Mortgage Basics

For most people, it’s impossible to buy a home without a mortgage. A mortgage is a cost effect way of borrowing because the loan is secured against the property you are purchasing.

Most mortgages are on a repayment basis which means you repay part of the capital and the interest every month. At the end of the term, which is normally between 25 or 30 years, your mortgage debt will have been totally repaid.


 
 

Getting Pre-Qualified

Getting pre-qualified is the initial step in the mortgage process, and it's generally simple. You supply a bank or lender with your overall financial picture, including your debt, income and assets. After evaluating this information, a lender can give you an idea of the mortgage amount for which you qualify. Pre-qualification can be done over the phone or on the internet, and there is usually no cost involved.

To get pre-qualified to determine what loan amount is available to you for purchasing a new home or maximum loan-to-value amount available for refinancing you existing mortgage you need to provider your lender the following:

  1. Signed and completed loan application (enclosed). 

  2. Signed Borrowers Authorizations, 4506 T and Social Security

  3. Copies of your last 2-years tax returns including W-2s

  4. Two Recent Pay Stubs

  5. Copies of two months of bank statements

  6. Copies of any retirement statements (Pension plans, 401K, IRAs, etc. 

  7. Copy of Driver’s License and Social Security Card


What Type of Mortgage Loan is Right for You?

When you are shopping for a mortgage, there are several different types of mortgage loans you can choose from. You’ll want to look at several factors including loan type, length of the mortgage, interest rate and the other terms. It is important to carefully consider your options and make a well informed decision.

We can guide you through the various options on the market and help find the right one for you.

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Federal Housing Administration (FHA)

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Conventional Loans

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Adjustable Rate Loans

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(VA) Veterans Affairs Loans


I will guide you through the various options on the market and help you find the right mortgage for you.