Mortgage Information

I have assembled a library of helpful mortgage information to help answer your questions. Please call me at 786-586-9386 with any questions that you have.

Q: How do I find a lender?

A: Contact me. I partner with over 100+ different lenders. I'm sure that I have a Loan Program for you and for just about any scenario!

Q: What is a credit score?

A: A credit score is an indication of your credit history and assist in measuring your ability to repay a debt in the future.

Q: Can I become a home-buyer even if I have had bad credit, and don't have much for a down-payment?

A: Yes. Your credit doesn't have to be perfect to purchase a home. Difficult financial situations are often because of illness, divorce, or temporary unemployment. If you can demonstrate that the problem was in the past, and you have been able to re-establish a good track record for a sufficient amount of time, you may be in a good position to get a mortgage loan.

Q: What documents I need to have ready while applying for a mortgage?

A: Good question! You should at least have:

1. If you and your spouse are applying for the loan, social security numbers for both you and your spouse

2. Consecutive pay stubs for the last month

3. Copies of your checking and savings account statements for the past 6 months

4. Evidence of any other assets like bonds or stocks

5. List of all credit card accounts and the approximate monthly amounts owed on each

6. List of account numbers and balances due on outstanding loans

7. Copies of your last 2 years' income tax statements Depending on your lender, you may be asked for other information/documents too.

Q: I don't have the standard documentation necessary to get a loan, can I still apply for loan?

A: We offer special loan programs for such type cases, for further information contact us using the "contact us form".

Q: When should I refinance my mortgage?

A: To determine whether you should refinance, compare the following:

• Current interest-rates compared the rate you are currently paying.

• Your current payment compared to what your payment would be with a lower rate, or features such as interest-only payments.

• The amount of time you expect to live in your home.

• The cost to refinance your mortgage.

Q: How can a shorter term save me money on a Fixed-Rate Mortgage?

A: Simple, if you go for a shorter term, you can save thousands of dollars in interest expense because you'll be paying off the loan sooner. Although your payment will be more each month, it may not be as much as you may think.

Q: What is a good faith estimate (GFE)?

A: A good faith estimate (GFE) is an estimate that outlines the costs you will incur during the mortgage process. This is provided to you when you apply for your loan.

Q: How are the funds from my escrow account used?

A: The funds from your escrow account are used to pay property taxes and insurance. The payment is called an escrow payment, and a mortgage servicer withdraws the money.

• Apply to Purchase a home or to Refinance
  The key to start the loan process is to apply for a loan. Applying for a mortgage loan is merely a process to collect appropriate information regarding your income and credit history, however, it is the most essential step towards owing or refinancing a home. Don't hesitate in applying for your loan, there is no obligation. Starting with the information you provide us, we will work to obtain approval for a loan that meets your purchase or refinance needs.
  

• Get pre-qualified and then get pre-approved:
  Get pre-qualified. First and foremost it puts you in a position as a homebuyer to know exactly how much you can afford. In addition, as a pre-qualified buyer you have a stronger standing than a buyer who is not pre-qualified. It is an important advantage in today's fast paced real estate market. Next, get pre-approved. A pre-approval shows that you have provided the complete paper work (listed below) and your loan has been underwritten and approved. A pre-approval is strongly suggested as it will show the seller of a home that you are serious and qualified. It will also help to close the loan quickly and get you into your new home.
  

  • Shopping for the Right Loan
    Looking for the right loan program can be difficult with so many types of loans to choose from. We recommend that a buyer consider some questions before buying a new home. Is this a starter home? Will I be moving in five years? How much can I afford per month? How much cash do I have available for down payment and closing costs? What will the payment be? Is this the right house for me? Is this the right loan program for me? Different loan programs work to your advantage in different situations. If you're planning on staying in your home for several years a fixed loan may be best. On the other hand, if your goal is to sell in just a few years an adjustable rate with a lower initial interest rate or an interest only option may work more to your advantage.
    
    Another key factor in understanding different loan programs is to be aware of the relationship between points and interest rates. The more points you pay the lower the interest rate may be. A point is considered prepaid interest and is tax deductible. Each point is one percent of the loan amount. Paying points on your loan can lower your interest rate but increase your upfront costs.
    
    Shopping for and comparing loans can be tricky. There are many programs, each with different rates and different points. What loan is right for you? We take pride in our seasoned loan analysts and their ability to help you choose which loan is appropriate for your goals and needs.
    

  • Organize essential documents and get credit report
    Purchase a Home

    • Last two years W-2s and current pay stubs covering one month for salaried employees.

    • Self-Employed persons please provide the last two years of tax returns and an YTD profit and loss statement.

    • For rental properties please provide rental agreements and the last two years of tax returns.

    • The last three months of current bank statements for each account.

    • Copies of 401K, IRA, Pension or other retirement savings.

    • Divorce Decree, if applicable.

    • Bankruptcy papers (all schedules) and Discharge if applicable.

    • Name and address of your landlord, if applicable

    • Letter to explain any derogatory credit.

Refinance a Home

• • • Last two years W-2 and one month of current pay stubs for salaried employees.

    • Self-Employed persons please provide the last two years of tax returns and an YTD profit and loss statement.

    • For rental properties please provide rental agreements and the last two years of tax returns.

    • Most recent mortgage statements on all owned properties.

    • The last three months of current bank statements for each account.

    • Copies of 401K, IRA, Pension or other retirement savings.

    • Divorce Decree, if applicable.

    • Copy of Homeowners/Hazard Insurance Policy

    • Names, address, phone numbers and account numbers of creditors to be paid at closing.
      

  • Get a Credit Report
    Obtaining a credit report is essential and it has to be done in the early phase of the loan application and loan process. A lender is not in a position to offer or quote an interest rate or a loan program without knowing your FICO SCORE or without examining your credit report. Perfect credit, not so perfect credit, or even bad credit doesn't imply that you are automatically approved or can not be approved for a loan, and it also doesn't imply that you have less chances with bad and more chances with good credit. It is merely a device to determine a loan program and interest rate, but an essential and necessary step that every loan applicant must take.
    

• Select loan program and lowest rate

  • Choose a loan program

  • Choose a loan type

    • 30 year fixed

    • 15 year fixed

    • 1 Year Adjustable Interest Rate (ARM)

    • 2 year ARM

    • 5 year ARM

    • Jumbo loan

    • Conforming Loan

    • Refinance with cash out

    • Refinance with no cash out

    • No Closing Cost Loan

    • FHA Loan

    • VA Loan

    • Cal Vet Loan

    • Imperfect Credit Loan

    • No income verification loan

    • Commercial Real Estate

    • Equity Loan

  • Loan approval and sign the documents
    Once we have received your completed loan application, our approval process begins. This involves verifying the following information:
    

    • Credit report

    • Employment and income history

    • Personal Assets; bank accounts, stocks, pension, mutual funds, 401K, and IRA.

    • Property value and title report

Additional documents or verifications may be requested depending on your individual situation.

Helpful hints to improve your chances of a loan approval:

• • • Fill out the loan application and clearly.

    • Provide requested documents requested in a prompt manner, this can be especially crucial if you have planned to close your loan on a certain date or have a rate locked in.

    • Do NOT make any large purchases. Increasing your debt can have a negative affect on your current application. Large purchases include, but are not limited to: automobiles, furniture, appliances, another house or time-share.

    • Bank account balances may be verified shortly before the close of a loan, be sure not to move money out of your account. If you move money into your account you will need to show where it came from. If you are receiving a "gift of money" from a friend or relative be sure contact your loan officer to get a form to use as a "gift letter".

After your complete loan application is approved and any additional items have been turned in your final closing papers will be drawn. You will be contacted for an appointment to sign them in front of a notary. After you sign, they will be returned to the lender for final review and funding. After the loan is funded and the money is disbursed, title to the home will record in your name.

You now own your new home.