1. What advice do you have for those seeking a first home mortgage?
Buying your first home can be an overwhelming experience for anyone. With the help of an experienced Mortgage Banker, that experience will become easier. Choosing a Mortgage Banker that is compatible with your personality assures you that your experience will be a positive one. Your Mortgage Banker will provide you with the proper tools to pre-approve your application quicker and choose a team that will make your dream a reality.
2. What personal finance info. does one need to gather in order to apply for a home mortgage?
Bringing all of the pertinent information to your Mortgage Banker in a timely manner a key factor to help your team qualify you faster and help you decide on the home that is right for you. This information may include the following:Your 2 most current W2s2 most current paystubs Last 2 months checking and savings statements from your bankStatements from your current retirement accounts (i.e. 401K, stocks, IRA’s)If you are self-employed, copies of your last two years tax returnsIf you are refinancing, a copy of your current homeowners insurance policy
3. What should someone do if they're turned down?
Not every situation is going to qualify for a mortgage. Work with your Mortgage Banker to get the specifics on why your situation does not meet the lending guidelines. Your Mortgage Banker will guide you to the path to improve your situation and get you in a home faster.
4. When is it advisable to refinance your home mortgage?
Your Mortgage Banker will give you options that may reduce your current mortgage payment, help you reduce the length of your mortgage and/or roll in other outstanding debt to reduce your overall payments. Typically, homeowners refinance when they can save over 1% in their interest rate or shave enough off of their monthly payment to make it worth while to them. Ultimately, only you will be able to make the decision on whether or not it is the right time for you to refinance your home.
5. What should one look out for when refinancing?
Working with a reputable Mortgage Banker is essential to the success of your refinancing needs. It is extremely important to make sure you are getting “the whole picture” when looking at things such as rate, term, points and closing costs. Make sure that you get a Good Faith Estimate from your Mortgage Banker so that you can be assured of what the total cost of your transaction is going to be and that the payment amount is in line with your budget.
6. How can an applicant best help the refinancing process go smoothly?
Working with your Mortgage Banker and supplying all of the required documents in a timely manner will help your refinancing process go smoothly. It is a team effort to gather all of the information to submit your application and get your loan closed quickly.
Make every moment an Incredible one!!!
Kristen A. Derocha
Mortgage Banker
River Valley Bank
1140 W. Washington St.
Marquette, MI 49855
Direct Phone (906) 226-1393
Cell Phone (906) 361-4101
Fax (906) 226-0290
kderocha@rivervalleybank.com
Thank You Kristen!
Now go get pre-approved! ~ Liz
