close your home loan

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Getting a mortgage doesn’t have to be complicated.

Team Crowell simplifies the process.

Here’s what you can expect to happen.

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There are a variety of loan programs out there.

We’ll help you find the one that’s right for you and

your needs.

Here’s a quick rundown on different loan types.

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Start collecting these items to keep your loan file moving.

And remember, you’ll be asked for more documents along the way.

• Tax returns and W-2 forms from the most recent 2 years

• Asset statements from the most recent 2 months

• Paystubs from the most recent 30 days

• Valid government-issued photo ID

Keep a look out for these new disclosure forms from Team Crowell.

Loan Estimate: You’ll get within 3 days of applying for a mortgage.

Closing Disclosure: You’ll get this at least 3 days before closing.

Team Crowell Tip#1: Promptly sign and return both forms so we

can keep your loan on track.

Your lender is required to pull a refreshed credit report before your loan closes. Any major changes can delay your

closing or even result in a denial.

Keep your credit clear while your home loan is in the works and avoid these things.

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Five elements make up your credit score. Each element affects your

total score by a fixed percentage.

Payment history – 35%: Pay your bills on time.

How much you owe – 30%: Don’t owe more than your credit limits.

Length of your credit history – 15%: A short history isn’t a bad thing, if

you show responsible credit management.

New credit inquiries – 10%: Lots of inquiries into your credit can

lower your score.

Types of credit you have – 10%: A variety of credit types – like an auto

loan, credit cards, and other credit accounts – could boost your score.

A credit score influences your home-buying potential and the program

you qualify for. The higher your credit score, the better your loan terms.

Click the link below to download our credit brochure to learn more.

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A good credit history shows your lender that you can pay back your

loan. But a perfect credit history isn’t necessary. Talk to your loan

officer if you have credit concerns.

Team Crowell Tip #2: Visit

to request a free copy of your credit report each year.

https://www.annualcreditreport.com

If you make a down payment less than 20% of

the home’s sales price, you may have to pay

mortgage insurance (MI). MI is a financial safety

net for lenders in case the buyer defaults on their

payments. MI is tax deductible. Your income

determines how much MI you could deduct.

Start shopping for homeowners insurance when you

start shopping for a home. You must show proof of

insurance before you can close on your home loan.

TEAM CROWELL TIP #3: Get a policy that covers

(at minimum) your total combined loan amount or the

replacement cost listed on your appraisal.

You can always adjust your insurance policy to

meet your needs.

Bring a valid driver’s license or government-issued photo ID for each

borrower. You also need to bring a cashier’s check made out to the title

company or issue a wire transfer to pay for any closing costs. Check

with your title company for full details.

TEAM CROWELL TIP #4: Give us a shout at 206.682.6400

or team@teamcrowell.com with more questions!

Our team is passionate about making a positive difference – and it shows!

Check out what our customers have to say about us.

Still want to know more? Read our past client reviews on Yelp.

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