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Tim Phelps

NMLS ID 51442

757-925-1333 tphelps@tidewaterhomefunding.com


Blog Image: Understanding Mortgage-related Insurance

Understanding Mortgage-related Insurance

When you buy a home with a mortgage, you will be required to pay all sorts of insurance, including homeowner’s insurance, title insurance and private mortgage insurance. What are all these policies and why do you have to pay for them? Homeowner’s Insurance Homeowner’s insurance is a policy that protects you against loss if your property or any structures on it are damaged. This covers damage from fire, storms, and vandalism. If you are unable to live in your home because of one of these issues, the insurance will also cover the cost of temporary housing while your home ...

June 3rd, 2020 Understanding Mortgage-related Insurance

Blog Image: 6 Important People Involved in Your Homebuying Process

6 Important People Involved in Your Homebuying Process

When you’re buying a home, you’ll come in contact with many different kinds of people. Everyone involved plays an integral part from helping you land that dream home to choosing the right mortgage for you. Who are these players and how do they fit in your homebuying timeline? Here’s a spotlight on six of the most important housing professionals that you’ll encounter along the way.  Real Estate Agent A Realtor may be one of the first housing professionals you come in contact with as a prospective homebuyer. You may have a real estate agent before you even begin ...

May 21st, 2020 6 Important People Involved in Your Homebuying Process

Blog Image: Is Now a Good Time for a Reverse Mortgage?

Is Now a Good Time for a Reverse Mortgage?

As the COVID-19 pandemic has roiled stock markets over the past few months, many Americans in or nearing retirement may be worried about their investment portfolios. Without the possibility to earn more money, more retirees, seeing a reduction in their nest eggs, are turning to reverse mortgages to supplement those savings.  In fact, March saw a 25% increase in the number of scheduled reverse mortgage counseling sessions compared with a year earlier, according to the National Reverse Mortgage Lenders Association. As financial counseling classes are a prerequisite to obtaining reverse m...

May 20th, 2020 | Reverse Mortgages, Is Now a Good Time for a Reverse Mortgage?

Blog Image: How to Make $100 Investment Go a Long Way

How to Make $100 Investment Go a Long Way

During what may be one of the most turbulent economic times we’ve had in recent history, you’re probably not thinking of investing in the stock market right now, or investing at all, for that matter. These are hard times and our priorities are shifting based on basic human needs. But that doesn’t mean we can’t think about the future, and come out of this crisis even smarter and stronger than before. Maybe now that we’re all stuck inside we’re spending and consuming less. Think about ways you can add to your emergency fund (maybe you’re using yo...

May 8th, 2020 How to Make $100 Investment Go a Long Way

Blog Image: How Long Does a Pre-Approval Letter Last?

How Long Does a Pre-Approval Letter Last?

Getting pre-approved before shopping for a new home is a smart idea, but what if you don’t find the right home quickly? How long does that pre-approval last? Pre-approval Defined Before going out with a real estate agent to look for the perfect property, it is wise to get pre-approved with a mortgage lender. This means allowing the lender to run your credit and take a look at your income and assets to determine how much mortgage funding you qualify for. A pre-approval gives you a top number for your house budget to help define your search.  It also gives you credibility wit...

May 6th, 2020 | Purchasing a Home, Preapproval, How Long Does a Pre-Approval Letter Last?

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

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