The Spring housing market is really taking off, and I’d like to take this opportunity to pass along some helpful tips for mortgage borrowers from my guest blogger – Theresa Torino, one of our loan officers based in the Southbury branch:
Getting a Mortgage Can Be Easy
Understanding the process of obtaining a mortgage is a key factor in ensuring your experience is pleasurable and goes smoothly, and I’d like to share a few tips to help prepare you for the next, or the first time that you apply for a mortgage loan.
Credit – Understand your credit. It’s always a good idea to know what is being reported on your credit report. You can obtain a free credit report at annualcreditreport.com. This site will give you the opportunity to view your credit from the three major credit bureaus, Trans Union, Equifax, and Experian. The report will not give you a score, but it will make you aware if there is anything suspicious on your credit. Remember a better credit score may help you get a more favorable loan interest rate.
Keep an Eye on Rates – If you have not refinanced in the last few years, you may want to look into the possibility now while rates are still attractive. Or, if you are looking to buy a home, this Spring may be a good time to start shopping. Newtown Savings Bank offers an automated rate watch service that will email you rates at the frequency you specify, or you can always call any of our loan officers and they would be happy to quote you the rates. We can also provide you with information about some of the alternative lower rate mortgage programs that are available such as FHA or CHFA, and help you determine if it makes sense for your specific transaction.
Be Prepared – Your loan officer can provide you with an advanced checklist list of documents needed for you mortgage application, which will reduce the processing time on your loan. Some common documentation requests include full tax returns for the past two years, bank statements, recent pay stubs, and investment account statements. Of course every situation is different, and there are times when more documentation may be needed to clarify or verify particular information.
Being prepared with the required documentation, understanding the variability in rates, and the maintaining good credit are all important when obtaining a mortgage. The more prepared you are the easier the process will be for both the consumer and the borrower. As always, if you have questions regarding mortgage financing don’t hesitate to give us a call at 800.461.0672!
Mortgage Loan Officer
NMLS Registry Number-452774