Mortage Network

Home Buying Resource Center

• Helpful Information for the Home Buying Process
• What to Avoid When Applying for a Home Loan
• Credit Information

Helpful Information for the Home Buying Process

Figure out how much you can afford.

What you can afford depends on your income, credit rating, current monthly expenses, down payment and the interest rate. Providing the information below will allow you to calculate how much you can afford to spend on a home. However, many additional factors play a part in the loan qualification process.

Why get pre-approved?
A pre-approval lets you know exactly how much home you can afford, and lets the seller know that your financing is already in place. This alleviates worry and stress on both sides of the negotiation.

Find the right loan for you.

Part of our personal touch is to make sure your loan program is right for your current financial situation.  Whether you are a first time home buyer or seasoned investor, we want to make sure you are comfortable with the payment and program we offer you.  To find the right loan contact us.

Borrowers Rights

This may be the largest and most important loan you get during your lifetime. You should be aware of certain rights before you enter into any loan agreement.

• You have the RIGHT to shop for the best loan for you and compare the charges of different mortgage lenders.
• You have the RIGHT to be informed about the total cost of your loan including the interest rate, points and other fees.
• You have the RIGHT to ask for a Good Faith Estimate of all loan and settlement charges before you agree to the loan and pay any fees.
• You have the RIGHT to know what fees are not refundable if you decide to cancel the loan agreement.
• You have the RIGHT to ask your mortgage lender to explain exactly what the mortgage lender will do for you.
• You have the RIGHT to know how much the mortgage lender is getting paid by you for your loan.
• You have the RIGHT to ask questions about charges and loan terms that you do not understand.
• You have the RIGHT to a credit decision that is not based on your race, color, religion, national origin, sex, marital status, age, or whether any income is from public assistance.
• You have the RIGHT to know the reason if your loan was turned down.
• You have the RIGHT to ask for the HUD settlement costs booklet "Buying Your Home."

For other helpful information about buying your home and RESPA, contact us
or call toll free:  1-800-334-4648

Shopping for a home?

Realtors – if you do not already have a realtor, our loan officers can give you a referral list of Realtors in your area.

Use the wish list to make sure your realtor knows exactly what you are looking for. You can also use the Home checklist to compare different properties. It can be hard to remember which property has what after awhile.  Use this while shopping online too.

Home Inspections

Here is some information we hope will be valuable to you.  We highly recommend a home inspection for any property you have put an offer on.

Buying a home is one of the most important purchases you will make in your lifetime, so you should be sure that the home you want to buy is in good condition. A home inspection is an evaluation of a home’s condition by a trained expert. During a home inspection, a qualified inspector takes an in-depth and impartial look at the property you plan to buy.

The inspector will:

• Evaluate the physical condition: the structure, construction and mechanical systems.
• Identify items that should be repaired or replaced.
• Estimate the remaining useful life of the major systems (such as electrical, plumbing, heating, air conditioning), equipment, structure and finishes.

The home inspector does not estimate the value of the home.  Here are 10 questions you should ask a home inspector.

Homeowner’s Insurance

Homeowner’s insurance is required before you close your loan.  If you need an agent, our loan officers may be able to refer you to one in your area.

Closing

Each closing is unique and procedures can vary from state to state.  Please make sure you have read all documents prior to your closing. For more information please read our Frequently Asked Questions section.

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What to Avoid When Applying for a Home Loan

While you’re looking for home financing, you may be tempted to take certain actions that seem harmless enough—but which may adversely affect the loan approval process. In particular, we recommend that you:

• Don’t change jobs. Any required probation period would have to be completed before income from the new job would be considered for loan qualifying.

• Don’t buy or lease a motor vehicle. A large payment of this type can adversely affect your debt-to-income ratio—and possibly prevent you from qualifying for a home loan.

• Don’t buy expensive new furniture or major appliances on credit for your hoped-for home. Such purchases will significantly increase your monthly obligations, possibly to the point that you won’t quality for a loan or have enough funds on hand to meet closing costs.

• Don’t try to consolidate bills without informing your lender first. Your Loan Officer may tell you that this step isn’t necessary to qualify for your loan.

• Don’t move assets from one bank account to another. Such transfers show up as new accounts for which you’ll have to disclose and document the source, complicating the application process.

• Don’t pack or ship information you’ll need for the loan application. You’ll need to have important papers (W-2 forms, tax returns, etc.) on hand at all times. If they aren’t available and you must obtain duplicates, the wait could stall the closing date on your transaction.

This is for informational purposes only.

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Credit Information

Your credit rating is a valuable asset when you’re applying for a mortgage loan. Find out how lenders determine your credit score—and what you can do to improve it!

Read our Simple Steps to Improve Your Credit Score.

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