Whether you’re a seasoned homeowner or a first time buyer, it’s hard to know everything you need to know when it comes to purchasing or refinancing a home.  Where do you start?  How do you even begin to know what to do first?  You may have a family member, friend or realtor direct you to a mortgage professional and that’s good advice.  If you’re thinking about buying, how can you find a home when you don’t know how much you can afford to pay?  If you’re thinking about refinancing, how do you know it’s the right thing to do?

What’s the first step?  Contact me!  I like to begin by spending some time getting to know a little about your situation.  We can do this initial visit by phone email or in person.  I’ll have a few questions for you.  My first question will be whether you are interested in purchasing a home or refinancing?

For purchase:

• What is your current income and employment for the last 2 years?
• What are your monthly payments on any loans or charge cards?
• Do you have a down payment?
• How long do you plan on keeping this next home?

For home refinancing:

• What are your goals?
• How long will you be in your home?
• What is the balance on your current loan, the interest rate, payment, taxes and insurance?
• Lastly, what do you think your house is worth?  I won’t hold you to this, but your guess is better than mine, until we have a licensed appraiser do an analysis.

Based on our initial discussion, I’ll start looking for the different programs  and rates that will help you with your goals and then I will forward some estimates to you. The next step is to gather the information I will need for your application, either via phone or by applying online at our company website www.nwmortgagegroup.com.

Applying via our company web site is the most flexible route for your schedule, as it’s available 24/7.  Once I have your application, we’ll order a credit report and collect the necessary documents from you.  In some cases I may need a recent paystub, your W-2 or  federal tax returns for last year, as well as any statements for your accounts, such as savings, checking and investments.   Check out this convenient list of items you should gather together for this process.

In other cases, I may not need any of the above.  We’ll discuss what will work best for your situation.  At some point, I’d like to meet with you in person, if possible, to review your papers and address any questions you may have.  (Feel free to visit my FAQ page, which addresses many basic questions about the process.)  If you’re living out of the area, we can still communicate and complete the process via phone, email and mail.

After this, it’s on to the search for just that right home or property for you.  Or if you already own a home, we’ll move forward to processing and closing on your refinance. Calling me early on in the process will help you achieve your goals in a timely and organized fashion.

For some valuable advice on keeping your mortgage process running smoothly and stress-free, check out these important things to know before you apply for your mortgage.

If you are wondering about any of the terminology of the mortgage process, just go to www.moneycafe.com/library/glossary.htm for a great list  of mortgage-related terms.  If you don’t find what you’re looking for there, please give me a call!