Getting the Best Financing
Michael Parico knows that mortgage calculators are not accurate enough to determine if you are pre-approved. Please contact one of his trusted lenders below.
Tidewater Mortgage Services, Inc.
Damon Carpitella – Branch Manager
Finding the right home for you is your primary goal, but enjoying it with a lower payment and better mortgage terms is a very important secondary goal. Michael has researched and worked with many mortgage brokers and lenders in the Middletown real estate markets, and he’ll help you to contact those that are the best fit for you and your financial picture.
The Normal Mortgage for Working Families
Just because there’s nothing special about your income stream, and you’re getting a paycheck every week, that doesn’t mean that there won’t be differences in mortgages and lenders for your needs. Every mortgage broker and most lenders tend to work within their own requirements and procedures, and these may or may not be the friendliest terms for a salaried or hourly wage earner. Michael knows which are going to treat you right and give you the best terms, and he’ll guide you to them.
The Self–Employed Borrower
Since the mortgage and housing crisis that began in 2007, it’s become a grueling process for a business owner or self–employed person to get a mortgage. Documentation of income and expenses is much more detailed, and Michael is up–to–date on all of it. Michael will steer you toward multiple sources for great mortgages for the self–employed.
Less Than Stellar Credit
All types of lenders have become tougher in the new financial environment, and it’s easy to get a ding or two on your credit these days. It doesn’t even take a mistake or late payment, as credit scores are reduced for the amount and ratio of debt, as well as types of debt. Millions of people pay their bills on time and still don’t have those high end credit scores. He knows the lenders in the Middletown and Newark real estate markets ready to provide good mortgages for less than high end credit scores, and he’ll tell you who they are.
ARMs & When They’re Appropriate
Though most residential home buyers are buying a home they intend to occupy for a number of years, on average around the country at least eight, this isn’t always the case. Also, investors may be looking at a shorter ownership time frame. ARMs, Adjustable Rate Mortgages, are appropriate if the plan is to own a home seven or fewer years, particularly five or fewer. Because the lender is tying up their money for a shorter defined time period, they loan at lower interest rates. ARMs can result in hundreds of dollars a month in lower payments in some cases. They can also allow a buyer to qualify for a larger home. However, this isn’t generally a great practice, as once the ARMs fixed rate interest period is over, rates can escalate more than expected.
Financial Disclosure and Deal-To-Closing Considerations
Especially after the mortgage and housing problems that began in 2007, lenders and their underwriters are scrutinizing financial, income and expense information much more closely than ever before. Be prepared to dig out a lot of documentation, and it’s best to be forthcoming with any financial information that impacts your ability to pay the mortgage payment. Even if it’s not asked for early in the process, be prepared for questions and requests for documents throughout the process. Also, it’s highly recommended that you do not add any credit card or other debt between the purchase contract and the closing. Just before closing, most lenders will do another credit check and a check for any liens or encumbrances.
Watch the Fees & Question Them
There are a number of fees associated with getting a mortgage, and the total of origination and other fees is usually the highest closing cost aggregate item in the deal. Never hesitate to ask about all fees, why they’re charged and why they’re a certain amount and how they’re calculated. It’s your money, and you’re the customer.
Contact Michael Parico
Direct: (302) 293-2664
Office: (302) 376-5260
Free Home Evaluation
Michael Parico will give you a better evaluation estimate through actual sold property information from the MLS, so you can get the real story on what your home is worth.
Partners Realty LLC
11 Crawford St
Middletown Delaware 19709
Michael Parico is a Real Estate Agent Licensed in Delaware, Maryland and Pennsylvania.