Jim Potts

Synergy One Lending

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What To Know About IRS Installment Agreements And Home Loans

September 10, 2021 by Jim Potts

When applying for financing, lenders want to make sure the client is going to pay back the balance of the loan. Therefore, they will look into pre-existing debt including credit card debt, student loans, car payments, and back taxes. Sometimes, applicants have IRS installment agreements. This is an agreement consumers make with the IRS to pay taxes over an extended timeframe. How might this impact someone's ability to apply for home financing?

Filed Under: Mortgage Tagged With: Financing, IRS Agreements, Mortgage

How To Pay Off Your Mortgage Early: 4 Methods That Work

May 13, 2020 by Jim Potts

While a mortgage is a necessity for many people who have the dream of owning a home, it is also a form of debt. Most people do not like owing money to someone else. Therefore, homeowners might be looking for ways to pay off their mortgage early. The reality is that people are charged interest for having a mortgage. If a mortgage is paid off early, this is less money than the bank will take and more money in the pockets of homeowners.

Filed Under: Mortgage Tagged With: Financing, Financing Options, Mortgage

4 Things Not To Do When Buying A Home

May 6, 2020 by Jim Potts

There is a long list of things that people need to do when they are looking to buy a home; however, it is also important for people to know what to avoid as this process unfolds. There is a lot for people to remember and it is easy for people to get carried away when they start looking at their dream homes. Even though it is great to look at a bunch of houses and imagine living there, it is critical for people to stay grounded and know what to avoid.

Filed Under: Mortgage Tagged With: Credit, Financing, Mortgage

Building An Emergency Fund During An Emergency

April 1, 2020 by Jim Potts

By now, it should be apparent that this COVID-19 (Corona-virus) pandemic is going to be here for several months. It is already causing the market to plummet and is disrupting jobs all over the country. Many people who work as hourly employees (or are independent contractors) are starting to suffer. As people's budgets start to feel the squeeze, this is exactly the time that people should be relying on an emergency fund; however, for those who don't have one, it is time to start saving.

Filed Under: Mortgage Tagged With: Financing, Mortgage, Savings

Is A 15 Or 30 Year Mortgage Right For You?

January 14, 2020 by Jim Potts

When someone is looking to purchase a house, they need to think about how long they want their mortgage to last. While a bank can structure a mortgage to last for any number of years, the most common lengths are 15 and 30 years. While a 30-year mortgage is typically more affordable, a 15-year mortgage is cheaper overall.

Filed Under: Mortgage Tagged With: Financing, Interest Rates, Mortgage

3 Traps First-Time Homebuyers Fall Into — And How To Avoid Them

December 13, 2019 by Jim Potts

When someone purchases their first home, this is a significant step. There are a number of issues that people need to think about because purchasing a home is typically someone's most significant investment.

Filed Under: Real Estate Tagged With: Financing, First-Time Homebuyers, Real Estate

What is Owner Financing When Buying A Home?

October 30, 2019 by Jim Potts

There are many options when it comes to taking out a loan on a new home. One of the options that people might have heard about is called owner financing. In general, the property owner takes the place of a traditional lender.

Filed Under: Mortgage Tagged With: Financing, Homeownership, Mortgage

Common Reasons Why Buyers Are Denied A Mortgage

October 29, 2019 by Jim Potts

When you are buying a new home, it is an exciting process. You have spent months searching and have found the home you want to purchase. You are ready to move into the home of your dreams.

Filed Under: Mortgage Tagged With: Credit, Financing, Mortgage

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Jim Potts

Jim Potts


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