Medina Mortgage Brokers
Cross Roads Loans Is Your Trusted Medina Mortgage Brokers.
How can I improve my credit before working with a Medina mortgage broker?
Since you are entitled to a yearly credit report, pull your credit score and report. Review any late payments, delinquent accounts and high balances. Start paying down any debts. Lenders prefer that you have a debt-to-income ratio below 43% percent. Even if you pay off your debts to at least 30% of what you owe, you are in better standing for a mortgage loan. Most lenders want to see that your debt is manageable along with a new mortgage.
How will my income effect the home buying process?
Lenders pre-approve based off your gross income. So even if you are approved for a larger loan you still want to consider your monthly expenses. Your normal house expenses like groceries, school, or even day care is not considered by a lender. So you will have to think very practically on whats affordable for your family. We can help you through this process, to make sure your staying within your ideal budget.
What are my options to starting the home buying process?
We encourage educating yourself on the basics of home buying. Having a fundamental understanding will put you in a better position rather you call us or not. However, to avoid wasting time or money, we recommend giving us a call or come in to meet with us. Simply put, we always hear horror stories of new homebuyers going to banks with outrageous downpayments or worse putting all their trust in one lender. We don’t want this to be you.
As Medina mortgage brokers, we will help you weight out all the pros and cons. We consider every element of this process for you.
How can I get pre-approval?
Most lenders require several documents for pre-approval. We’ve provided a list of just several important items. For the full list, contact us directly.
- Residential history, along with addresses. Landlord information, as well.
- Pay stubs from the past 30 days. Income history with employment information.
- Two years of federal tax returns, 1099s and W-2s.
- Bank statements for all accounts for the past 60 days.
- All financial accounts: checking, savings, brokerage accounts, 401(k), and any other savings accounts.
Which loan is best for me?
At Cross Roads Loans, your Medina mortgage brokers, we help you determine the best loan for your specific situation. There are a variety of loan types to chose from, including fixed rate loans, adjustable rates loans, interest only loans, and negative amortization loans. In a fixed rate mortgage the interest rate never changes. Adjustable mortgage rate depends on the market but it shouldn’t fluctuate too often. Interest only loans make you pay the entire principle balance at certain time. Negative amortization loans defer some portion of the interest for a period of time.