Loans

LOOKING FOR A MORTGAGE LOAN?

The mortgage market continues to change and innovate. Unlike “the old days” when Borrowers had basically 2 choices, a 15 year fixed rate or a 30 year fixed rate mortgage loan, today’s mortgage market is packed with programs whose features and benefits have greatly expanded the opportunity for many more consumers to enjoy or maintain home ownership, based upon their specific needs and situation.

DON’T KNOW WHERE TO START?

You are not alone. Many consumers find the mortgage process very confusing and frustrating. Our experience tells us that there are some simple steps you can take to help ease the stress associated with your mortgage loan transaction:

TIME TO WORK WITH A MONEYHOUSE MLO

At Moneyhouse, our professionally licensed Mortgage Loan Originators will assist you in the purchase process for the home of your dreams or in refinancing your present home to fit your financial strategy. The sooner you are able to understand the options, features and benefits of today’s mortgage products available, the easier your final decision will be to proceed. We are here for you, from contract to closing, and will provide the expertise, support, resources and experience you are looking for.

Define Your Needs

Before calling, meeting and driving all over town, make a list of your needs and requirements as best you can. Consider the following:

• If you are not sure what you are looking for, make a list of those questions and loan features and benefits you know.
• If you are purchasing a new home, make sure you have information regarding the sellers, attorneys, real estate agent, copies of the sales contract and all supporting information ready.
• If you are refinancing your home, make sure you have a list of your desired loan terms, what is included in your current payment, new loan features questions, questions on how the process works and some basic explanation of your objectives in refinancing –
  • do you need to lower your payment,
  • do you need cash to assist with other financial obligations,
  • will you remain in your home long term or short term and
  • are you contemplating any improvements

Organize Your Information

One of the best ways to reduce stress is to organize and prepare your personal information. Having information at your fingertips makes the mortgage much more efficient. Whether you call or visit, fir put together a folder or envelope of documents and information that will help answer questions and provide the basis for verification of questions your Moneyhouse Mortgage Loan Originator may need to fully assist you in making your decision.

We suggest you consider the following initial items for all borrowers to be included in your information file:

• 2 current paycheck stubs
• 2 current statements for each bank account (checking, savings, money market, CD’s, 401K, and any other cash or asset account maintained
• 2 years signed tax returns
• Clear copies of your
  • Valid driver’s license or picture ID,
  • social security card, and
  • birth certificate
• If you are purchasing a new home, a copy of your complete sales contract and all riders
• A list of your current open credit card accounts
• The most current statement for any loans which are outstanding
• A list of the other real estate you own, with addresses, loan balances (if applicable), taxes and HOA obligations
• If refinancing your present home, copies of the homeowner’s insurance policy and evidence it is paid current, 2 years’ real estate tax payment history and the current real estate tax bill before calling, meeting and driving all over town, make a list of your needs