Lenders consider many factors in evaluating your loan application, but they usually focus on four areas: Income and debt: how much money you make and what other bills you have to pay help the lender determine whether you can afford to make mortgage payments. Assets: the lender needs to make sure you have enough money to cover the costs of buying a home. Credit: whether you've met other financial obligations helps the lender predict if you can realistically repay your mortgage. Down Payment Requirements: the value of the home you want to buy is compared to the amount of the loan that you are seeking and the resulting ratio must meet underwriting guidelines.

Your credit history is only one factor in qualifying for a loan, and in some cases having occasionally made a few late payments shouldn’t prevent you from buying a home. Someone who has consistently made payments on time in the past may have more financing options than someone who has not, but that doesn't mean a mortgage is off-limits if you've had credit problems. An experienced loan officer can guide you on how to understand, monitor, and improve your credit score.

Change of Employment: During this process, do not change jobs, quit your job, become self-employed, or retire. Making any drastic changes to your employment and/or income could delay your approval or result in the denial of your loan. Change to Debt and/or Payments: Continue to make sure your bills are paid on time. Do not incur any additional debt or make any extravagant purchases, such as a new car. Your credit scores and debt-to-income ratio need to remain consistent. Additional Tips: Do not take on additional lines of credit. Do not make any large deposits into your bank accounts without having proof as to where they came from. Do not withdraw large amounts of money from your bank accounts. Continue to save money in the event your closing expenses are more than originally estimated. Provide all requested documentation as soon as possible. The quicker we receive your documents, the quicker we can close your loan.

Getting pre-approved means that your income and credit have been reviewed with supporting documentation. Having your purchase pre-approved shows sellers that you’re a serious buyer and helps you establish a more precise price range upfront. Being pre-approved gives all parties much more confidence in the approval of a home purchase than a traditional pre-qualification.

There is generally no minimum down payment required for buying a home. Many qualified buyers believe they must be able to put down as much as 20% of a home's purchase price in cash. That may have been true in the past, but many of the mortgage options available to today's home buyers require little or no down payment.

For most borrowers, each monthly mortgage payment goes toward the following: Principal, which is the total outstanding balance of the loan. Interest, which is the cost of borrowing money. Taxes, which are levied on the property by the local government. Insurance, which protects the owner and the lender from losses caused by fire and natural hazards. Mortgage Insurance, is usually required if your loan amount exceeds 80% of the value or purchase price

Closing costs vary based on a number of factors, including the lender, mortgage type, purchase contract, and location, but they usually include the following: Lender Fees Your mortgage company may charge for expenses related to making the loan, including an appraisal fee, a credit report fee, origination points, and discount points. Third-party fees Charges for services not provided by your lender often include the settlement fee, title insurance, and attorney's fees. Prepaid items Certain mortgage costs must be paid to your lender in advance. The most common of these are pre-paid interest, hazard insurance, and deposits to set up an escrow account.

Private Mortgage Insurance (PMI) provides your lender with a way to recoup its investment if you are unable to repay your loan. PMI is usually required when the mortgage amount is higher than 80% of the home's value. That means if you buy a home with a down payment of less than 20%, you will probably have to add the small expense of PMI to your monthly mortgage payment. In time, as you build up equity in your home, the need to have mortgage insurance goes away.

Yes, if qualifications do not meet what we had in the original application, the mortgage insurance rate can change based on chages to your debt-to income ratio, credit score, loan to value ratio, or a change in loan program.

Once the sales contract has been fully executed, provide me with a copy along with a copy of your earnest money deposit. I'll import all important factors from the contract and we can look at the mortgage options that are available for you to lock in.

Most mortgage loans have either a fixed interest rate or an adjustable interest rate. With a fixed-rate mortgage, the interest rate never changes and your payments remain stable throughout the life of your loan. With an adjustable-rate mortgage (ARM), the interest rate changes at regular intervals, usually once every year, based on a formula that uses a market index. For most ARM options, rate adjustments begin after an initial period, usually between three months and ten years, during which the rate is fixed. A fixed rate is usually recommended if you plan to stay in your home for the long-term and are buying at a time when rates are relatively low. An ARM, on the other hand, makes better sense if you plan on moving before the rate adjustments begin, or if you are buying when rates are relatively high.

Discount points are prepaid interest, which you can pay to your lender at closing in exchange for a lower interest rate on your mortgage. Paying discount points, is often called "buying down" your rate. To find out if paying down points make sense for you, first figure out how much lower your monthly payments would be if you did pay down a point or two. Then, calculate how long it will take for those monthly savings to add up to the cost of the points. For example, if it would take five years to break even and you're planning to live in your home for 10, then paying discount points may be a smart financial move; however, there are other factors to consider which is best left for your consultation.

It will depend on whether you are purchasing orrefinancing your home. Purchasing: Your file is not locked until your loan officer has received the signed purchase contract and confirmed the morrtgage option you prefer. Refinancing: Once you review loan options with your loan officer, you will be able to lock in the interest rate. The loan officer will confirm the rate with you. It is important to note that rates change daily, and until your rate is locked you are not guaranteed your rate at the price that was initially discussed. It is always a good idea to plan for the rate to swing .25% in either direction. The good news is that we will always be competitively priced for the market, at any given time.

Locking your interest rate means your lender guarantees the rate on your loan even if market rates change before closing. Most lenders will allow you to lock your rate for 30 to 60 days, with the option to extend the rate-lock period for a fee. So how do you know whether to lock your interest rate? It depends on whether you expect rates to rise or fall before you close on your home. No one knows for sure which direction rates will go at a given time, so it's difficult to make a reliable prediction.

You will receive a disclosure package within three business days after submitting a completed loan application. “Business days” for Wyndham Capital run Monday through Saturday. Sunday is not a “business day.” If you are locked in, I will usually have your disclosures ready the same day.

Documents that may be requested vary based on your loan type, income, and employment type. Examples include: - Most recent paystub and most recent year W2 - Tax Returns for Self-Employed Borrowers - Social Security and Disability Income - Retirement, Annuity, and Pension Income - Alimony/Child Support (Income & Liabilities) - Tax Returns for Rental Income - Mortgage Statement (for refinance) - Home Owners Insurance Declaration (for refinance) - HOA statement (if home is in HOA, for refinance)

An appraisal may be required to confirm the value/collateral of the property. If an appraisal is required, Wyndham Capital will order an appraisal on your behalf. The assigned appraisal management company (AMC) will have an appraiser contact you, your realtor, or the listing agent, to schedule an inspection date and time. It is important for the home to be in overall good condition at the time of the inspection, with no renovations or construction underway, as to not delay your loan approval and closing.

You are responsible for covering the cost of the appraisal. Appraisal pricing varies by numerous factors including state, loan type, occupancy type, and number of units. Wyndham Capital uses Appraisal Management Companies (AMCs) to complete the appraisal for you. Wyndham Capital collects the fee for your appraisal up front via a credit card. If, for whatever reason, the AMC charges less than you paid up front, the difference will be credited back to you. If the appraisal is completed “subject to” any repairs, you will be required to pay an additional fee to cover a 1004D (final inspection once the repairs are complete).

Every appraiser is different in how they do business. All appraisers come from our contracted Appraisal Management Companies (unless a VA loan – these are assigned by the VA) and are not employees of Wyndham Capital. Some appraisers may talk with you and listen to any upgrades or work you have done to the home, while others may prefer not to interact at all. Take their lead and understand that they may complete the job at different paces. It is also important to note that while mentioning any upgrades or work done to the home certainly cannot hurt your value, it also does not guarantee to add any extra value to your home. Appraisers derive the value based on the specifications and measurements of your home in comparison to similar homes in your area that have sold recently.

A copy of the appraisal will be made available to you via your Wyndham Capital portal. An appraisal will be available for viewing within twenty-four hours after Wyndham Capital receives it from the Appraisal Management Company.

Some documents expire after 30 days. If you are being asked again for documents that you have already submitted, they could have expired, were not originally received, were incomplete, or not legible. If you are being asked for new documents, the underwriter has most likely reviewed your file and needs additional supporting documentation. If you have questions, please reach out and I'll be happy to investigate/explain.

The guaranteed rate offer is based on a number of factors including Loan amount, Down payment/Equity, Credit, loan type, loan term, occupancy and other factors. This isn't meant to be ambiguous, there are loan level pricing adjustments (LLPAs) based on the overall risk profile for each individual client- and you'll find that any advertised rates will have this profile outlined in the 'small print'. For general average going interest rates, visit the -Tools- section of my website. While it's difficult to estimate a guaranteed rate without an application, check out my reviews- we're very competitive with outstanding service :)