Posted 02/16/2017

W-2 Tax hero

Have you been thinking about buying a house but find the process overwhelming? Don’t feel alone, if I wasn’t in the mortgage industry, I wouldn’t know where to start either. There is some preparation involved and if you aren’t organized, it can be very frustrating getting all the required documents ready.  However, having all your ducks in a row can make the process smooth sailing for both you and your Mortgage Consultant.

For any mortgage loan you apply for, you will need the following items:

  • W-2 forms from the previous two years – Typically, lenders will require the most recent Form W-2 wage and tax statement, but some borrowers are asked for two years of W-2s.
  • Most recent paycheck stubs – Lenders are looking for one month of verified income. If your checks are electronically deposited, you should be able to acquire pay stubs online.
  • Most recent federal tax return, and possibly the last two tax returns – You will need to provide ALL PAGES. Additionally, you will be asked to sign an IRS Form 4506 -T to allow lenders to request a transcript of your tax returns directly from the IRS to spot fraudulent income claims and limit loan losses.
  • A complete list of your debts, such as credit cards, student loans, car loans and child support payments, along with minimum monthly payments and balances. (This will be used to figure out your debt-to-income ratio)
  • Two most recent months of bank statements
  • Other asset statements from the past two months for any CDs, IRAs, stocks, and bonds.
  • Current real estate holdings, including property address, current market value, mortgage lender’s name and address, loan account number, balance and monthly payment.

ALL PAGES, EVEN IF THE LAST PAGE HAS JUST A PAGE NUMBER ON IT. 

If there are any additional deposits made to your account, in addition to your regular income, be prepared to document where these funds came from.

You can control how smooth the mortgage process goes by being prepared.  The faster you can get documents requested by your lender, the faster you can find out if you’ve been approved for your home loan and deal with any hurdles that may arise.

Mortgages Unlimited is a local mortgage company serving not only the Twin Cities but also, South Dakota and Wisconsin. Minnesota Housing programs are not available in South Dakota or Wisconsin. We work on the behalf of our clients ensuring they are getting the best possible loan while providing outstanding customer service.

Give one of our Mortgage Consultants a call @ 763-416-2600 if you are looking to purchase a home or refinance your existing home loan. Or you start a secure online application at www.muiapply.com.

Posted 02/14/2017

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Minnesota Housing Finance Agency is a trusted state agency that works with local lenders, such as Mortgages Unlimited, to ensure all Minnesotans have access to safe and affordable housing.  They offer several loan options statewide for low-to-moderate income first-time home buyers (anyone who has not owned a home in the last three years) and current home owners – purchase or refinance.

When you get a Minnesota Housing mortgage, you can also receive an optional down payment and closing cost loan up to $10,000. Remember, down payment and closing cost loans are only available when you get a Minnesota Housing first mortgage loan and additional eligibility requirements may apply, including income limits.

Below is the breakdown of loan options:

Start Up – You may be eligible if you:
•     Are a first-time home buyer (you have not owned a home in the past three years)
•     Meet income limits
•     Meet purchase price limits:
•            11-County Metro: $307,900
•            Balance of State: $255,500
•    Meet minimum credit score requirements

Step Up – This program has a purchase loan if you’re a current homeowner (or owned within the last three years) and want to buy a different home. You can also use Step Up to refinance your current home at an affordable, fixed rate.
•    Meet income limits
•    Meet purchase price limits:
•           11-County Metro: $307,900
•           Balance of State: $255,500
•    Meet minimum credit score requirements

Down Payment Assistance –
When you get a Minnesota Housing mortgage, you can also receive an optional down payment and closing cost loan up to $10,000.

Additional eligibility requirements may apply, including income limits.

Monthly Payment Loan – This loan can be used with Start Up or Step Up Program.

Loans go up to $10,000. The interest rate is equal to your first mortgage rate, and you’ll pay monthly payments for a 10-year loan term.

Deferred Payment Loan – The  Deferred Payment Loan can be used with the Start Up program and is only for first-time home buyers with two options:

•    Deferred Payment Loan: Loans go up to $7,500.
•    Deferred Payment Loan Plus: Loans go up to $8,500 for borrowers who meet targeting criteria.

There is no interest, and the loan term is equal to your first mortgage term. Repay the loan when you move, sell, or refinance your property.

Mortgages Unlimited is a local mortgage company serving not only the Twin Cities but also, South Dakota and Wisconsin. Minnesota Housing programs are not available in South Dakota or Wisconsin. We work on the behalf of our clients ensuring they are getting the best possible loan while providing outstanding customer service.

Give one of our Mortgage Consultants a call @ 763-416-2600 if you are looking to purchase a home or refinance your existing home loan. Or you start a secure online application at www.muiapply.com.

 

 

Posted 12/10/2014

Name: Doug Hunt
Title: Mortgage Consultant
Years working at MUI: 3+
Years in the Mortgage Industry: 23
Any special Designations or Certifications:
Licensed in MN and WI

What drew you to the Mortgage Industry? Why did you want to become a Loan Officer?
I liked helping people get into their new homes. Also the flexibility of the job so that I could be with my family when needed.

What is your favorite part of your job?
Going to closing to see my clients eyes light up when they know the house is theirs.

Do you have a favorite/memorable story or experience you’d like to share regarding a client?
Early in my career, I had a client that her credit was not the best and was before credit scores. She had already been declined twice by underwriting, but I knew she would be a good client and so I thought I would call the underwriter directly. Before I called I ask Jesus if He would help out. When I called the underwriter she said they had just completed one last review of the file and decided to approve the loan. With this news I let the client know and she was elated. Sometimes things are out of our control and we have to ask for help.

Any special hobbies that you like to do in your spare time?
Golf, Bible study, Fishing, Hunting and Soccer with family.

Anything unique about you or your family?
I was born in Germany. My mom is German and my dad met her in the early 1960’s and got married. My grandfather fought for the Germans during WWII.

Do you have a favorite/memorable story or experience you’d like to share regarding a MUI or Professional event?
I got a call from a potential client and she had just been turned down by another lender and she asked if I could help her and close in two weeks. Denise, our underwriter and I looked at her scenario and determined that we could take the loan FHA instead of Conventional. We not only got the deal done but closed it on time. Thanks to the team at MUI!

Doug Hunt - Mortgages Unlimited

Posted 11/21/2014

Written by MUI Loan Officer Scott Goodwin.

I’ve been involved in real estate some way or another since I was 12 years old.  Adding pages to the paper MLS listing books for my mom.  Then sweeping out new construction homes before carpet went down at 15.  Eventually getting my real estate license at 35.  Then finding my way into mortgages a few years later.

I’ve watched the market climb at a pace never seen before.  I also watched it drop at that same record speed.  Then the fall out of foreclosures and short sales.

It wasn’t pretty.  People losing their homes, their stability, their way of life.  Readjusting what’s important.  Most have made it through with a renewed list of what’s important.  Read adjusted lifestyles and priorities.

We seem to be in a market currently that is more balanced.  Values are slowly increasing at a pace I’d call good and safe.  So far we seem to be slowly recovering.  There is stability in the market place and that is good for all involved.

I’m here because no matter what the market climate is, there are people that want to buy and sell homes.  A place for their families to live and work and grow.  I have first-hand knowledge of the market to help you.  I have Realtor relationships, to help you.  I work at a company, Mortgages Unlimited, Inc. that has positioned themselves in such a way that they have become the oldest independent non- bank owned mortgage company in MN.

What does that mean?

It means that we are doing what others can’t, or won’t.  It means that I have direct access to underwriters and processors that work on the loans we fund.  It means that we get things done around here.  For you.  So you can move on time.  So you get the best possible rate and program in the marketplace.  It’s about you.

So if you would like it to be about you, give me a call and we’ll talk……about you.

Scott

Posted 11/18/2014

We thought it would be great for you to get to know our loan officers. So we asked each of them to answer a few questions to help you get to know them.

Meet Pam Barton, a Mortgage Loan Officer working in our Maple Grove Office. Pam grew up in the real estate world, and has been actively working in the mortgage industry for the past 17 years. Pam was voted Top Mortgage Professional by Mpls St.Paul Magazine in 2013 and 2014, and she has achieved Platinum Level status with Minnesota Housing.

What is your favorite part of your job?

I love helping people. To help someone’s dream of owning a home come true is what it is all about. My clients become friends for life.

Do you have a favorite/memorable story or experience you’d like to share regarding a client?

I had clients that I worked with for two years; We worked to fix their credit and get them in a position to buy a new home. After two years, they were able to buy a beautiful home to live in and raise their two children. That was 10 years ago, and we still keep in touch.

Anything unique about you or your family (kids/grandkids/travels/hobbies)?

My claim to fame has always been that I have two sets of twins 16 months apart. From those kids I now have 8 grandchildren, now that is what life is all about, those little kids!

Do you have a favorite/memorable story or experience you’d like to share regarding a MUI or Professional event?

I have been with many companies before Mortgages Unlimited. There is no place like this, where the owners care so much about each and every person in the company. We are a team here working together – with the clients best interest at heart. I like to say I am at my final resting place. Thank you MUI for all you do.

PamBarton

Pam Barton

Pam Barton & Family

Pam Barton & Family

 

7365 Kirkwood Court N, Ste 300 Maple Grove, MN 55369 NMLS Lic #225504

P: 763.416.2600 F: 763.420.5885

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