Lenders – Education

  • Timeline – Title Co. See what we do behind the scenes.

    Timeline – Title Co. See what we do behind the scenes.

    1. Receive title order from the lender (or Realtor in a cash purchase) – within a week or two of when buyers and sellers finalize their contract. 2. Do title search immediately – Search the land records at the county clerk’s office in the county in which the property is located.   a. We go ... Read more ...Click Here
  • Timeline – Refinance: See how you can help speed it up!

    Timeline – Refinance: See how you can help speed it up!

    Borrower’s Refinance Timeline – From loan application to closing. 1. Shop lenders for interest rates, getting loan scenarios or work-sheets that have rates and fees. 2. Collect documents: Bank statement, tax returns, W-2s, Paystubs, etc – get the list of what’s needed from any lender. 3. Choose a lender and complete a loan application with ... Read more ...Click Here
  • Timeline – Sellers: Understand what to bring and to know. Things have changed!

    Timeline – Sellers: Understand what to bring and to know. Things have changed!

    Seller’s Timeline – From contract signing to closing. 1. Before you list your home for sale: Prepare your home for a quick and smooth sale – fix EVERYTHING. De-clutter every room, even if you have to rent a storage facility or put some things in a family/friend’s garage for a few weeks. 2. List the ... Read more ...Click Here
  • Timeline – Realtors: Know why you and your communication is so important

    Timeline – Realtors: Know why you and your communication is so important

    Realtor Timeline – from contract signing to closing. From signing the contract to sitting down at the closing table takes from 2-5 weeks, on average, depending on whether or not the buyer has gotten a lender-pre-approval or not.  A pre-approval means buyers have made loan application and gotten approved, but they have not yet identified ... Read more ...Click Here
  • Timeline – Buyers: Be informed. Be comfortable.

    Timeline – Buyers: Be informed. Be comfortable.

    Buyer’s Timeline: From contract signing to closing. 1. Shop lenders for interest rates, get loan estimates or “work-sheets” from each that show rates, fees, payment, etc. 2. Collect documents: Bank statement, tax returns, W-2s, Paystubs, etc – get the list of what’s needed from any lender. *The ACCURACY AND SPEED of your responses to requests ... Read more ...Click Here
  • What is a mortgage?

    What is a mortgage?

    The mortgage is a document that is a list covenants between you and the lender.  It says that as long as you abide by those covenants, the lender will leave you alone.  All conventional mortgages in Kentucky are approved by the government and are standardized.  So, what are you agreeing to? That your house is ... Read more ...Click Here
  • Timeline – Sellers: Know. Understand. Be comfortable.

    Timeline – Sellers: Know. Understand. Be comfortable.

    Seller’s Timeline – From contract signing to closing 1. Before you list your home for sale: Prepare your home for a quick and smooth sale – fix EVERYTHING. De-clutter every room, even if you have to rent a storage facility or put some things in a family/friend’s garage for a few weeks. 2. List the ... Read more ...Click Here
  • Who must attend closing? Marital Rights. Dower/Curtesy

    Who must attend closing? Marital Rights. Dower/Curtesy

    By state law in Kentucky, if you buy a property in your sole name, your spouse will instantly have an ownership interest in that property – just by the fact that you are legally married.  Names on deeds do not solely determine ownership; Names PLUS marital status does.  The same is true if you bought ... Read more ...Click Here
  • Top 5 reasons closings get delayed

    Top 5 reasons closings get delayed

    5 Key DOs/DON’Ts to help get YOUR closing(s) closed on time! Remember – Folks’ possessions are on moving vans, that may not be able to be rescheduled …Childcare has been arranged    …Folks have taken off work       …Folks don’t have extra days-off          …Buyers can lose their interest rate     ... Read more ...Click Here
  • What is a settlement agent, title company, real estate attorney?

    What is a settlement agent, title company, real estate attorney?

    A title company, real estate attorney, closing company, etc. = are all terms frequently used interchangeably to describe “settlement agents”.  Title companies are either owned by, or employ real estate attorneys – Jett Title does both.  All settlement agents perform the exact same legal function – they finalize, “close”, real estate transactions.   A settlement ... Read more ...Click Here
  • Property Taxes in Kentucky and Fayette Co.

    Property Taxes in Kentucky and Fayette Co.

    Property Taxes in Kentucky (Fayette Co. is below) 1. They are paid in arrears, annually, on a calendar year. 2. All bills get mailed out sometime during the month of October, by each county’s sheriff’s department. 3. Tax bills most always get mailed to whoever the owner of record was, on January 1st of the ... Read more ...Click Here
  • Owner’s Title Insurance – When you should buy it

    Owner’s Title Insurance – When you should buy it

    Owners Title Insurance Made Easy! What is it and when you should buy it. There are two types of title insurance: Lender’s and Owner’s. 1.Lender’s: Required when you get a loan. Does NOT protect you. Protects the Lender. You pay for it. Lenders don’t want common title defects to cause their loan to you to ... Read more ...Click Here
  • How to convey difficult news

    How to convey difficult news

    The only thing worse than bad news…is bad news later! Kill the monster while its small! Do NOT let it continue to grow, getting uglier and nastier every hour. Don’t put off sharing bad news. Don’t be afraid to address the potential “tough stuff”, gently, directly, and confidently: 1) As soon as you hear about ... Read more ...Click Here
  • Top 10 loan officer mistakes

    Top 10 loan officer mistakes

    Not communicating with both Realtors for regular status updates. Not reply to Realtors. Keep them in the dark. When no Realtors are involved, not giving title company Seller’s contact information – title must search them for liens; Get payoffs; Get names, marital status; Get documentation (Wills, Appt of Executor, Affidavit of Descent, Court Order, BK ... Read more ...Click Here
  • How to estimate escrows in Kentucky – Taxes in KY & Collection

    How to estimate escrows in Kentucky – Taxes in KY & Collection

    Estimating escrows in KY is the SAME in all 120 counties. [What’s “escrow”? – For all non-lenders:  Your monthly payment usually includes the amount to pay back your loan each month (principal and interest), plus 1/12th of your annual property tax bill, and 1/12th of your annual home owners’ insurance premium.  When your lender gets ... Read more ...Click Here
  • Title commitment – what is it, each part, why

    Title commitment – what is it, each part, why

    Coming Soon ...Click Here
  • Land contract explanation & how a closing works on it

    Land contract explanation & how a closing works on it

    A land contract is nothing more than a rent-to-own agreement.  It is NOT a purchase transaction, it IS an agreement to purchase the property at a future date.  A land contract IS an agreement to purchase a property at a future date, at an already agreed-upon price, and to rent it to buyers in the ... Read more ...Click Here