LENDING A Hand With spring here and summer right around the corner, many people are preparing to take the leap and buy a home. According to Realtor.com, warmer months mean more activity for buyers in the market, with 50 percent of homes sold in the summer. For those beginning their search, the excitement might be eclipsed by the stress of navigating
Your Lender Can... Help You Raise Your Credit Score
new financial questions in need of answers. Instead of turning to a quick web search or the advice of friends and family outside of the industry, seeking the guidance of a lender has the power to save time and money — and to make sure that even a big financial decision doesn’t have to be a difficult one. At Shelter Mortgage, the team of lenders is passionate about empowering buyers to get the most for their dollars. From the first loan discussions to the closing table and even beyond, Shelter Mortgage is dedicated to being at the buyer’s side every step of the way, there to answer and ask the right questions.
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Your credit score is a numerical expression of your credit history, used by banks and lenders to predict the likelihood of loans being paid back in the future. It is often determined by payment history, amounts owed, length of history and credit types. Your lender can help you perform a credit score review and work with you to understand which actions can affect it and which loan products might be available to you. A credit review with your lender covers: Factors that may be negatively impacting your credit score: These can include closed accounts, credit activity, and debt-to-income ratio, along with other things may have lowered your credit score without you realizing it. Which debts to pay down: A careful examination will show any debts that can be paid down quickly to help raise your number. Negotiating a higher credit limit with your creditors: A larger gap between your balance and your limit can help increase your score. There are plenty of other factors that can affect your score, and each person’s circumstances are different. A lender can help you take a look at your particular circumstances and get creative to figure out what option might work best for you. A review and an honest discussion with a mortgage loan professional might even help you raise your score in a much shorter time than anticipated.
Help You Understand Your Buying Power Knowing your buying power will help you go into your home search with a clear idea of which properties are in your price range. Your buying power is affected by your credit score, debt-to-income ratio, down payment and assets, including savings and investments, all of which a lender can help you determine. Your buying power may be affected by:
Home equity:
There may be equity in your home that can be used for debt reduction, which can then help strengthen your debt-to-income ratio and increase your buying power. Knowing what you have in equity may also help you to determine what home you may be able to afford if that property was sold.
Refinancing loans:
A review of each of your existing loans can help determine which can be refinanced, to help them better align with your credit goals, dropping your monthly payment and leading to a better purchase limit.
Having a co-borrower:
Having another person added to the mortgage may help you qualify for loans that otherwise may be unavailable because of a low debt-to-income ratio.
Opportunities you may not have thought of:
Sometimes, your lender can shed light on options you might not have considered. Simple things like asking for a raise at work a bit early, or gifts that may be coming your way soon from relatives, can be counted among income and assets, and help you qualify for new loans. i4Biz.com | APRIL 2019 | 37
Empower You on Your Path to Your Dream Home The good news is that on the path to buying a new home there are plenty of chances to make sure you get the best possible deal. However, with all of the possible product options, financial plans and steps along the way, going it alone leaves too much at risk and may leave you feeling in the dark. It doesn’t cost anything to apply, or to seek out the advice of a mortgage professional like those at Shelter. Its lenders are armed with years of expertise and industry knowledge that they carefully leverage for each buyer and are passionate about open and thorough communication to make sure buyers feel empowered in their search. Your lender can illuminate paths to the dream of homeownership and guide you along step by step. You may be pleasantly surprised to learn you are closer than you think to becoming a homeowner.
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Working with you and for you to find the best mortgage. After you’ve found your dream home, let Shelter Mortgage Company provide the dream loan. Whether you’re a first-time homebuyer, looking to buy your next home, or refinancing, your satisfaction is our #1 priority. • Lots of options for low down payments on our Conventional, VA, USDA, FHA, and even Jumbo loans • Renovation Loans: Facilitate home improvements • Jumbo loans up to $3M • Construction-to-Permanent Financing • Qualify with Less-Than-Perfect Credit
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407.897.6656 sheltermortgageorlando.com 408 East Ridgewood St. Orlando, FL 32803
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YARI FUMERO 407-897-6656 WINK4LOANS.COM
ROLANDO GARCIA 321-961-8106 GARCIAHOMEMORTGAGE.COM
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© 2018 Shelter Mortgage Company, L.L.C. All Rights Reserved. This communication does not constitute a commitment to lend or the guarantee of a specified interest rate. All loan programs and availability of cash proceeds are subject to credit, underwriting and property approval. Programs, rates, terms and conditions are subject to change without notice. Other restrictions apply. Shelter Mortgage Company, L.L.C, 4000 W. Brown Deer Road, Brown Deer, WI 53209. Corp NMLS#431223 (www.nmlsconsumeraccess.org). 408 East Ridgewood St. Orlando, FL 32803. Yari Fumero - FL/#36477; NMLS#552492. Kent Winkelseth - FL/#LO17485; NMLS #552527. Rolando Garcia - FL/#LO39842; NMLS#476625.