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Tim Phelps

NMLS ID 41552

804-424-2200 tphelps@tidewaterhomefunding.com


Blog Image: Mortgage 101: Breaking Down the Basics

Mortgage 101: Breaking Down the Basics

The homebuying process can be overwhelming and confusing, especially when industry jargon starts getting thrown around. But we’re here to help demystify the process a little bit, and break down some of the most common terms you’ll hear along the way. That’s why we created this Mortgage 101 Guide to break down the basic terms for you. We’ve organized terms by homebuying phases so, let’s get to it!  Homebuying Debt-to-Income (DTI) Your debt-to-income ratio is your total debt (credit cards, loans, etc.) divided by your income. It is used by lenders to asses...

April 22nd, 2020 Mortgage 101: Breaking Down the Basics

Blog Image: How To Get Help If You Can’t Pay Your Mortgage

How To Get Help If You Can’t Pay Your Mortgage

With the coronavirus spreading across the nation, many people have lost income as companies have temporarily closed their doors to stop the contagion. If your income has been disrupted and you do not think you’ll be able to make your mortgage payments, there are several steps you can take to avoid default and foreclosure. Fannie Mae or Freddie Mac Loan Help If your loan is backed by either Fannie Mae or Freddie Mac, you can contact your lender to have your payments lowered or suspended for up to 12 months, according to new federal government directives. Additionally, you will not b...

April 15th, 2020 | Mortgage Advice, How To Get Help If You Can’t Pay Your Mortgage

Blog Image: Building Wealth Through Homeownership

Building Wealth Through Homeownership

In our current climate, most people are probably in “survival” mode so when it comes to finances, they’re focusing more on making sure they can cover all current expenses, supporting their families, and looking at the short-term vs long-term financial plan. Financial “extras” like investments may have taken a back-seat to paying the bills and padding emergency funds. Financial experts are paying close attention to the market and taking things day by day. But if homeownership was in your financial plan, don’t write it off just yet. If you’re in the posi...

April 13th, 2020 Building Wealth Through Homeownership

Blog Image: How to Buy a Home During COVID-19

How to Buy a Home During COVID-19

With most of the country on shelter-in-place orders due to the outbreak of the COVID-19 virus, the homebuying process has undergone plenty of changes for those still looking to get into a home of their own. Buyers, sellers and real estate agents have had to make adjustments for the safety of all. If you are in the midst of your home search or ready to start, here’s what you need to know about buying a home during this challenging coronavirus environment. Virtual Shopping & Viewing Agents and sellers have had to get creative during this time of social distancing. Buyers have had...

April 8th, 2020 | Purchasing a Home, How to Buy a Home During COVID-19

Blog Image: The Best Home Loans for Buying a Fixer-Upper

The Best Home Loans for Buying a Fixer-Upper

You’ve found the perfect property – or at least what could be the perfect property after a few improvements. Upfront repairs and renovations can take a toll on your budget though. Fortunately, there are several mortgage options that will allow you to buy the house and borrow money for improvements all at once. All of these home loans are made by traditional lenders and guaranteed by government agencies or groups. Fannie Mae HomeStyle Renovation Mortgage Government-sponsored entity Fannie Mae backs a mortgage product that is both a traditional mortgage and home improvement loa...

April 1st, 2020 | FHA Loans, VA Loans, The Best Home Loans for Buying a Fixer-Upper

Blog Image: Can a Higher Interest Rate Actually be a Better Choice?

Can a Higher Interest Rate Actually be a Better Choice?

Mortgage interest rates are near record lows again. This can mean great deals for homebuyers and great savings for homebuyers. Some lenders will even start advertising rates that are at least a half point lower than the average national rate. Buyers and refinancers should be aware that these ultra-low rate deals come with strings attached. In some cases, it may actually be better to choose a higher rate option. Here’s what you need to know: Points In order to get some of these rock-bottom rate deals, borrowers are often required to pay discount points to the lender. One point is eq...

March 27th, 2020 | Interest Rates, Can a Higher Interest Rate Actually be a Better Choice?