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48 Meriden Rd, Suite 1, Middlefield, CT 06455

Category: First Time Home Buyer

Preparing ahead for your mortgage application.

Get your income information sorted. • Gather at least two paystubs and two years of your W-2s and federal tax returns, including all schedules. It is ideal to be at your current employer for at least two years. • Ask your loan advisor about additional documentation requirements if you are self-employed. • Contact your loan…
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My loan application is in underwriting, what happens now?

This is the final stage of the process before you close. The mortgage underwriter reviews everything and issues an “Approval with Conditions”.  They issue a list for your loan officer to help obtain any additional documentation. During this time, once all conditions from the underwriter are met, you will be able to officially schedule your…
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Mortgage Statement: What Am I Really Paying For?

Individuals who are not so savvy to homeownership may face some confusion when paying their first couple mortgage statements.  They first may be skeptical about why their statement not being serviced by the same financial institution that they signed so many documents with.  Well… that’s not so abnormal.  The truth is, most mortgages are sold…
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Ready to become a homeowner?

Here are a few important things to consider when making this major life decision: Understand your finances. • Talk to a professional loan advisor about your assets, debts, and credit history to see if you prequalify for a mortgage. Get your paperwork in line. • Your lender will require a lot of personal information to…
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SELLER CONCESSIONS : WHAT ARE THEY AND SHOULD YOU ASK FOR THEM WHEN PURCHASING A HOME?

SELLER CONCESSIONS WHAT ARE THEY AND SHOULD YOU ASK FOR THEM WHEN PURCHASING A HOME? The whole mortgage process can have many components.  I’m going to address the closing costs area first.  Closing costs are fees associated with your home purchase that are paid at the transfer of the property from seller to buyer.  Some…
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Important loan documentation tips

To determine whether a borrower is credit worthy, lenders require borrowers to provide past and present financial documentation.   The format of the documentation being submitted must be exact, providing evidence of the ability to repay your loan.  Here are some things to know when preparing documentation to for a home loan. Core Documents for Preapproval…
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Myth Busted – 20% Down Payment Purchases   

I bet you still think you need 20% down on your first-time purchase. Well that is just not true. There are many different programs available to all buyers with less than 20% down payment. Below is the list of programs offered to first time homebuyers. Conventional Options: The options available for Conventional vary based on…
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Your Credit Scores – Understand them & see how YOU can improve them

When applying for a mortgage, you may want to see what your credit is BEFORE you apply. Many people rely on Credit Karma or other companies like them to track their credit and keep an eye on their credit scores. What most people don’t know is that the algorithm, (the procedure the Lender uses to…
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How much house can I afford?

Purchasing a home is one of the biggest financial decisions one makes in their lifetime.  Buying your first home can be an exciting experience, so it’s a good idea to have a solid plan in place. As exciting it can be to own a home, it can also be a burden without a plan.  Thus…
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MORTGAGE LINGO

Learning the ABC’s of mortgage terminology Before tackling the mortgage process for the 1st time or the 5th time, understanding the mortgage language will help in the steps of your home purchase journey. Adjustable Rate Mortgage (ARM): A mortgage that will have an initial fixed rate for a set period of time and then the…
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