Jami Downing Abbey realty

Making the right decision on a home loan can be overwhelming.  I am a Sr. Loan Advisor as well as a Realtor and can explain all these steps along the way. I'm always happy to help.

I will take the time to help you understand the system and make educated decisions.  I want to save you thousands of dollars over the life of your loan.

The steps to successful financing

Get pre-approved. Don't skip this step. Getting you pre-approved is fast, easy and free. A written pre-approval includes a completed credit application and a certificate guaranteeing you a mortgage to a specified amount. With one in your pocket, you won't waste time looking at homes you can't afford.  

Once you are pre-approved you can invest your time shopping for the home of your dreams - and in your price range.

Examine your finances. How much can you afford to spend? While I will tell you how much you qualify for, it's up to you to figure how big a payment fits into your budget. What monthly dollar amount do you feel comfortable committing to? Remember to consider related costs such as insurance and taxes, as well as interest and principle.

Consider what type of loan is best for you. Compare fixed-rate with adjustable rate mortgages. Look down the road. Where will you be in 15 years, 30 years? What obligations might you have? We will take those things into consideration as you choose a loan.

Check your Credit Report. I will run a credit report on you (it only takes a few minutes), but you'll be ahead of the game if you acquire a copy first. You'll know exactly what's on it and I'll be able to help you correct any inaccuracies.

Apply for a loan. Gather all the documents you'll need to verify your loan application. Lenders will want to know your job tenure, employment stability, income, assets (property, cars, bank accounts and investments) and your liabilities (auto loans, mortgages, installment loans, credit-card debt, household expenses and others).

You'll need to provide documents such as paycheck stubs, bank account statements and tax returns. Check with me for more information.

Lock it down. With interest rates changing daily, locking down your rate can prove a big money saver. A rate lock - in writing - guarantees you a certain rate and terms for a specified period of time. Lock in all the costs you can, including interest rates and points. And try to set the lock at the time of application, not at approval. This will protect you from rising rates.

Your lock-in period should be long enough to allow for all processing time. Most lock periods range from 15 to 60 days. You can check with me about the average time it takes to process a loan.

Ask about Pre-payment. You can shave years off the length of your mortgage by restructuring the way you pay back your loan. Simply paying more frequently can save thousands in interest. So can making a lump payment toward the principle - or paying a little more each month. These methods are called pre-payment.

Not all loans allow for pre-payment. If you want the option, discuss it with me.

Clear up any financial problems. Do you have credit problems or owe money to the IRS? Buying a new home may still be a possiblity. I would love to discuss your situation and see how we can get your approved for your new home.

CL # 112521, MLO# 146555