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Financing Pointers

Remember one thing, "all things in life are negotiable".  That goes for closing costs as well. Call me and I will give you some pointers.

 

Financing

Knowing how much of a mortgage you qualify for is very important. Most lenders allow you to use 28 to 33 percent of your gross monthly income for a mortgage payment. I strongly recommend that you contact a mortgage broker to either get pre-qualified or pre-approved for a mortgage. Brokers will also give you an estimate of your closing costs.

These examples of loans of $100,000 and $200,000 provide an estimate of closing costs using current rates. Your mortgage broker will give you more precise information.

Closing Cost Categories $100,000 $200,000
Two Points (0-3) $2,000.00 $4,000.00
Appraisal $250.00 $250.00
Credit Report $50.00 $50.00
Underwriting Fee $350.00 $350.00
Tax Service Fee $81.00 $81.00
Processing Fee $200.00 $200.00
Attorney $600.00 $600.00
Title Insurance $380.00 $760.00
2 Months Escrow Home Insurance $60.00 $100.00
7 Months Escrow Property Tax $1400.00 $2100.00
1 Year Home Insurance $360.00 $600.00

Total

 $5,731.00 $9,091.00

Making a Loan Application

You will be asked to provide detailed financial information when you apply for a mortgage loan. Be prepared with the following:

  • W-2 ( 2 Years) and the last thirty days pay stubs

  • 12 Months Cancelled Rent/Mortgage Checks

  • Bank Statement- Latest 3 Months, All Accounts (Checking, Savings, CDs, Loans, Credit Cards with account numbers)

  • Purchase agreement

  • Checks for Appraisals, Credit Report & Rate Lock

  • Social Security Card & License (FHA)

  • Legal Description (FHA/VA)

  • Certificate of Eligibility (VA)

  • Green Card (FHA/VA)

  • Self Employed- Last 2 years Tax Returns with all Schedules

  • Divorce decree/separation agreement if applicable
     

Choosing a Mortgage Company

Contacting a mortgage company early in the home buying process will provide you with important information that can help determine the parameters of your home search. The pre-qualification process will identify the amount of mortgage loan that you qualify for based upon your financial condition. This estimate does not require the detailed financial information that you must provide when applying for the actual loan.

A letter of pre-qualification makes your offer to the seller stronger. The mortgage officer will also estimate the down payment and closing costs. If you are a first time buyer, you may be able to qualify for a special first time buyer program. 

We have had experience with and recommend the following mortgage brokers:   

  • John Luddy, Campbell Mortgage, Kensington, CT, 860.827.1297

  • Fiona Malouin, McCue Mortgage, New Britain, CT, 860.676.0058 

  • Sal Morabito, Lendirect, Berlin, CT 860.829.5363

  • Dave Rose, First Financial, Bloomfield, CT, 860.659.2911 

  • Jeff Dorman, Performance Mortgage, Newington, CT, 860.436.6496

HOME  |   FIND A HOME  |  BUY A HOME |  SELL A HOME  |  RELOCATION  |  FINANCING  |  COMMERCIAL  |  MARKET UPDATE    


Jay C. Amoruso, C.R.S., RE/MAX Precision Realty 
2600 Berlin Turnpike, Newington, CT, 06111
860.665.0850  direct line: 860.808.2006 email: jay@jayamoruso.com