Mortgage Resources
Homeowner Essentials
Types of Home Loans
How to get a great rate
Credit Score Basics
Do’s & Don’ts
Financing Tool Kit
Mortgage Calculator
Refinance Calculator
Types of Home Loans
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Conventional
Flexible down payment options, less than 20% down payment requires Mortgage Insurance.
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FHA
Higher debt-to-income allowed as well as more lenient underwriting. Mortgage insurance is required in all cases.
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VA
100% financing, No Mortgage Insurance, Available to Service Members and their spouses
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Jumbo
For loan amount higher than $510,400 (may vary by state). Requires good credit. Down payments and loan amount can vary based on credit.
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Renovation 203K
Used when buying a home in need of repairs, whether minor or major.
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Reverse
No mortgage payments, you only pay taxes and insurance. Available to clients 62 years old and older.
How to get a great rate
Improve your credit score. Paying bills on time is reflected in your credit score and your credit score is a piece of what determines the risk of your loan to the lender. The higher the number, the better the rate.
Did you know that a bigger down payment can help you get a better rate? The larger the down payment, the lower the risk of the loan. That equates to a great rate.
Ask your loan officer what you could do to help you get the best rate available.
Credit Score Basics
How is my credit score calculated?
Do's
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Do continue to make rent or mortgage payments where you are currently living
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Keep your payments current on all debts
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Maintain status quo with spending habits
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Consider enrolling in credit monitoring service to monitor your credit as soon as you decide that you want to buy a home sometime in the future
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Stay employed with the company on your application or if you must change, keep it in the same line of business and always speak with your lender prior
Don'ts
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Don’t make any new major purchases
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Don’t apply for new credit
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Don’t open new credit card accounts
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Don’t transfer credit card balances
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Don’t take out any other loans
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Don’t open a new cell phone account
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Don’t leave your job
Purchase Checklist
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Purchase Checklist
Income Documents
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Last 30 days of paystubs
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Last 2 years of W-2s
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Award letters (social security, pension, disability, etc.)
Assets documents
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Last 2 months of bank statements (all pages) for checking, savings
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Last quarterly statements for any retirement and/or investment accounts
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CD from sale of your current home (if applicable)
If you’re self-employed, own other property, or make the bulk of your income in commission:
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Last 2 years personal tax returns, all schedules
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Business returns could be requested additionally
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CPA to provide a Current Year Profit & Loss statement for self-employed borrowers
Additional information
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Purchase contract (fully executed)
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A copy of your Driver’s License
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The name and number of your insurance agent
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Bankruptcy discharge paperwork (if applicable)
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Copy of divorce decree or court order to support alimony and/or child support (Whether receiving or paying)
Buy & Renovate Together
The Perfect Loan for the Almost Perfect Home
Sometimes home buyers find a house in a perfect neighborhood that needs some personalized improvements. They love the home’s layout, the school district, the neighborhood amenities and more, but the appliances may need updating, the heating and cooling systems may need modernizing, the fence may need finishing and the kids just might like to have an in-ground pool.
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Financing this “almost perfect” home with a traditional mortgage would leave the homebuyers on their own for any updates, repairs or improvements, but a renovation mortgage builds the cost of the renovations into the total loan amount.
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From simple jobs to complex remodeling projects, a renovation mortgage thru our 203K loans allows buyers to finance their home and home improvement projects.
It's Moving Day
Click HERE to download our Top Tips for making your moving day go smoothly.
Refinance Basics
Refinancing your current mortgage loan with a new one, can allow for many different benefits.
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Better rate
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Shorter term
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Lower payment
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Cash-out on equity
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Locking in a fixed rate from an adjustable
Renovate while refinancing
The best use of cash-out refinancing is for home improvements that increase the value of your home.
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Refinancing into a renovation loan may also be a great way for you to achieve home improvements and repairs if you do not have the equity for a standard cash-out refinance. The FHA 203k renovation loan can help you finance repairs, upgrades and renovations. It can cover everything from simple repairs all the way to structural upgrades. You can add bedrooms or bathrooms, expand a kitchen or dining room or even add a second story to the home!
Refinance Checklist
Refinance Checklist
Income Documents
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Last 30 days of paystubs
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Last 2 years of W-2s
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Award letters (social security, pension, disability, etc.)
Assets documents
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Last 2 months of bank statements (all pages) for checking, savings
-
Last quarterly statements for any retirement and/or investment accounts
If you’re self-employed, own other property, or make the bulk of your income in commission
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Last 2 years personal tax returns, all schedules. Business returns could be requested additionally.
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CPA to provide a YTD Profit & Loss statement for self-employed borrowers
Additional information
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Current mortgage statement
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A Copy of your homeowner’s insurance policy and contact information for your insurance agent
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Copy of your property tax bill
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A copy of your Driver’s License
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Bankruptcy discharge paperwork (if applicable)
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Copy of divorce decree or court order to support alimony and/or child support. Whether receiving or paying