Clients / Borrowers
At MortgageWorkshop, we take pride in providing the personal attention and service needed to make financing your home just a little easier. When it comes to choosing a mortgage product, there are no simple answers. Finding the right loan depends on a variety of different and sometimes complex factors. It can be confusing. It can be challenging. It can be stressful. That's why we take the time to provide our clients with the information and support they need to make the best and most informed decision. We answer every question, every time, and make sure we explain even the most complicated topics and arrangements in simple and easy to understand terms.
We feel that ourjob is to do more than just help you find a loan. By forming strong relationships with many different lenders, we are able to research, compare, and shop your specific application to find you the mortgage product that best fits your needs - now and in the future. By providing a range of options, we can better deliver the personalized service borrowers expect. For us, it's about making the right connections and providing our clients with the tools to make the best possible decisions.
In today's fast-paced world, time can be short and calendars can be full. That's why we work around your schedule. Whether it's keeping the office open a little later, meeting you at the coffee shop or coming to your home to go over paperwork, we will do what it takes to make the loan process convenient for you.
OUR LOAN PROGRAMS
No two borrowers are the same. That's why we work with many lenders to gain access to a wide variety of loan programs. Some of our loan programs include:
IDENTIFYING YOUR BUDGET
If you are just beginning the process of buying a new home, whether you have a Realtor or not, you may find yourself wondering just what you can afford. What is your budget? How is your budget determined? There are various calculations and factors that come in to play to determine this, taking into account both your current and proposed future debt, your credit score, the current rates and points available, taxes, insurance, the value of the property you are seeking to acquire. Overall, this can be overwhelming when trying to determine what you can really afford or not. That is why talking to me first will help you gain a better grasp on your budget and allow you to move forward with more confidence and knowledge to assist you with your decision.
There is a difference between a mortgage prequalification and a pre-approval. A prequalification is based on the information you verbally give to qualify for a mortgage. A pre-approval has verified documentation and is reviewed by an underwriter to be sure your income and assets qualify you to get the loan you are applying for. If you are looking to buy a house, a mortgage pre-approval is the smartest way to get you to your dream home.
Knowledge is Key: A pre-approval gives you an idea of how much house you can afford. We base this amount using a formula that compares your income to your total outstanding debts. This will keep you focused on the big picture and help to prevent being disappointed if you fall in love with a house that is too expensive.
Improve your Negotiating Position: When a seller is comparing two offers and one of the buyers has been pre-approved, there is a high confidence level that the deal will go through and close sooner. This may help you to win in a competitive bidding situation.
Confidence in your Offer: Knowing that the key information in obtaining a mortgage has been reviewed by an underwriter will give you, and the seller, confidence that your offer is bonafide.
Keep your Spending on Track: Having detailed information on your interest rate, closing costs, term and down payment will help you to stay within your monthly budget.
Time is Valuable: Knowing what you can and cannot afford can save you time and frustration in the house hunting process. This will help your Realtor to find the perfect house in your price range.
Move in Quicker: Having a pre-approval will save you time when you submit your loan for approval. The faster you close, the quicker you can move into your new home!
DOCUMENTS YOU'LL NEED
Having the right paperwork in place helps us to determine what works for you and your budget. The following are the documents we will need from you and any co-borrowers to get the process started:
A month's worth of your most recent pay-stubs:
Two years of your most recent W-2s and/or 1099, and Tax Returns:
The last two months of bank and investment statements:
Two forms of a valid Government Issued Photo ID:
Permission for me to run your credit.
If you've experienced a Divorce in the past 7 years, or if you're currently paying or receiving Child Support or Alimony, you'll also need to provide a complete copy (all pages) of your Divorce Decree and Property Settlement Agreement.
By planning ahead, we can help you move through the process as quickly and efficiently as possible. The sooner we get these documents from you, the faster we'll be able to move forward to get you the financing you need.
Once your house is under contract, please also provide:
The Key to a Smooth Closing: Frequent Communication and Updated Financial Information!
We may ask you to resend some documents again. Don't worry, we didn't lose the originals - we're keeping your profile updated. Sometimes, things change. We just want to be sure that we understand your financial situation today, not six weeks ago. Providing updated statements and employments records as they become available ensures that we have the most recent information to make a final decision about your loan.
Clifford B. Bowyer, Residential Lending Specialist, MLO# 1472048 · MortgageWorkshop, Inc. is a licensed Massachusetts Mortgage Broker, MB # 57942, NMLS ID 57942.
As a broker, we arrange but do not make loans. · All Content Copyright © 2018