There’s no shortage of reasons to live in the Great Lakes State; four beautiful seasons, professional teams in Detroit, storied universities, and plenty of outdoor recreation make Michigan a beautiful place to call home. In fact, residents from across the country, especially coastal states like Virginia or California, have found themselves considering a move into the interior of the country. Many of these prospective homebuyers who want to live here find themselves asking the same question, however: “How in the world do I get started?”
Don’t worry, the highly-skilled loan officers of Delmar Mortgage are here to help. Let’s take a look at what to expect when working with one of our team members as you look to finance (or refinance) your home mortgage!
A critical step for our loan officers is also one of the most fun parts of the job; getting to know you! Whether you want to meet in person or prefer to talk over the phone, we can’t wait to learn more about you and what you’re looking for in your new home. We’ll want to know about where you’re coming from, whether that’s another part of the Midwest, or as far away as New York.
The next thing we’ll need to do is evaluate your current finances. While this may sound uncomfortable, it’s an important part of the application process and is a necessary step toward your eventual home purchase. First, we’ll want to consider how much you may owe in current debts, including student loans, auto debt, credit card debt, and more. We’ll also need to know how much you and your family bring in annually, as well as if you have any additional pieces of real estate or other mortgages in which you may have built some home equity.
We understand these can be difficult conversations to have, especially for first-time homebuyers. However, all of these pieces of information are necessary for us to determine what your monthly payments might look like. You can also use our mortgage calculator to get an idea for yourself. Mortgage calculators evaluate factors like your down payment, credit score, loan amount, current interest rates, current mortgage rates, and more to help you determine what your monthly payments could be. For example, if you only have enough saved up for a low down payment and have a relatively lower credit score, your mortgage payments will likely be more than someone with a higher credit score and more saved up for a down payment. Ideally, you will qualify for pre-approval and may qualify for some of the low rates that can come with that!
As you save up for your down payment, it is wise to also set some money aside for unexpected costs. These can include closing costs, money for origination fees, costs for the mortgage application, temporary mortgage insurance, and more. When applying for a mortgage loan, it’s best for future borrowers to have more than they think they need set aside just in case.
Everyone’s situation is different though; while some are looking to purchase their first home, other homeowners might consider refinancing their current mortgage. That’s part of the beauty of our job as loan officers though; every family is different and has unique needs, and we get to work through all of this together with you!
Once we have a full understanding of your financial situation, we get to start discussing which mortgage product or mortgage option is most appropriate for your family. There are many loan types or loan programs out there, including: conventional loans, FHA loans, jumbo loans, VA loans, USDA loans, and more. Don’t worry, this may sound confusing, but we won’t steer you wrong. Like any good mortgage company, every one of our loan officers has a trackable NMLS number, (or Nationwide Multi-state Licensing System identifier) that allows you to shop for a mortgage product with confidence knowing you’re working with a licensed professional. Our job is to ensure that the loan product you select is the one that’s right for you and your family (this includes those looking for a mortgage refinance).
After we lock down which mortgage program is right for you, we’ll take a deeper look at the best path and loan term for you. In part, that means evaluating the current interest rates and mortgage rates, as well as whether a fixed-rate mortgage or an adjustable-rate mortgage is the best plan. For many conventional mortgages, a fixed-rate 30-year term is an appropriate course of action. In other cases, a mortgage with an adjustable rate may be better. It’s important to remember that mortgage interest rates often vary and change, so what works one day might not be the best course of action another day.
Once we have all the information we need and your downpayment is processed, we’ll work with you as you finally get the keys to your new home in Georgia. While this process can be challenging, the end result of a new home is worth all the hard work. The best part is that we’ll be in your corner every step of the way. Search below to find a Loan Officer near you today!