Mortgage Resources - Helpful Information for Homeowners

Dos and Don'ts:

• Do continue to make rent or mortgage payments where you are currently living.
• Do keep your payments current on all debts.
• Do maintain the status quo with spending habits.
• Do consider enrolling in a credit monitoring service to monitor your credit as soon as you decide you want to buy a home sometime in the future.
• Do stay employed with the company on your application or, if you must change, keep it in the same line of business and always speak with your lender before the change.
• Don't make any new major purchases.
• Don't apply for new credit.
• Don't open new credit card accounts.
• Don't transfer your credit card balances.
• Don't take out any other loans.
• Don't open a new cell phone plan.
• Don't leave your job.

Income Documents:

• Last 30 Days of Pay Stubs
• Last 2 Years of Tax Returns
• Award Letters (e.g., Social Security, Pension, or Disability)

Assets Documents:

• Last 2 Months of Checking and Savings Accounts Statements (All Payees)
• Last Quarterly Statements for Any Retirement and/or Investment Accounts
• CD from the Sale of Your Current Home (If Applicable)

If you are self-employed, own other property, or make income via commission, please provide the last two years' personal tax returns and all schedules. Business returns may also be requested. Consult with a CPA to receive a current profit and loss statement.

Additional Information:

• Purchase Contracts (Fully Executed)
• Copy of Your Driver's License (Back and Front)
• Name and Phone Number of Your Insurance Agent
• Bankruptcy Discharge Paperwork (If Applicable)
• Copy of Divorce Decree or Court Order to Support Alimony and/or Child Support, Whether Receiving or Paying (If Applicable)

Buying a Property for Renovation

Sometimes home buyers find a house in a perfect neighborhood that needs some improvements. They love the layout, the school district, the amenities, and more, but the appliances may need updating, the heating and cooling systems may need modernizing, the fence may need finishing, and the kids just might like to have an in-ground pool. Financing this almost perfect home with a traditional mortgage would leave the home buyers on their own for any updates, repairs, or improvements. But renovation mortgages build the cost of the renovations into the total loan amount. From simple jobs to complex remodeling projects, a renovation mortgage with our 203K loans allows buyers to finance their home and home improvement projects.

Refinancing Basics

Refinancing your current mortgage loan with a new one can allow for different benefits, including better rates, shorter terms, lower payments, cash-out on equity, locking in a fixed rate from an adjustable rate, and more. Contact us for more information.

Renovate While Refinancing

The best use of cash-out refinancing is home improvements that increase the value of your home. Refinancing into a renovation loan may also be a great way for you to achieve home improvements and repairs. If you do not have the equity for standard cash-out refinancing, the FHA 203K renovation loan can help you finance repairs, upgrades, and renovations. It can cover anything, from simple repairs to structural upgrades. You can add bedrooms or bathrooms, expand a kitchen or dining room, or even add an additional story to the home.

Mortgage Calculator

When you are looking to buy a new home it is helpful to estimate your monthly mortgage payments beforehand. A home is a large purchase, so it's important to find out on the front end the amount you could expect to pay on a monthly basis. You can use our mortgage tool to calculate your payments and see how you could pay off your loan sooner. Monthly payments shown constitute an estimate and are provided for informational purposes. This does not constitute an offer for a mortgage. Loan payments shown do not include taxes and insurance.