cars, assets in retirement plans, businesses owned by the applicant and any other item of material value. (Got a rare stamp collection? List it under “other.”)
NSEDC Staff and Nome Joint Utilities will sign up Nome residents for NSEDC’s 2015 Energy Subsidy
At the City of Nome Council Chambers
The sign up deadline is March 25, 2015
Sign up for a $575 credit toward your utility account!
- Must be a resident of Nome, AK
- Must have an electric utility account with the local utility company
- Must sign up and complete the proper NSEDC Energy Subsidy forms by March 25, 2015
- For residents whose homes do not have an electric account with the local utility, please contact Paul Ivanoff III at 800.385.3190 or firstname.lastname@example.org
- Only one subsidy will be applied per household or apartment
- The energy subsidy will be applied only to the primary resident
- For residents who rent their home and the electric utility bill is included in their monthly rent, NSEDC will have a Landlord/Tenant Agreement for the renter and landlord to complete and sign, which will specify that the subsidy amount will be credited toward the rental payment
Questions? Contact 907.443.2477
Your assets are the things you own. Before they will approve you for a loan, mortgage lenders typically require that you have a job or some steady source of income that will allow you to make the payments. But they also recognize that people can lose their jobs, and other income sources can dry up. That’s why they like to see applicants with other assets that they can convert to cash, if necessary, to keep up with their house payments.
The mortgage process can be very frustrating, but there is a reason why lenders need to be extra cautious that all their documentation is correct.
The sole reason lenders exist is to make money through the fees they collect during the mortgage process and the process they make when they sell the mortgages. YES, after they make the loan, they SELL your mortgage after closing. Investors buy huge amounts of mortgages in large bundles, and to insure they are buying ‘good’ loans, they audit the loans AGAIN. If your lender fails to have all required documentation, they may have to ‘buy back’ a defective loan, which is incredibly costly to the lender.
Defective loans caused the real estate meltdown in 2008, which caused investors to put more stringent safeguards in place to prevent this from happening again.
One of the biggest challenges is borrowers who wait until the last minute to get requested documents to the loan processor. It is not uncommon for the documentation provided to require more information, so my advice for homebuyers who want the smoothest possible transaction is to submit all requested documentation ASAP! Do not procrastinate… you might think that one day might not make a difference, but every single day counts when you trying to meet a closing date or rate lock deadline.
We work with several lenders that do business in the Nome area and are happy to help with giving you a referral to lenders who have been successful with loaning money in unique situations. Feel free to give us a call if you have any general questions about the lending process.
One of the challenges with living in Nome is something that people in the Lower 48 take for granted….the access to hazard insurance for your home. One of the most important factors in the monthly payment for your home is the cost of your insurance. Rate quotes vary greatly from agent to agent, insurer to insurer. I have worked with several different companies and am always happy to refer you to agents who have proven to be easy to work with and carry insurance products that are cost effective.
A large portion of Nome is located in the flood plain and will need to purchase flood insurance, as traditional homeowner policies do not cover flood damage. Even if there is no history of flooding at the site, if your property is located in the ‘flood plain’ your lender will require this type of coverage.
Buyers of investment properties also special coverage; premiums on homes where occupants are non-owners tend to be slightly higher than for owner occupied properties.
For a comprehensive list of insurance companies that do business in Nome Alaska and an estimate of what the rates will be, please click HERE.
This is a pretty cool property, and not just because it’s got the full bundle of rights…I personally would love to buy it just to subdivide it, it’s beautiful, has a nice trail wandering across it, some creeks, and views of Sledge Island.
It’s about 8 miles on the Blodgette highway, a little ways past the Snake River. If you’re a local I bet you’ve explored the trail, picked berries, or snowmobiles there.
Give me a call or send me an email if you would like more information.
Tired of punching a clock? Like to help people? Have a good attitude and a strong sense of personal responsibility? If you have ever considered a career in real estate, I would like to help!
Flexible hours, hands on mentor-ship, and you would be entering the market during a period of growth. I will walk you thru the process of getting your required education and license, then reimburse most of your costs after your first closing.
Call or email for more information!
Wow….this was a real eye opener as far as investing in the stock market…. I just read Flash Boys and all I can say is WOW….
Highly recommend the read, it’s mind boggling that our futures (401k, IRA, SBS, Permanent Fund etc) is all victim to this…..