Mortgage Do's And Don'ts
Mortgages can be tricky, and it's easy to make mistakes that can end up costing you dearly. That's why we've put together this list of Mortgage Do's and Do not's to help you navigate the process with ease - and a little bit of humor.
DO: Shop around for the best mortgage rates
DON'T: Assume your bank will give you the best rate just because you have a checking account there. Remember, loyalty is a two-way street.
DO: Have a budget in mind
DON'T: Get in over your head. Just because you can technically afford a million-dollar mansion doesn't mean you should buy one. You don't want to be house-poor and unable to afford groceries.
DO: Get pre-approved before house-hunting
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DON'T: Assume you'll be approved for a mortgage just because you have good credit. Pre-approval is important because it gives you a better idea of how much house you can afford and shows sellers that you're serious.
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DO: Consider your future plans
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DON'T: Assume you'll live in your new house forever. Life happens, and you may need to sell sooner than you think. Make sure you're not getting into a mortgage that you can't realistically afford if you need to move in a few years.
DO: Get pre-approved before house-hunting
.
DON'T: Assume you'll be approved for a mortgage just because you have good credit. Pre-approval is important because it gives you a better idea of how much house you can afford and shows sellers that you're serious.
.
DO: Consider your future plans
.
DON'T: Assume you'll live in your new house forever. Life happens, and you may need to sell sooner than you think. Make sure you're not getting into a mortgage that you can't realistically afford if you need to move in a few years.
DO: Read the fine print
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DON'T: Sign on the dotted line without reading the terms and conditions. There may be hidden fees or clauses that could come back to haunt you later.
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DO: Be prepared for unexpected expenses
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DON'T: Assume everything will go smoothly. There may be unforeseen expenses, like a leaky roof or a broken furnace, that can quickly drain your savings. Be sure to budget for these types of surprises.
DO: Read the fine print
.
DON'T: Sign on the dotted line without reading the terms and conditions. There may be hidden fees or clauses that could come back to haunt you later.
.
DO: Be prepared for unexpected expenses
.
DON'T: Assume everything will go smoothly. There may be unforeseen expenses, like a leaky roof or a broken furnace, that can quickly drain your savings. Be sure to budget for these types of surprises.
DO: Have a good sense of humor
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DON'T: Take everything too seriously. Yes, buying a house and getting a mortgage can be stressful, but try to find the humor in the situation. After all, laughter is the best medicine for a stressful day.
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By following these Mortgage Do's and Do not's, you'll be well on your way to successfully navigating the mortgage process - with a smile on your face. Good luck, and happy house hunting!
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š¤ Real Clients, Real Results: Self-Employed Mortgage Success Stories š”
š¤ Real Clients, Real Results: Self-Employed Mortgage Success Stories š”
š¼ Bank Statement Loans for Self-Employed & ITIN Borrowers: Real Success Story ā
š¤ Real Clients, Real Results: Mortgage Success Stories
At Medallion Funds, we believe that no challenge is too big when it comes to helping our clients achieve homeownership. Recently, we worked with a self-employed borrower whose income came through fluctuating deposits and large business transactions. On paper, this deal looked complicatedābut thatās exactly where we shine.
The Challenge
Our client had inconsistent deposits from month to month, with several large lump-sum transactions that made it difficult for a traditional lender to calculate income. Many banks see this as a red flag, but we knew that the story behind the numbers mattered.
The Solution
Instead of turning the client away, we used a bank statement mortgage program designed for self-employed borrowers. This program allows lenders to review 12ā24 months of business or personal bank statements instead of requiring W-2s or tax returns.
It wasnāt easy. In fact, it took two different lenders to finally get this deal across the finish line. But at Medallion Funds, we donāt quit until the job is done. That persistence is what sets us apart.
Why It Matters
Our client is now in their new home, and their success story is proof that with the right guidance, even complicated financial profiles can qualify for mortgage financing.
Bonus: ITIN Borrowers Can Benefit Too
One of the biggest advantages of the bank statement loan product is that it is also available to ITIN borrowers. Whether youāre self-employed or working with an Individual Taxpayer Identification Number, we have mortgage options to help you achieve your dream of homeownership.
Final Thoughts
If youāve been told ānoā before, donāt give up. The right mortgage broker can make all the difference. At Medallion Funds, we stay committed until your deal is fundedābecause your success is our success.
š Ready to explore your options? Contact us today and letās write your success story next.
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Ā© 2023-2024 Bill Rapp, Medallion Funds LLC, Director of Capital Advisory
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