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Mortagage Tips

Get Pre-Approved

The only way to truly know how much home you can afford is to ask a lender. Getting pre-approved lets you know how much you can afford before shopping for your home. If you have more than one lender on your list, you may obtain a pre-approval letter from each one as long as the process is completed within a set period of time, such as 30 days, and does not affect your credit score.

What to know

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Income

Stable income assures a mortgage lender you can make your monthly payment.

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Debt

Add up auto payments, credit card payments, student loans, alimony, child support, and other debt.

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Cash

Total assets, amount in checking and savings account, and other investments.

room-style terrace with wooden decoration and stone floor
room-style terrace with wooden decoration and stone floor

Determine Monthly Mortgage Payment Including Escrow

Escrow is a third party account used to retain funds including the property owner’s real estate taxes and hazard insurance premiums. Escrow is only applicable to certain mortgage loan programs like FHA loans and VA loans. Your mortgage payment will be determined based on your income and credit report. You may also pick between a Fixed Rate Mortgage and an Adjustable Rate Mortgage (ARM).

Understand Bills Associated

Estimate that it will cost about one percent of the purchase price per year to maintain your home. For a $200,000 home, you should budget approximately $2,000 per year or approximately $170 per month for maintenance. Condominiums and co-ops will have regular maintenance fees. You will also have utilities, gas, electric, water, sewage, cable, telephone, insurance, property tax, etc.

backyard with pool, terrace and large grassy patio
backyard with pool, terrace and large grassy patio

Do's & Dont's

When it comes to a construction or home buying process, the mortgage process can be tricky and stressful. Therefore, it is important to get everything right when you are getting financing for your home. This way, when you're ready to find a real estate agent, there will be no complications or problems with your credit scores.

  • Don't make any large deposits into any of your accounts.


  • Don't consolidate debt to one or two cards.


  • Don't apply for new credit of any kind.


  • Don't MAX OUT or overcharge existing credit cards.


  • Don't make any large purchases.


  • Do keep all existing credit card accounts open.


  • Do maintain your employment at your current job.


  • Do pay off collections, judgements, or tax liens reported within one year.


  • Do stay current on your existing accounts.


Loan Checklist

Use this checklist to make sure you have everything you need before you begin your loan application. Having all necessary documentation upfront saves time so your loan can close smoothly and quickly.

  • Photo Copy of D.L or I.D.


  • Copies of One (1) Month Most Recent Pay Stub.


  • Business Tax Returns. (All Pages and Schedules)


  • Mortgage Statement, Insurance Declaration Page, and most recent tax statement for all other properties owned.


  • Copies of Two (2) Months Most Recent Bank Statements.


  • Contract for Lot or Warrantydeed. (Construction Only)
  • Social Security Card.


  • Last Two Years W2's, Income Tax Returns. (All Pages)


  • If self-employed, 1099s and copy of Business License.


  • Purchase/construction Contract and Copy of Earnest Money check.


  • Plans and Specifications. (Construction Only)


  • Divorce Decree and Separation Agreement (If applicable).

Mortgage Calculator

Many real estate agents want you to be pre-qualified for a loan before they will start to work with you. Don't take out a mortgage loan unless you know the mortgage rate, the monthly payments, total costs over time, fees paid, closing costs, etc!

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