Getting Started

Preparation
Welcome to our Financing Roadmap. We've created this webpage to help you learn more about the steps involved in obtaining a home mortgage. Your Mortage is probably the largest financial obligation you will ever make. Whether this is your first mortgage or you are refinaning, this decision must be made carefully. The navigational icons above will guide you through a typical mortgage process. However, everyone's circumstances are unique and if we can be of further assistance please don't hesitate to contact us or just drop us an email with any questions you may have.

Where do you begin to secure finances for purchasing a new home, refinancing an existing home, or obtaining real estate equity line of credit in North Alabama? Loan acquisition can get confusing, but you can simplify the process and avoid a lot of potential headaches by getting off to a good start. Here are a couple of ways to do so:

Build your application file
Organizing and compiling all pertinent financial documents into an application file is an absolute must for any potential borrower. Think of the green file as a resume or profile that will give lenders an idea of what kind of debtor you might be. The typical application file should contain:

• Financial statements
• Bank accounts
• Investments
• Credit card
• Auto loans
• Recent pay stubs
• Tax returns from two years

Don't hesitate to contact us for additional information.

Consider your credit rating
Another means by which lenders gauge your trustworthiness as a borrower is through your credit rating. These indicate your credit history , which includes such crucial information as the number of your open loans, and the punctuality of your past payments.

• Treat your credit like gold. Credit ratings are important because they often determine whether or not you will be approved for a loan and what your interest rate will be. Thus, you cannot take your credit seriously enough! We suggest checking your credit reports at least once a year or before making any major purchase to ensure the accuracy of the information contained there.
  
• What the scores mean. Ratings usually vary between 400 and 800. Anything above 620 is good. If you exceed 680, you are considered premium and may even get a lower interest rate.
  
• Determine your credit rating. You can do this by contacting a credit reporting agency using one of the following links:
  
  Equifax
  Experian
  Trans Union
  
  Ask our team to check whether you need to improve your rating
  and how you can do it.

Prioritize your costs and savings.
Buying real estate wisely is all about choosing where to spend first.

Prioritize your costs. Down payments, closing costs and additional expenses (such as inspections) should be at the top of your list. On the other hand, be sure to pay down on your current revolving and high-interest rate debts, such as credit cards.

Remember: lenders like stability. Instill confidence in your potential lender by avoiding any big, sudden moves both in your career and your finances. If that job change or big budget purchase absolutely cannot be postponed, we will be happy to sit down with you to discuss your options.