We will discuss your mortgage inquiry and determine qualifications, best fit, potential rates and strategy.
Every mortgage scenario is different: credit score, loan to value, type (purchase, refinance, cash-out). Once we choose your path we begin by obtaining mortgage credit report (tri-merge report, different from client facing scores). Also, it is always important to discuss all potential credit issues and disclose all debt and properties owned. Rates are determined by the above factors.
With so many programs from which to choose, each with different rates, points, and fees, shopping for a loan can be time-consuming and frustrating. As an experienced mortgage professional, I will help you evaluate your situation and recommend the most suitable mortgage program, thus allowing you to make an informed decision. 

Programs: 30, 25, 20, 15, 10-Year Fixed & Adjustable
Conventional, High Balance & Jumbo Mortgages
Rates: Points, Paying Closing Costs, No Points & No Closing Costs

To begin your application, we will need supporting documents for many aspects of your financial world. These may include:

• 2023 & 2022 W2’s & Fed Tax returns (Business if applicable)

• 1 month pay-stubs

• 2 months bank statements (all pages)

• Most recent retirement/investment account (all pages)

• Most recent 1st mortgage statement (2nd home equity if applicable)

• Home Insurance & Real Estate Tax Information

Follow this secure link to submit your supporting documents to me. Call or email me if you have any questions about this process!
Once I have received necessary documents, we will complete your formal application and send it out for signatures. Please return your application quickly. From there we will determine if a full appraisal is necessary as well. (If so please schedule ASAP)

Once your application has been submitted, the processing of the mortgage begins.
The Processor reviews the Credit Report, Appraisal, and Title Report. The information on the application, such as bank deposits and payment histories, are then verified.
Derogatory credit, such as late payments, collections and/or judgments requires a written explanation. The processor examines the Appraisal and Title Report checking for property issues that may require further investigation. The entire mortgage package is then put together for submission to the lender.

Most people applying for a home mortgage need not worry about the effects of their credit history during the mortgage process. However, you can be better prepared if you get a copy of your Credit Report before you apply for your mortgage. That way, you can take steps to correct any negatives before submitting your application.
A Credit Profile refers to a consumer credit file, which is made up of various consumer credit reporting agencies. It is a picture of how you paid back the companies you have borrowed money from, or how you have met other financial obligations.

There are five categories of information on a credit profile:
   •    Identifying Information
   •    Employment Information
   •    Credit Information
   •    Public Record Information
   •    Inquiries

If you have had credit problems, be prepared to discuss them honestly with a mortgage professional who will assist you in writing your "Letter of Explanation." Knowledgeable mortgage professionals know there can be legitimate reasons for credit problems, such as unemployment, illness, or other financial difficulties. If you had problems that have been corrected (reestablishment of credit), and your payments have been on time for a year or more, your credit may be considered satisfactory.

By now, most people have heard of credit scoring. The most common score (now the most common terminology for credit scoring) is called the FICO score. This score was developed by Fair, Isaac & Company, Inc. for the three main credit Bureaus; Equifax (Beacon), Experian (formerly TRW), and Empirica (TransUnion).

The following items are some of the ways that you can improve your credit score:
   •    Pay your bills on time.
   •    Keep Balances low on credit cards.
   •    Limit your credit accounts to what you really need. Accounts that are no longer needed should be formally cancelled since zero balance accounts can still count against you.
   •    Check that your credit report information is accurate.
   •    Be conservative in applying for credit and make sure that your credit is only checked when necessary.

Please do not obtain any new credit during the mortgage process. The bank will re-look at your credit 3-5 days prior to closing. 

An appraisal of real estate is the valuation of the rights of ownership. The appraiser must define the rights to be appraised. The appraiser does not create value; the appraiser interprets the market to arrive at a value estimate. As the appraiser compiles data pertinent to a report, consideration must be given to the site and amenities as well as the physical condition of the property. Considerable research and collection of data must be completed prior to the appraiser arriving at a final opinion of value.

Using three common approaches, which are all derived from the market, the appraiser derives the opinion, or estimate of value.

• The first approach to value is the Cost Approach. This method derives what it would cost to replace the existing improvements as of the date of the appraisal, less any physical deterioration, functional obsolescence, and economic obsolescence.

• The second method is the Comparison Approach, which uses other "benchmark" properties (comps) of similar size, quality, and location that have recently sold to determine value.

• The Income Approach is used in the appraisal of rental properties and has little use in the valuation of single-family dwellings. This approach provides an objective estimate of what a prudent investor would pay based on the net income the property produces.

Once the processor has put together a complete package with all verifications and documentation, the file is sent to the lender. The underwriter is responsible for determining whether the package is deemed an acceptable loan.
If more information is needed, the loan is put into "suspense" and the borrower is contacted to supply more information and/or documentation. If the loan is acceptable as submitted, the loan is put into an "approved" status.

Once your loan is approved, the file is transferred to the closing and funding department. The funding department notifies the broker and closing attorney of the approval and verifies broker and closing fees. The closing attorney then schedules a time for the borrower to sign the loan documentation.

At the closing the borrower should:
   •    Bring a cashier’s check for your down payment and closing costs, if required. Personal checks are normally not accepted, and if they are they will delay the closing until the check clears your bank.
   •    Review the final loan documents. Make sure that the interest rate and loan terms are what you agreed upon. Also, verify that the names and address on the loan documents are accurate.
   •    Sign the loan documents.
   •    Bring identification and proof of insurance.

After the documents are signed, the closing attorney returns the documents to the lender who examines them and, if everything is in order, arranges for the funding of the loan. Once the loan has been funded, the closing attorney arranges for the mortgage note and deed of trust to be recorded at the county recorder’s office. Once the mortgage has been recorded, the closing attorney will then print the final settlement costs on the final CD.

Final disbursements are then made (3 days for Cash-Out Refinance). 

A typical mortgage transaction takes between 14-21 business days to complete. With new automated underwriting, this process speeds up greatly. 

Thank you for your business!