Mortgage Do's And Don'ts
Mortgages can be tricky, and it's easy to make mistakes that can end up costing you dearly. That's why we've put together this list of Mortgage Do's and Do not's to help you navigate the process with ease - and a little bit of humor.
DO: Shop around for the best mortgage rates
DON'T: Assume your bank will give you the best rate just because you have a checking account there. Remember, loyalty is a two-way street.
DO: Have a budget in mind
DON'T: Get in over your head. Just because you can technically afford a million-dollar mansion doesn't mean you should buy one. You don't want to be house-poor and unable to afford groceries.
DO: Get pre-approved before house-hunting
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DON'T: Assume you'll be approved for a mortgage just because you have good credit. Pre-approval is important because it gives you a better idea of how much house you can afford and shows sellers that you're serious.
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DO: Consider your future plans
.
DON'T: Assume you'll live in your new house forever. Life happens, and you may need to sell sooner than you think. Make sure you're not getting into a mortgage that you can't realistically afford if you need to move in a few years.
DO: Get pre-approved before house-hunting
.
DON'T: Assume you'll be approved for a mortgage just because you have good credit. Pre-approval is important because it gives you a better idea of how much house you can afford and shows sellers that you're serious.
.
DO: Consider your future plans
.
DON'T: Assume you'll live in your new house forever. Life happens, and you may need to sell sooner than you think. Make sure you're not getting into a mortgage that you can't realistically afford if you need to move in a few years.
DO: Read the fine print
.
DON'T: Sign on the dotted line without reading the terms and conditions. There may be hidden fees or clauses that could come back to haunt you later.
.
DO: Be prepared for unexpected expenses
.
DON'T: Assume everything will go smoothly. There may be unforeseen expenses, like a leaky roof or a broken furnace, that can quickly drain your savings. Be sure to budget for these types of surprises.
DO: Read the fine print
.
DON'T: Sign on the dotted line without reading the terms and conditions. There may be hidden fees or clauses that could come back to haunt you later.
.
DO: Be prepared for unexpected expenses
.
DON'T: Assume everything will go smoothly. There may be unforeseen expenses, like a leaky roof or a broken furnace, that can quickly drain your savings. Be sure to budget for these types of surprises.
DO: Have a good sense of humor
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DON'T: Take everything too seriously. Yes, buying a house and getting a mortgage can be stressful, but try to find the humor in the situation. After all, laughter is the best medicine for a stressful day.
.
By following these Mortgage Do's and Do not's, you'll be well on your way to successfully navigating the mortgage process - with a smile on your face. Good luck, and happy house hunting!
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š¦ How to Finance Workforce Housing with DSCR, SBA, and Bridge Loans š¼
š¦ How to Finance Workforce Housing with DSCR, SBA, and Bridge Loans š¼
šø Financing Workforce Housing: A New Path for Multifamily Investors š
šļø Why Workforce Housing Is the Next Big Multifamily Trend ā And How to Finance It
At Medallion Mortgage, weāve been tracking a powerful trend: the surge in demand for workforce housing. Developers are pivoting. Investors are calling. And lendersāourselves includedāare getting creative with deal structures that support this movement.
Workforce housing refers to multifamily properties targeting middle-income earnersānurses, first responders, retail managersāwho donāt qualify for subsidized housing but canāt afford luxury rentals. The sweet spot? Rents that are 80ā120% of the Area Median Income (AMI).
š° Financing Options for Workforce Housing Projects
Whether youāre purchasing, refinancing, or repositioning a multifamily property for workforce tenants, here are the top tools we recommend:
DSCR Loans: Ideal for stabilized properties with cash flow.
Bridge Loans: Use for value-add or repositioning strategies.
SBA 7(a) or 504: Perfect for owner-occupied models.
Construction-to-Perm: For new ground-up workforce housing projects.
Agency Financing: Fannie/Freddie love affordable & workforce housing deals.
š§ Why Lenders Like These Deals
Workforce housing projects tend to have strong occupancy, lower turnover, and long-term tenants. Combine that with demand from cities encouraging mixed-income developments, and youāve got a product lenders can get behind.
If youāre planning a workforce housing project, or refinancing to reposition a building for workforce tenantsāletās build a financing strategy that maximizes leverage and minimizes risk.
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