We look at your current loan program, rate and financial situation to help determine which product, loan term and rate would be best for you. We determine the break-even point between your current and new loan, taking into consideration all costs involved. After you review your options, we can lock in the rate and program you choose.
We will run your credit and go over your current payments with you, as well as address any inconsistencies, items that need to be paid, or items you dispute.
We will run your loan through an automated decision engine to determine what items will be needed to submit your file to underwriting.
We will review the closing costs and estimate how much money you will need to bring in to close, or what proceeds you will receive from the refinance. We can also target the loan amount so that you do not bring any money into closing.
A list of items we still need to collect from you will be provided.
We will discuss the appraisal process and review any potential value or repair challenges that may arise.
We will review the communication system and process flow. A team of people will be working on your behalf. We will talk about roles and responsibilities of all parties.
We’ll supply you with a guide to mindful spending with tips for a stronger savings and financial plan.
The information you provide to us needs to be as accurate as possible. Employment, income and asset information needs to be current and reliable. Please do not exaggerate or provide inaccurate information. Let us know if you took any time off, work non-paid or were on disability anytime within the last two years. We need to have a complete and correct application when we submit your file to underwriting. Here are some tips to remember when applying for a home mortgage:
Provide Information ASAP
Always Ask Questions
Use a working budget to ensure that you are paying your fixed expenses first and allocating enough for variable expenses. Identify ways you are spending money unconsciously and identify ways you can be more efficient.
Maintain adequate life insurance coverage to continue current lifestyle if your family is ever left behind.
Create a comprehensive long-term plan to invest and diversify your money. Consult a financial advisor about retirement and education planning to ensure your investments are strategically aligned for the future.
Pay off credit cards monthly or have a plan to do it over a specific period of time. Create a plan to pay off your mortgage and other installment loans early.
Have a will or a trust. Meet with an estate planner to determine if a trust or a will meets the needs of your family for both life and tax planning.
Our goal is assist in educating consumers on how mortgage finance may affect their general life’s financial plan. We are not a licensed Financial Planning firm. Please contact your financial advisor for further review.