Jane Cheetham - RE/MAX Acclaim



Posted by Jane Cheetham on 7/16/2019

Applying for a mortgage may seem like a long, stressful process at first. Fortunately, we're here to help you take the guesswork out of submitting a mortgage application.

Now, let's take a look at three tips to help you streamline the mortgage application process.

1. Ask Questions

A bank or credit union likely will ask you to provide a wide range of information as part of the mortgage application cycle. And as you complete a mortgage application, you may have questions along the way too.

Remember, a lender is happy to help you in any way possible. If you ever have concerns or questions as you complete a mortgage application, you should reach out to a lender for expert support. That way, you can reduce the risk of potential problems down the line that otherwise could slow down the mortgage application process.

Even a single mistake on a mortgage application may prevent you from getting a mortgage. Perhaps even worse, a delayed mortgage application may force you to miss out on an opportunity to acquire your dream house. But if you reach out to a lender as you complete your mortgage application, you can gain the insights you need to quickly and effortlessly finalize the necessary documentation to obtain a mortgage.

2. Be Thorough

A mortgage application may require you to look back at your financial and employment histories and provide information that a lender will use to determine whether to approve or deny your submission. Meanwhile, you should be ready to provide a lender with any requested information to ensure a seamless application process.

As a homebuyer, it is your responsibility to include accurate information on your mortgage application. In fact, failure to do so may cause a lender to reject your mortgage application. If you allocate the necessary time and resources to dot every I and cross every T on your mortgage application, you can boost the likelihood of a fast approval.

3. Shop Around

For homebuyers, it is crucial to check out all of the mortgage options that are available. If you meet with a variety of banks and credit unions, you can review myriad mortgage options and select a mortgage that complements your finances.

Banks and credit unions generally provide a broad array of fixed- and adjustable-rate mortgages. If you learn about all of the mortgage options at your disposal, you can find one that enables you to purchase your dream house without breaking your budget.

Of course, once you are approved for a mortgage and are ready to launch your house search, you may want to hire a real estate agent as well. A real estate agent will offer plenty of guidance at each stage of the homebuying journey. In addition, a real estate agent can make it easy for you to find a top-notch residence at a budget-friendly price in any housing market, at any time.

Start the mortgage application process today, and you can move one step closer to acquiring your dream residence.




Tags: Buying a home   Mortgage  
Categories: Uncategorized  


Posted by Jane Cheetham on 7/2/2019

If you are thinking of buying a home, you probably have been getting your finances for some time. First-time homebuyers need the right information to avoid making big mistakes when they purchase their homes. The leap into home ownership is a big one, and youíll want as much information with you along for the ride. Below, youíll find a crash course on mortgages for first-time homebuyers. 


Think Ahead


Every homebuyer needs to prepare ahead of time for the process to be smooth. Research different lenders in your area and see what their rates are. If you talk to your lender about your goals and what type of loans youíre looking for, youíll understand all of the costs that youíll face ahead of time. You donít want any surprises when it comes to signing a contract for a home.


Every Mortgage Is Different


Itís easy to think that all home loans are created equal, but they arenít. The diversity in types of home loans is why you need to research and meet with a lender ahead of time. Talk to your real estate agent and see who they suggest. Your agent is a useful resource because they want your entire transaction to go smoothly for everyone involved. There are many different kinds of mortgages, and you need to make sure youíre getting the loan thatís right for you. Be sure you understand the specifics of each loan before you sign on.       


What You Need In Order


Before you even head into the home buying process, there are a few things that youíll need including:


  • Cash for a downpayment
  • A budget
  • Knowledge of all of your finances
  • Where youíd like to look for a home
  • An idea of how much you can spend on a home
  • Information to get pre-approved including tax returns, proof of income, and bank statements


Once you have saved up cash for a downpayment, itís time to take a look at your budget. Can you afford a monthly mortgage payment in the price range that you hope to buy? How much money will you have left over each month? Should you adjust your expectations? 



Youíll need to save up a bit of cash before you know that youíre ready to buy a home. Itís recommended that you have at least 20 percent of the purchase price of a home to put down towards your loan. The more you put down, the lower your monthly payments will be on the mortgage. So saving is the next big step in securing a mortgage in the smoothest possible way.     




Categories: Uncategorized  


Posted by Jane Cheetham on 6/18/2019

Have you tried getting a mortgage from your bank and instead been given an endless series of hurdles with no approval in sight? Then perhaps itís time you moved your search for home finance online. Here you will find a host of companies willing to fund your home ownership dreams, even if you have a bad credit score. 

Some will give you the funds themselves while others are brokers who will lead you to the lenders. In the long run, what a homebuyer truly wants is a reasonable interest rate, quick approval, transparent communication, and top-notch customer service. Here are a few companies that fit those criteria.

Quicken Loans

Quicken Loans started as a brick-and-mortar shop in 1985 before going online at the turn of the millennium. It holds the position of one of the country's most popular lenders, and with good reason. First-time homebuyers are drawn to this mortgage company because of the wealth of guidance they get. Quicken Loansí range of products includes Freddie Mac and Fannie Mac loans that ask for a down payment of as little as 3% of the property purchase price.

Lenda 

Besides offering applicants quick and stress-free pre-qualifications, Lenda has made a name for its concierge service that guides you through the application process. Their platform makes it easy for you to keep track of the documents you need to submit each step of the way. It even sends alerts to remind you which documents you still have pending. 

Rocket Mortgage

Within a few minutes, you will know how much you qualify to borrow from Rocket Mortgage. This company takes its service a step higher by offering you support from a mortgage expert online. Their digital platform works effortlessly on mobile devices allowing you to monitor your application on the go. 

Guaranteed Rate

This company makes life easier for would-be homeowners by allowing them to complete the entire application process online on a user-friendly platform. Documents can be uploaded there so that human interaction can be avoided through the whole process. First-time homebuyers are attracted to Guaranteed Rate because of the relatively low down payment required. 

Sun Trust

Households that fall in the middle-to-low income bracket will appreciate the affordability of Sun Trust home loans. With them, you can get fixed and adjustable rate loans backed by the Federal Housing Association or the Veteransí Association. 

Visit an online resource you know for more detailed reviews of various top-rated lenders. Or talk to your real estate professional for local lenders they recommend.




Categories: Uncategorized  


Posted by Jane Cheetham on 12/18/2018

As the workforce changes and a growing number of companies seek out contractors and freelancers, many Americans find themselves in a gray area when it comes to their income. They may put in full-time hours, but on their taxes they work for themselves.

Mortgage lenders are cautious about who they lend to. They want to make sure you are a low-risk investment who has reliable, predictable income to ensure that theyíll earn money off of your loan.

This can sometimes make it difficult for freelancers, contract workers, or the self-employed. Not only might your taxes be unconventional, but your income could vary depending on the time of the year and the amount of business you receive.

Itís easy to see why many people would be anxious about applying for a mortgage under these circumstances. However, if youíre self-employed, thereís no need to worry. You can still get approved for a mortgage at a fair interest rate--you just need to do a bit of work to provide the right documents to your lender.

In this article, weíll show you what documents and proof of income youíll likely need and how to present it to a lender to make the process run as smoothly as possible to get you approved for your mortgage. Hereís what you need to do.

Organize your records

Before applying for a mortgage, itís a good idea to take a look at your record-keeping process. As a self-employed worker, youíre probably already used to tracking your own income. However, this will help the lender analyze your income easier and move the process along more quickly.

Having a master spreadsheet of your dated invoices, paid amounts, and the names of your clients is a good place to start. Youíll also want detailed, easy to read information for your previous employers, landlords, references, and any other information you think will be pertinent.

Next, gather your tax documents for the last three to five years. As a self-employed worker, you likely file a Schedule C (Form 1040) and a Schedule SE. Make sure you have copies of these forms.

Dealing with deductions

Many self-employed workers write off business expenses in their tax returns. Travel expenses, internet, and other costs associated with doing business are all ways to save by reducing your taxable income. Doing so can save you money, but it can also reduce your net income which is what lenders will see when you provide them with your information.

If youíre hoping to get approved for a bigger loan, one solution is to plan your taxes in the year prior to applying for a mortgage. Make fewer deductions than you normally would to increase your net income.

Be ready to clarify

When a mortgage lender is reviewing your information, make sure you are open and available to provide any information that can be helpful to them in considering your application. Being prompt and accurate with your responses will signal to your lender that you are willing to work with them.





Posted by Jane Cheetham on 9/25/2018

Purchasing a home is a sign of new financial responsibility for many people. The leap into homeownership is a big and important step. Finding a home and securing a mortgage isnít easy. Getting ready to take on a mortgage can require a lot of research and education on your part. Before you get too confused, youíll need to learn the basics of a mortgage and what you should know before you apply. 


Be Prepared


This is probably the best advice for any first time homebuyer. Find some good lenders in your area. You can sit down with a lender and talk about your goals. The bank will be able to explain all of the costs and fees associated with buying a home ahead of time. This way, youíll know exactly what to expect when you head into a purchase contract without any surprises. 


Whatís Involved In A Loan? 


Each mortgage is a different situation. This is why meeting with a lender ahead of time is a good idea. Your real estate agent can suggest a mortgage lender if you donít have one in mind. No one will be happier for you than your real estate agent if you have a smooth real estate transaction. Youíll be able to walk through the mortgage process step by step with a loan officer and understand the specifics of your own scenario.


What Youíll Need For A Mortgage


Thereís a few things that youíll need to have ready before you can even begin searching for a home. 


Cash For A Down Payment


Youíll need to save up a bit of cash before you know that youíre ready to buy a home. Itís recommended that you have at least 20 percent of the purchase price of a home to put down towards your loan initially.   



A Good Working Knowledge Of Personal Finances


You should have an understanding of your own finances in order to buy a home. Not only will this help you save, but it will help you to ensure that youíre not going to overextend yourself financially after you secure the mortgage. To get your finances in order, honestly record all of your monthly expenses and spending habits, so you know exactly what you can afford.   


The Price Range Of Homes Youíre Interested In 


If you have an idea of what kind of home youíd like, it will make your entire house shopping experience a lot easier. Youíll be able to see exactly what you can afford and how much you need to save. When your wish list equates to half-million dollar homes, and you find that you can only afford around $300,000, you donít need to go into shock! Itís good to have an idea of how much house you can afford and what it will get you. When you do a little homework, youíll discover that buying a home isnít such a hard process when youíre prepared!