From all of us at Norcom Mortgage, stay safe and warm this Halloween!

• Trick! Or treat? You’ve found the house of your dreams! Or is it? Make sure to get your home inspected thoroughly so there are no surprises down the road. 

• Are you not getting many trick or treaters? Think of your home’s curb appeal! Remember to rake leaves, or dare we say shovel snow, off the walkways. Then be sure to stock up on your candy supply! 

• Don’t let the ghosts in through a drafty chimney - a renovation loan can help to seal the gaps and keep them out. 

• Need a last-minute costume? Boxes from your recent move will make a great robot! 

• If your plans for Halloween are curling up on the couch in your new home and watching Hocus Pocus, make sure your cable subscription has been transferred to your new address. 

• Do you want to adopt a black cat, but your rental doesn’t allow it? A new house is a great pet-friendly option! 

• Don’t give your credit score a fright! Remember, no major purchases while you are in the midst of the loan process. 

• Make sure your dream home isn’t a haunted house! Ask if your appraiser is a certified ghost hunter. 

• A cash-out refinance allowed you to remodel your kitchen, just in time to cook up bubbling potions and spooky treats. 

• You finally got the cleared-to-close call from your loan officer. Time to break out your best celebration dance moves to everyone's favorite song – The Monster Mash!

In today’s world of mobile delivery apps that will bring dinner right to your door, or e-readers that allow you to digitally carry around hundreds of books at a time, consumers demand more digital experiences. Therefore, companies must continue to improve upon their technologies and customer experiences. 

So, what does this mean for the mortgage industry? In a recent National Housing Survey by Fannie Mae, when asked how to make the mortgage process easier, 27% of borrowers responded that they would like to see a reduction in paperwork.

At Norcom Mortgage, responding to our borrowers needs and wants, while working within a highly regulated industry, is key. We want to improve each of our borrowers’ customer experiences, which is why we have rolled out our electronic closing platform, dubbed Swift Sign. Offering this digital solution will streamline the closing process, saving both time and paper.

Mike Dimech, SVP Operations Manager, stated, “Norcom Mortgage is excited and proud to be the first CT-based lender to offer electronic closings to our customers. By maintaining a true, 100% digital loan process, our borrowers will see drastic improvements over the traditional paper mortgage process while Norcom will further develop our internal efficiencies. We look forward to growing our partnership with Pavaso while enhancing the customer experience for our borrowers.”

As Dimech mentioned, Norcom has partnered with Pavaso, a Texas-based company that provides an all-in-one digital mortgage closing solution; a platform that improves communication and efficiency. This partnership will further solidify Norcom’s mission to provide lending solutions tailored to meet the needs of a 2018 borrower.

For more information on the Fannie Mae National Housing Survey, click here:

http://www.fanniemae.com/portal/research-insights/perspectives/digital-mortgage-technology-cason-082818.html

For more information on Norcom’s partnership with Pavaso, click here:

https://www.housingwire.com/articles/47061-norcom-mortgage-starts-eclosing-and-the-digital-mortgage-marches-on

You’ve probably heard it time and time again, why you should consider buying a home instead of renting. Perhaps you’ve hit an age or professional milestone, or maybe you are tired of dealing with your landlord. Whatever the reason may be, here are 10 signs that you are ready to stop renting, and buy a home:

1. You want to have the freedom to do what you want with your home, whether that is changing the paint color, installing solar panels, or getting a chicken coop!

2. You are tired of sporadic rent increases, and you want the peace of mind that your monthly payment will stay the same (with a fixed-rate mortgage).

3. You want to continue to build up your credit score, and paying for your mortgage on-time each month can help you accomplish this.

4. You want to save money, and you know that as a homeowner you can deduct the interest paid on your mortgage from your taxable income.

5. You are ready to be your own handyman or hire a contractor of your choosing for repairs, instead of waiting for your landlord to ‘stop by in a week’.

6. You want to adopt a rescue dog, and your new home can have a big yard for her to run and chase squirrels.

7. You are starting a polka band with your best friends, and you want your own living room to practice in - any time, day or night.

8. You are ready to have your own washer and dryer, and leave behind the surprise of finding someone else's sock in your laundry!

9. You’ve taken up meal planning, and want all the space in your fridge to store your chicken, brocolli, and kale.

10. You are ready to build equity and invest in your own future!

If you think you are ready to become a homeowner, call Norcom today.

Whether you are a brand-new home owner or have lived in your house for several years, having an emergency fund for unexpected repairs can help you cover costs without sacrificing your financial security. Depending on a few factors, like where you live, how old the house is, and other considerations, setting aside an emergency repair fund is key. 

General Repairs 

A recommended amount to have saved for these repairs is 1% of the cost of the home. Examples of such general repairs are: 

• Replacing the boiler 

• Fixing the air conditioning 

• Replacing a hot water heater 

• Minor plumbing issues 

• Minor electrical issues 

How to Calculate your Emergency Fund 

For larger repairs or longer-term emergencies, it is advised to save the equivalent of at least 3 months of your major living expenses. When calculating this amount, don’t forget to include: 

• Housing Expenses - including mortgage, property taxes, and utilities 

• Food - groceries and dining out  

• Various Insurance - medical or auto 

• Transportation - gas or public transit fare 

• General personal expenses 

• Communications - cell phone, internet, and cable TV 

Should you not have an emergency repair fund, or you are unable to save the recommended amounts, be sure to discuss all options with a professional to see what solution is best for you. 

At Norcom Mortgage, we pride ourselves on offering a diverse portfolio of mortgage products. Beyond the traditional offerings of FHA, USDA, Reverse, and VA loans, we also create our own, such as the NorFlex Home Loan and the Norcom Dream Home Loan. We do this because we recognize that the needs of each family and individual are different. We are now pleased to also offer the JumpStart Pre Approval Program with Rate Assurance, and share with you this product overview:

What It Is:

The JumpStart Pre-Approval Program with Rate Assurance allows a buyer to lock in their rate for up to 90 days while they search for the perfect home. If market rates increase during the 90 days, the buyer is guaranteed the lower rate. However, if market rates decrease, the buyer assumes the lower rate. 

Why Is It Important:

A pre-approval positions a buyer to submit a strong offer when they have found a home they want to purchase. By submitting credit information and income documentation, Norcom can provide you and your real estate agent a pre-approval letter, which shows how much you can borrow. Should it come down to your offer vs. that of another potential buyer, the seller is likely to have more confidence in you, as you have already been pre-approved. 

When Can it Be Used?

The JumpStart Pre-Approval Program with Rate Assurance is available for 30-year fixed-rate conventional, FHA, or VA loans. A Norcom Loan Officer is dedicated to helping you find the best option and is ready to help today!