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You  have making important decisions about financing your new home. A smart first step is to know how much they’ll be able to borrow by getting prequalified or preapproved by a lender.

PREQUALIFICATION

Prequalification is an estimate from a lender indicating the amount you could potentially borrow for a home. It’s not a commitment to lend.

Getting prequalified can give you a price range for when you start searching for a new home.

You can get prequalified easily online or over the phone. The amount is often based on simple information such as your income, assets and credit score. Please contact me to learn how convenient it is.

PREAPPROVAL

Unlike prequalification, preapproval is a much more specific estimate of what you could borrow from your lender. 

At ADK BANCORP INC. preapproval status lasts for 60 days.

If you need to move quickly in a competitive housing market, preapproval gives you an edge. It shows the seller that you are a serious buyer, which sets you apart from other buyers.

By getting pre-Approved, you’re doing most of the work required to secure a loan. Pre-Approval requires underwriting and much of the supporting documentation necessary for a mortgage, including copies of pay stubs that show your last 30 days of income, W-2 statements from the past two years, signed personal and business tax returns from the past two years, and your two most recent bank statements for all financial accounts. If you are self-employed, Pre-Aapproval also requires a copy of your most recent quarterly or year-to-date profit/loss statement.

Estimate your personal rate with the

mortgage calculator or 

refinance calculator

&

April 2019

5 TIPS TO HELPS BUYERS PREPARE

BUYERS seeking for potential of a DREAM HOME. 

Start by looking at your credit score to make sure there are no errors. Also, pay off any delinquent bills and reduce your debt to get a more favorable debt-to-income ratio. Most lenders want your debt-to-income ratio to be no more than 36%.

Getting prequalified for a mortgage gives you an idea of what your loan program and the amount you can borrow might look like in advance. Plus, it can be done through my website for free.

Next, set a price range. What can you reasonably afford? Don’t forget to include insurance, property taxes, and condo/homeowner association fees if applicable.

Helpful tip: 

https://calistorevn.idxbroker.com/idx/mortgage

 can help you determine monthly home payments.

Now it’s time to focus on your vision. Do you want a two story or ranch? Need a large yard for entertaining? Nearby bike and jogging paths? Close proximity to schools? What are your target neighborhoods?

Knowing your price range and what you want is important in a seller’s market where you may need to move quickly.

There are many types of mortgages available. The 30-year, fixed-rate mortgage is the most common, but familiarizing yourself with all your options helps you make smart financial decisions. Talk with a lending specialist to learn more.

Ask us or an ADK BANCORP INC. lending specialist, I am happy to talk with you about your home buying or refinancing needs.

Estimate your personal rate with the

mortgage calculator or 

refinance calculator

&

Everyone has different needs based on their specific situation. When we work together, I'll put best products and services to work to help you as clients find the home loan that's right for you.

This loan offers a competitive rate and a down payment as low as 3% to help make buying a home more affordable. It may be a good, responsible loan option for qualified homebuyers who don't have enough savings for a larger down payment.

• Competitive rates with a down payment as low as 3%
• Applicants cannot own additional properties at closing
• Mortgage insurance is not required
• Homebuyer education may be required for first-time buyers through a HUD-approved counseling provider or nationwide network of counselors or us as an ADK BANCORP INC. lending specialist, I am happy to talk with you about your home buying or refinancing needs.
• Maximum income and loan amount limits apply (varies by location)

These government lending programs from the Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) can help your eligible clients find low-down-payment options. They serve a vital role for first-time homebuyers and also move up buyers seeking low-down-payment options.

• Industry standard credit score requirements
• Nontraditional credit
• Higher loan-to-value (LTV) ratios
• Nonoccupant co-borrower
• Up-front Mortgage Insurance Premium (UFMIP) financed or paid in cash by applicant or seller
• Monthly Mortgage Insurance Premium (MIP) required

• Industry standard credit score requirements
• Nontraditional credit
• Up to 100% LTV ratio
• No mortgage insurance (While VA loans do not have mortgage insurance, the borrower may be required to pay a VA funding fee. This fee is typically financed into the loan amount.)

Estimate your personal rate with the

 mortgage calculator or 

refinance calculator

&

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