First Time Buyer
Home-prices & interest rates are at a historic lows..
A Broker acts as an intermediary, who are experts in the industry, and can explain the costs, fees and the payments associated with a mortgage. We'll guide you through the process of selecting a suitable mortgage and offer mortgage and property related financial advice.
If a borrowers has poor credit or some other unusual circumstances, it may be necessary to consult a mortgage broker for our specialized knowledge of different Lender's of their respective requirements.
Traditionally, banks do distributed their own products. However, mortgage markets have become more competitive with the role of the Brokers (with wholesale rates)
A Loan Officer works under the 'umbrella license' of their institution and are limited to only offering their institution's mortgage products. After a prospective borrower completes the mortgage application, the loan officer begins the process of analyzing and verifying the information on the application to determine the clients creditworthiness.
Loan Officers may provide guidance to prospective loan applicants and that guidance may include determining the most appropriate type of loan for a particular customer and explaining specific requirements and restrictions associated with the loan.
Credit
The first step toward buying a home takes place months before walking into a Lender's office. It's crucial to check your credit score at least three to six months ahead of your mortgage application. You can request a free copy of the report from each of the three credit bureaus (Experian, TransUnion and Equifax) at annualcreditreport.com. The FICO Score runs from 300-850. Lenders usually require a score of 640 or more to qualify for a loan, but for the best interest-rates you'll need a score of 720 or better.
The first step toward buying a home takes place months before walking into a Lender's office. It's crucial to check your credit score at least three to six months ahead of your mortgage application. You can request a free copy of the report from each of the three credit bureaus (Experian, TransUnion and Equifax) at annualcreditreport.com. The FICO Score runs from 300-850. Lenders usually require a score of 640 or more to qualify for a loan, but for the best interest-rates you'll need a score of 720 or better.
The Underwriter: in banking, 'underwriting' is the detailed credit analysis preceding the granting of a loan, based on credit information furnished by the borrower, such as employment history, salary, and financial statements; publicly available information, such as the borrower's credit history, which is detailed in a credit report; and the lender's evaluation of the borrower's credit needs and ability to pay.
Underwriting can also refer to the purchase of corporate bonds, commercial paper, U.S. Treasury securities, municipal general obligation bonds by a commercial bank or dealer bank for its own account, or for resale to investors.
Underwriting can also refer to the purchase of corporate bonds, commercial paper, U.S. Treasury securities, municipal general obligation bonds by a commercial bank or dealer bank for its own account, or for resale to investors.
Pre-Qualified Vs Pre-Approved
Its Not how much the bank will loan you, but how much you can afford to pay?
Lenders prefer that an applicant's housing payments and other monthly reoccurring debts to be No-Greater than 30-45% of their income, commonly referred to as the 'Debt-to-Income Ratio'
Pre-Qualified: is based on a few questions from a Broker/ Loan Officer and generally you'll receive a Pre-Qualified Letter. Unfortunately, a Pre-Qualified Letter may give both the buyer and the seller a false sense of security because many times, the buyer's information isn't verified, when the letter was given.
However, this is an important document because Real Estate Agents or sellers won't even show a house without proof that a buyer has financing to close
Pre-Approval: Once your required documents have been submitted to an Underwriter, and your loan application is accepted, then you'll receive the Pre-Approved Letter, which gives you more negotiating leverage, because a Real Estate Agent and/or a seller knows you have Buying Power.
Its Not how much the bank will loan you, but how much you can afford to pay?
Lenders prefer that an applicant's housing payments and other monthly reoccurring debts to be No-Greater than 30-45% of their income, commonly referred to as the 'Debt-to-Income Ratio'
Pre-Qualified: is based on a few questions from a Broker/ Loan Officer and generally you'll receive a Pre-Qualified Letter. Unfortunately, a Pre-Qualified Letter may give both the buyer and the seller a false sense of security because many times, the buyer's information isn't verified, when the letter was given.
However, this is an important document because Real Estate Agents or sellers won't even show a house without proof that a buyer has financing to close
Pre-Approval: Once your required documents have been submitted to an Underwriter, and your loan application is accepted, then you'll receive the Pre-Approved Letter, which gives you more negotiating leverage, because a Real Estate Agent and/or a seller knows you have Buying Power.
Where the rubber meets the road
You have the Pre-Approved Letter from a Lender and you're ready to start looking for your new home. But before you sign a Purchase Contract, read through the terms, carefully, so you'll know exactly what your obligations are, And pay special attention to the Default Clauses.
Now, you've finally found the home of your dreams... Then there's the Down-Payment. Some Lenders will allow buyers to use their employers 401(K) program to collateralize the down-payment, others will require Certified Funds.
(cash-to-close) However most Lenders require 2-3 months of Reserves, as well.
It use to be the normal to put 20% down, now there are programs as low as 3-5% down. Although, a large down-payment ultimately means a lower monthly payment, And avoids the additional upfront (PMI) cost.
You have the Pre-Approved Letter from a Lender and you're ready to start looking for your new home. But before you sign a Purchase Contract, read through the terms, carefully, so you'll know exactly what your obligations are, And pay special attention to the Default Clauses.
Now, you've finally found the home of your dreams... Then there's the Down-Payment. Some Lenders will allow buyers to use their employers 401(K) program to collateralize the down-payment, others will require Certified Funds.
(cash-to-close) However most Lenders require 2-3 months of Reserves, as well.
It use to be the normal to put 20% down, now there are programs as low as 3-5% down. Although, a large down-payment ultimately means a lower monthly payment, And avoids the additional upfront (PMI) cost.
Driver's License, Social Security Card, and Alien Card (or Green Card)
Pay Stubs for the last 8 weeks, showing Year-to-Date income.
And most recent bank statements for all accounts:
1. Copy of the Deed
2. Copy of the Note
3. Copy of the Mortgage
4. Copy of your Survey (if applicable)
5. Copy of the Title Insurance Policy
Pay Stubs for the last 8 weeks, showing Year-to-Date income.
And most recent bank statements for all accounts:
- Checking, Savings, or Money Market Accounts
- Retirement Accounts ( IRA, 401K)
- Stocks, Bonds, CDs, Etc.
- Previous two years W2 (or 1099) & Tax Returns (signed)
- Full address of each property
- Copy of Lease / Rental Contract
- Information to verify monthly mortgage payment, property taxes, insurance,& HOA
- Year, Make, Model, Estimated Current Value
- Current amount of rent you pay
- Full addresses for each location
- Time frame at each location (date you moved in & moved out)
- Name & phone number of landlords
- How many and their ages
- Name of Employer
- Your Position
- Your Income
- Full address of employer with phone number
- Full dates of employment (start date / end date)
- Same as above, including the following documents;
- Last 2yrs completed tax-returns, including applicable schedules
- Year to Date P&L (Profit & Loss)
1. Copy of the Deed
2. Copy of the Note
3. Copy of the Mortgage
4. Copy of your Survey (if applicable)
5. Copy of the Title Insurance Policy
Note on refinancing: In today's market, because of deteriorating values, it is imperative that an appraisal be ordered. Before a Broker can give an accurate rate-quote You really need to know what your home is realistically worth.
After an appraisal is completed, your Mortgage Broker can then look at your estimated Loan-to-value and your debt-to-income ratio in relation to all the other information you provided to determine what program will work best for you and what you can expect as far as rates and fees.
After an appraisal is completed, your Mortgage Broker can then look at your estimated Loan-to-value and your debt-to-income ratio in relation to all the other information you provided to determine what program will work best for you and what you can expect as far as rates and fees.
Closing
After your loan application has been approved by the underwriter, it is sent to the closing department. Everything is checked, again (for accuracy) then a closing package is created and forwarded to the approved closing agent
(title company)
The closing agent runs the title search and insures that the property is able to be conveyed by the seller without any encumbrances, And conducts the closing.
Typically, the borrower is requested to bring a hazard insurance policy and a certified or cashier's check (Down-Payment) and a report from a certified termite inspector which states that the property is free from infestation.
The closing agent will obtain the necessary signatures on the closing documents and disburse the money, There is a (3) Day right of Recission, But after that...
After your loan application has been approved by the underwriter, it is sent to the closing department. Everything is checked, again (for accuracy) then a closing package is created and forwarded to the approved closing agent
(title company)
The closing agent runs the title search and insures that the property is able to be conveyed by the seller without any encumbrances, And conducts the closing.
Typically, the borrower is requested to bring a hazard insurance policy and a certified or cashier's check (Down-Payment) and a report from a certified termite inspector which states that the property is free from infestation.
The closing agent will obtain the necessary signatures on the closing documents and disburse the money, There is a (3) Day right of Recission, But after that...
CONGRATULATIONS! YOU ARE NOW, A HOMEOWNER!
Home Purchase
Serving El Paso County
for over 14 years...
You may qualify for a home loan...
- Make over $ 2,000 per month?
- Steady employment for (2) years?
- Is your mid-credit-score over 640?
- No bankruptcy in the last (4) years?
- No Foreclosure in the last (3) years
Documents Required:
Qualifying for a Home Loan
is easier than you may think.
We'll explain and walk you through the entire loan-process experience.
is easier than you may think.
We'll explain and walk you through the entire loan-process experience.
Why Pay Your Land-Lords Mortgage, when you could own a home, yourself.
And perhaps for around the same amount as your currently paying in rent.
Think for a moment:
If your rent is a grand a month, Well after 5 years that's a whopping $60,000 that YOU paid-towards..
your landlords home??
Now your land-Lords credit is 'Good' and he can borrow against the equity, that your hard-earned money paid for...
And you get to move out and start all over again?
Stop Paying Rent!
And Own Your
piece of America
And perhaps for around the same amount as your currently paying in rent.
Think for a moment:
If your rent is a grand a month, Well after 5 years that's a whopping $60,000 that YOU paid-towards..
your landlords home??
Now your land-Lords credit is 'Good' and he can borrow against the equity, that your hard-earned money paid for...
And you get to move out and start all over again?
Stop Paying Rent!
And Own Your
piece of America
Now is the Perfect Time to Buy a home... And We Can Help
The Housing Market is flooded with a huge inventory of vacant homes. Our Mortgage Professionals can sit with you and explain the home-loan process, the different Programs you may qualify for, and what the option are for your particular scenario.
As a Build and mortgage professionals, we understand the anxiety with a 'First-Time' home purchase. We can walk you through the entire loan process and explain the benefits and pitfalls along the way.
Usually the first thing a Seller or Real Estate Agent wants to know is... if you've been Pre-Qualified by a Lender. Many agents are even a little reluctant to show a house without some indication that the buyer already has financing in place or in processing.
The Housing Market is flooded with a huge inventory of vacant homes. Our Mortgage Professionals can sit with you and explain the home-loan process, the different Programs you may qualify for, and what the option are for your particular scenario.
As a Build and mortgage professionals, we understand the anxiety with a 'First-Time' home purchase. We can walk you through the entire loan process and explain the benefits and pitfalls along the way.
Usually the first thing a Seller or Real Estate Agent wants to know is... if you've been Pre-Qualified by a Lender. Many agents are even a little reluctant to show a house without some indication that the buyer already has financing in place or in processing.
How Much Home Do you Qualify For?
The bigger question is; how much can you comfortably afford to pay based or your current monthly income and expenses. Well, that's where we come in. We can offer you a FREE Financial Analysis.
Our application can be completed conveniently over the phone. The deails you provide about your income, debts, credit, and assets help us arrive at an estimate of how much mortgage payments you can comfortably afford, based on your debt to income ratio. The application only takes a few minutes,
And It's FREE!
The bigger question is; how much can you comfortably afford to pay based or your current monthly income and expenses. Well, that's where we come in. We can offer you a FREE Financial Analysis.
Our application can be completed conveniently over the phone. The deails you provide about your income, debts, credit, and assets help us arrive at an estimate of how much mortgage payments you can comfortably afford, based on your debt to income ratio. The application only takes a few minutes,
And It's FREE!
First- Time Buyers
Want to go from being a Renter to owning a home of your own??
Want to go from being a Renter to owning a home of your own??
Selling the House
If your planning to sell your home any time soon, there are key improvements to...
If your planning to sell your home any time soon, there are key improvements to...
Interest Rates
Interested in purchasing a property or refinancing an loan, Todays rates are...
Interested in purchasing a property or refinancing an loan, Todays rates are...
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STOP PAYING RENT
"A Broker works for their Clients.. a Loan Officer works for the Bank."
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