Do Get prequalified Check your credit report Continue paying your current monthly bills, including rent and utilities Pay all your bills on time: Important to be current Continue making purchases as usual: Banks love consistency, and continuing normal patterns of credit use gives banks a good idea of your spending routines Ask your lender questions:…
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Seasoned Assets, Sourcing Large Deposits and Gifts: The best thing to do is to keep your money stationary in its original accounts. It is also important to not to move any major amounts around and to not deposit cash on hand into any accounts within your mortgage process. Definitions A Large Deposit is considered a…
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Once you’ve received a pre-approval from your loan officer and are aware of all the costs involved and what you can afford, it’s time to begin your search for a home. FINDING A REAL ESTATE AGENT Your real estate agent is a valuable partner in the homebuying process. He or she will help you find…
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Navigating both low and no money down payment programs can be difficult and often confusing for new and experienced home buyers. Here at Northeast Financial LLC we have several options available to the public. Are you a veteran that serviced for our armed forces? If so ask us about our 100% VA Financing for both…
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Buying a home is one of the most exciting—and complex— transactions of your life. You may have questions, and it’s important to choose a mortgage provider you can trust to communicate the important facts. We’re dedicated to explaining each step of the process in detail to every single one of our borrowers. And, we offer…
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Working with Northeast Financial LLC has it perks. One of which is access to our industry leading niche products. Here is quick list of some of the Niche Products you can find here at Northeast Financial LLC: Bank Statement Ideal for self-employed borrowers who can’t use tax returns to qualify Up to 90% LTV, no…
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Did you know that Fannie Mae and Freddie Mac both offer competitive low money down products as well? FHA is not your only option to get into a new home with less than 5% down. Down payment as low as 3%, even for first-time buyers Typically faster, easier and with a lower monthly payment than…
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Getting pre-approved before speaking to a real estate agent can save you time, money and frustration. You’ll know what you can afford. Getting pre-approved before you shop is imperative, as it allows you to shop within your price range. It gives you negotiating power. Having a pre-approval always puts you ahead of a buyer…
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Since April of 2016 FHA has required lenders to use the greater of 1% payment based on the balance of any outstanding student loan debt or the actual payment as reported on the borrowers credit report. With the cost of education only going up perspective homebuyers with $100K or more in student loan debt have…
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Loan-to-Value An acronym often encountered in the home buying or refinancing process, LTV describes loan amount as a percentage of the purchase price or value of property. For example, an $80,000 loan on a $100,000 property equals an 80% LTV. You can also think of LTV as the inverse of your down payment. If you…
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