Finding the right home for you is your primary goal, but enjoying it with a lower payment and better mortgage terms is a very important secondary goal. I have worked with many mortgage brokers and lenders in the Charleston area and have a list of people that I would feel very comfortable referring clients to as they each have a speciality that would help find you the best loan to fit your financial picture.
The normal mortgage for working families – Just because there’s nothing special about your income stream, and you’re getting a paycheck every week, that doesn’t mean that there won’t be differences in mortgages and lenders for your needs. Every lender has their own requirements and procedures and I know which are going to treat you right and give you the best terms.
The self–employed borrower – Since the mortgage and housing crisis that began in 2007, it has become a challenging process for self–employed person to get a mortgage. Documentation of income and expenses is much more detailed, and I amd up–to–date on all of it. Before contacting a lender, you will want to make sure you have your last two tax returns as any lender will need that to help qualify you for a mortgage.
Less than stellar credit – Lenders have become tougher in our new financial environment, and it is not hard to get a ding or two on your credit these days. Credit scores can be affected just for the amount and ratio of debt, as well as types of debt - not just if you are late on a payment. Millions of people pay their bills on time and still don’t have those high end credit scores. If your scores are not perfect, I have a few lenders who will help you get back on track and find you the appropriate loan.
Financial Disclosure and Deal-To-Closing Considerations – Especially after the mortgage and housing problems that began in 2007, lenders and their underwriters are scrutinizing financial, income and expense information much more closely than ever before. Be prepared to be asked to submit a lot ofdocumentation, and it’s best to be forthcoming with any financial information that impacts your ability to pay the mortgage payment. Even if it’s not asked for early in the process, be prepared for questions and requests for documents throughout the process. Also, it is highly encouraged not to apply for a new credit card or make a large purchase such as furniture, a car or boat between the purchase contract and the closing. Just before closing, most lenders will do another credit check and a check for any liens or encumbrances as well as make sure that you are still employed.
Watch the Fees and Question Them – From application, to mortage points, to appraisals, there are a number of fees associated with getting a mortgage, and the total of origination and other fees is usually the highest closing cost aggregate item in the deal. Never hesitate to ask about all fees, why they are charged and how they are calculated. It is your money and you have the right to know as you are the customer.