Mortgage Services
Pre-Approval - Get A FREE Pre-Approval Letter
It's a good idea to get pre-approved by a lender before you start looking for a home. Brandon will give you a free consultation. Once you're pre-approved, you'll know exactly what you can afford. Then you can act immediately when you find the home you want and sellers are more comfortable accepting your offer.
What To Expect In Our First Conversation.
I will evaluate four areas of your financial history to determine your ability to secure a loan:
Credit history/credit scores
The amount of monthly credit you currently have
Income/employment history
Your financial assets (money in the bank, investments, retirement accounts, and potential gift funds
Routine documentation you should have available:
Thirty days of pay stubs
Two years of W-2s or two years of tax returns (if self-employed)
Two months worth of bank/asset/investment/retirement account statements (all pages)
Diploma or school transcript if a full-time student during the past two years
Information on any real estate you may currently own
A copy of recent mortgage statements or your current lease
Explanations for any derogatory credit or gaps in employment you know you may have
Any correspondence with creditors if you have disputed any debts
Other items that would be helpful include:
A social security card
A driver's license
What's The Difference Between A Fixed Rate And An Adjustable Rate?
Fixed rate mortgages are when your monthly principal and interest payment are always the same for the life of the loan. The benefit is that you always know what your principal and interest costs are. Fixed rate loans are usually amortized (paid in full) over a period of 30, 20, or 15 years. Your monthly payments are predictable over the life of the loan. (Keep in mind that your monthly mortgage payment may include principal and interest AND 1/12 of your annual property taxes and home owners' insurance. So although the principal and interest will remain steady, the taxes and insurance amounts can vary.)
Adjustable rate mortgages (ARM) allow for the the interest rate to fluctuate, which makes the payment change during the life of the loan. ARMs start off with a fixed interest rate for a determined period of time (1, 3, 5, 7, 10 years), and then adjust annually after that. Typically, the shorter the fixed term is, the lower the initial rate. The lower rate means lower payments for that period of time. Once the rate adjusts, the payments can go up, if the interest rate is higher. Most loans adjust annually after the fixed rate period.
Which Mortgage Is Best?
There are literally dozens of loan products and hundreds of combinations of these products. A good loan consultant will listen to your needs, evaluate your situation, and recommend loan scenarios that fit your need. A home loan should fit into your overall financial plan, and help meet your long- and short-term financial goals with the desired monthly payment and equity position.
Just calling around for the best rates on a 30-year mortgage could cost you thousands of dollars over the life of your loan if you don't get the loan that best fits your needs. There is so much more to the home loan process than just rates. A professional loan consultation is a vital first step in the process and is usually at no cost to you.
