Mortgage Options

Need a Mortgage Loan?   

Need to refinance to consolidate debts or lower payments?

Despite the bad news we are hearing from the media, home financing is still very attainable. There are many program options to choose from for qualified applicants.  Loans at 100% financing are available for low to moderate income buyers with good credit rating.  VA Loans offer veterans 100% financing as well.  FHA loans are a great option for purchases or refinances for those with less than perfect credit.  There are no fee mortgages that waive the requirement for Mortgage Insurance …and much more.

Who is a qualified applicant?    Here are some things to consider before making a loan application:

1. Obtain a credit report to check for errors and to determine individual credit scores.  Credit reports can be obtained online through http://www.annualcreditreport.com/.  Everyone is entitled to a free credit report from each reporting agency once a year.
2. Establish a saving account - enough to cover several months' worth of expenses. Gather the past two months bank statements.
3. Can annual income be documented?   Gather the past two years tax returns and W-2s, along with the past few pay stubs.  If not, there are stated income programs available with down payment for those who have been self employed for two years or more.

 It is best to schedule a consultation with an experienced mortgage planner to discuss loan strategy.  Obtaining mortgage pre-approval before making a purchase offer will help in negotiating price.  A mortgage pre-approval will involve a full loan application.  The income and credit conditions will be satisfied by the lender's underwriter and the maximum loan amount will be established.  There will be an approval letter issued.  A purchase contract can then be executed with full confidence in meeting the closing date.

Loan underwriting standards have tightened recently. It is possible to buy a home or refinance and get a low interest rate, despite the recent tightening.  The key is to meet the loan conditions, selecting the right loan for each individual situation.  Home prices have dropped and this is enabling many people to enter into home ownership.  It's a great time to buy or refinance your home.

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