A Commitment Letter to shop for a home

As you know, lending guidelines are like the weather in New England. Wait 5 minutes and they could change! With that introduction, why would you bring your clients out to see homes without having a full commitment letter from the Lender? Not a Pre-Approval… Not a Pre-Qualification letter, but a full commitment letter from US to your Client.

With our Advance Approval, this gives you the security of knowing you have a commitment letter even before you start your search for a home.

Once your client has the necessary income and asset documentation, our in-house underwriters (yes, as in all loans are written and funded in our Tewksbury office) will issue a commitment letter within 48 hours.

With Mortgage Financials Advance Approval, this removes all the stress from the transaction, allowing your clients to focus on purchasing the home of their dreams.

No Surprises, No Last minute conditions.  As always, we can close loans in under 30 days!

Mortgage Financial | Senior Loan Officer | NMLS #4194 | Phone: (978) 273-3227 | bnickerson@mfsinc.com | http://www.mfsinc.com/bnickerson |

Bill Nickerson

Why it is so important to get Pre-Approved!

It’s always been a good idea to get pre-approved for your mortgage loan, but lately, it’s become even more important.

Why should I be pre-approved for a mortgage loan?

In recent years, mortgage guidelines have been tightened. Documentation requirements have been expanded and followed more closely. A pre-approval gets you through the process and uncovers potential pitfalls long before you become obligated by a contract to purchase.

What advantages will I have once pre-approved?
You’ll be certain about the price range that’s best for you. You’ll know how much cash you’ll need to close, and you’ll know your maximum monthly payment. Understanding your limits will help you negotiate with confidence. Plus, since sellers like a sure thing, you’ll have an advantage over buyers who may not have been through the process.

How long is the pre-approval valid?
Your pre-approval is typically good for the “shelf life” of the documents used. These will include a credit report, pay stubs, bank statements, W2s, tax returns, etc. The usable life of these documents will vary, yet it’s usually safe to say that your approval is good for up to three or four months. During this time, it pays to file all important financial documents so they’re readily available for future updates.

What if I change my mind?
That’s perfectly fine. There’s no obligation to purchase a home or use a particular loan program once you’ve been pre-approved. In fact, pre-approval simply helps to assure you know exactly what’s involved, that you are comfortable in a particular price range and that you are truly ready to make your move.

The process of purchasing a home is easier when you have financing in place before you make an offer. We’re here to help get you started, and it’s never too early to do exactly that. Give me a call when you’re ready.

Bill Nickerson | NMLS# 4194 | Mortgage Financial | bnickerson@mfsinc.com |   | 978-273-3227 |  10 Elm Street, Danvers MA 01923 |

Mortgage Rates still Trending Down

The Do’s: Home Buying Process Made Easier

Last month I talked about The Don’ts: Home buying deal killers, the things that can negatively affect your mortgage approval process.  There was a very extensive list of don’ts but as you can see from a quick glance below….The Do’s list is quite a bit smaller.  Although this list is smaller, the following are essential in having a smooth mortgage process.

THE DO’s:

Do Stay Current on your Existing Accounts:  Late payments on your existing mortgage, car payments, or anything else that can be reported to a Credit Reporting Agency can cost you.

Do Continue To Use Your Credit As You Normally Would:  Red flags are easily raised within the scoring system.  If it appears you are diverting from your normal spending patterns, it could cause your score to go down.  For example, if you’ve had a monthly service for internet access billed to the same credit card for the past three years, there is no reason to drop it now.  If you want to make your changes, do it after the loan funds.

Do Get Pre-Approved:  Having your credit reviewed, your financials analyzed and an official  pre-approval gets you prepared for what you can afford ahead of time.  This will also allow you time to fix any issues that come up during this process as opposed to being in the middle of the transaction.

Do Call Your Loan Consultant:  Start out on the right foot – call a professional today who can guide you through the process every step of the way.

Although the mortgage approval process is much more extensive than it was in recent years, it really hasn’t changed much.  The key is being prepared.  By practicing these tips and keeping yourself from getting caught up in the Don’ts, you will find the process flowing smoother.  And your return will be greater!  So, don’t wait…now is a great time to buy a new home or refinance your current one!

Send me an email today for more information bill@billnickerson.com