Resources
& Articles
The Loan Application Checklist
What information will be needed for the application (and how it's kept private) Anything you submit over our website is 100 percent, fully secure. And we never, ever share it with anyone except by permission -- that is, if you're giving us information you want us to use to get you the best loan,...
Refinancing A Loan – Which One Is Right For You?
Although it seems like it sometimes, there are not as many loan options as there are applicants! We can help you find the loan program that will fit your needs the best. Call us at (352) 222-1135 to get things started. What do you hope to achieve with refinancing? Considering in mind the following...
Is Refinancing Worth The Cost?
Ever hear the old rule of thumb that states you should only refinance if your new interest rate is at least two points under your present rate? Maybe that was sound advice a number of years ago, but since refinance costs have been falling recently, it could be time to look into it. A refinance may...
What You Should Know About Reverse Mortgages
With a reverse mortgage (sometimes referred to as a a home equity conversion loan), homeowners of a certain age may use home equity for anything they need without selling their homes. The lending institution gives you funds determined by the equity you've built-up in your home; you receive a lump...
Understanding VA Loans
VA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA...
Is It Possible To Put Nothing Down?
Making dreams come true with zero down mortgages We don’t think that saving for a down payment should be the reason you put your dreams on hold. We can help you buy your dream home with a zero-down mortgage loan. You’ll not only be able to afford a home sooner, but you’ll also probably be able to...
What Is Private Mortgage Insurance?
Private Mortgage Insurance Helps You Get The Loan Private Mortgage Insurance, also known as PMI, is a supplemental insurance policy you may be required to obtain in order to get a mortgage loan. PMI is provided by private (non-government) companies and is usually required when your loan-to-value...
Mortgage Saving Tips – How To Reduce Your Mortgage Faster
One Additional Mortgage Payment a Year There's a simple trick to significantly reduce the length of your mortgage and save you thousands of dollars. The trick is to make one extra mortgage payment a year and apply that payment toward your loan's principal. This is the method being used by...
Closing Costs – How Does It Work?
There are certain standard costs related to closing the sale of a home. Sellers and buyers usually share these closing costs, as specified in the real estate sales contract. As indicated below, many of the buyer's costs are related to the costs of originating the loan. At Hometown Mortgage...
Understanding Your Debt To Income Ratio
Your debt to income ratio is simply a way of determining how much money is available for your monthly mortgage payment after all your other recurring debt obligations are met. Debt limit There is generally a debt limit associated with each type of loan, such as a 28/36 qualifying ratio for a...
Down Payment Funding Alternatives
For many buyers, especially first-time buyers, saving up the funds for the down payment can be a seemingly insurmountable hurdle to home ownership. This doesn’t have to be the case. As your mortgage broker, I can help you find creative ways to come up with your down payment. Using a gift for your...
Verifying Your Down Payment, Closing Costs, Assets, Income, and Debts
A critical step in the mortgage loan application process is to verify the sources for your down payment, closing costs and assets, as well as documenting income and debts. The lender uses this step to determine your qualifications as a borrower. Down Payment & Closing Costs Documenting...
What You Should Know About Your Down Payment
The amount you have available for a down payment will affect what types of loans for which you can qualify. Down payments typically range from 0 to 20 percent of the sales price for the property. Tips for Accumulating a Down Payment SaveLook for ways to reduce your monthly expenditures to...
How Can You Improve Your Credit Score?
It's virtually impossible to change your score in the time between when most people decide to buy a home or refinance their mortgage and when they apply. So the short answer is, you really can't "on the spot." But there are strategies you can live with to make sure when you apply for a loan your...
Disputing Credit Reports
Your credit report is a record of your credit activities. It lists all of your credit card accounts and loans, the balances as well as your payment history. It also shows if any action has been taken against you because of unpaid bills such as a lawsuit or bankruptcy filing. Because businesses use...
Scoring Your Credit – How’s Your FICO?
In today's increasingly automated society, it should come as no surprise that when you apply for a mortgage, your ability to pay can be reduced to a single number. All the years you've been paying your mortgage, car payments, and credit card bills can be analyzed, sliced, diced, spindled, and...
What Is A Credit Score?
Before deciding on what terms lenders will offer you on a loan (which they base on the "risk" to them), they want to know two things about you: your ability to pay back the loan, and your willingness to pay back the loan. For the first, they look at your income-to-debt obligation ratio. For your...
What to Avoid During a Home Purchase
What's more fun than buying a bunch of new stuff to go in your future home? Nothing. But making big purchases before your loan closes can be harmful. Until the keys are handed over, there are still some hurdles to jump. Below you'll find a list of things to avoid during this critical time of your...
5 Ways To Make The Loan Process Go Faster
I should say that "working with me" is the first way! When you let me help you find the loan that's right for you, you truly are taking advantage of some of the area's best technology and expertise to get you a loan decision and funding on your loan quickly. But here are five "other" ways you...
Should You Talk To A Mortgage Professional Before House Hunting?
Absolutely! Even if you haven't so much as picked out houses to visit yet, it's important to see your mortgage professional first. Why? What can we do for you if you haven't negotiated a price, and don't know how much you want to borrow? When we pre-qualify you, we help you determine how much of a...
What is the Process of Getting a Loan?
Make no mistake, there's a lot involved in getting a mortgage loan. You wouldn't be here on our website if you could fill out a one-page application and get the best loan for you funded the same day. What we do is most of the heavy lifting for you, so you can concentrate on what's important --...