mortgage

Things to Remember
Things to Remember 1024 536 nathanburch

 

The are many factors that can change your ability to qualify for a mortgage. It’s important to follow these guidelines until your loan is closed.

Do

  • Pay all your monthly bills on time
  • Keep track of all your bank deposits and statements
  • Find and organize documents such as W-2s, tax returns and other statements related to investments and/or other finances
  • Get pre-approved before you start looking for your new home
  • Leverage our easy to Mortgage Application platform, Elevate to make the entire process easy and contact us with any and all questions

Don’t

  • Apply for new credit cards, loans or purchase offers
  • Deposit or withdraw large amounts of cash without speaking to your Loan Officer
  • Change jobs, your pay structure or employment status
  • Charge current credit accounts/cards to the maximum
  • Make large purchases such as cars, appliances or furniture
  • Take debt consolidation action or pay off collections or charge-offs

Any changes to your current financials could affect your current financial picture. We are always here to provide guidance and advice as you begin your home buying journey.

Verified by Vellum, Your Client’s First Step
Verified by Vellum, Your Client’s First Step 1024 536 nathanburch

A fully underwritten Verified Pre-Approval by Vellum streamlines the homebuying process and allows your clients to shop with confidence. We are excited to share in the homebuying experience.

  • Gain Confidence & Feel Secure

    Be able to submit an offer with confidence knowing it provides proof of the ability to obtain financing.

  • Enjoy a Faster Closing Period

    Close in as few as 8 days. A quick closing can sometimes be the difference in your clients offer being selected.

  • Save Your Clients Money

    Strengthen the buyers ability to negotiate. With no concerns about a clients ability to purchase the home, your clients offer will stand out amongst the others.

  • Experience Matters

    With a deep understanding of local real estate and mortgage options we provide the best custom solutions for your clients specific financial story.

Get Your Clients Started Out on the Right Foot with a Verified Pre-Approval

FHA Streamline Refinance
FHA Streamline Refinance 1024 536 shannonleydig

FHA Streamline Refinance
The FHA Streamline Refinance program is a special refinance program for people who have a Federal Housing Administration (FHA) loan. It is the simplest and easiest way to refinance an FHA loan. Unlike a traditional refinance an FHA Streamline Refinance allows a borrower to refinance without having to verify their income and assets.

An appraisal might not be required either depending on how much you have paid on your original loan balance. One of the most advantageous aspects of this program is that it allows for an unlimited loan-to-value ratio. Therefore, if you are severely underwater you still may be able to take advantage of record low mortgage rates by refinancing with an FHA streamline.

Criteria for Qualifying

  • You have to live in the house you are refinancing.
  • You can’t have made more than two, 30-day late payments on your FHA mortgage in the past 12 months.
  • You have not completed an FHA Streamline Refinance in the past 6 months.
  • FHA does not have a minimum credit score required for a streamline refinance, but your lender might. Generally it’s best if you have a score of 620 or above.

FHA Streamline With Appraisal

The advantage of doing an FHA Streamline Refinance with an appraisal is that you are able to roll your closing costs into the loan. You are only required to have an appraisal if your new loan amount exceeds your original loan amount by 1.5 percent.

FHA Streamline Without Appraisal

If you do an FHA Streamline Refinance without an appraisal you are not able to roll your closing costs into the loan. Hence, you will need to be prepared to pay your closing costs out of pocket or talk to your lender about whether they can cover your closing costs in exchange for paying a higher interest rate.

Contact us for more information and see what works best for your financial story!

Source: Zillow