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 01/21/2014

Minneapolis-St. Paul Magazine recently recognized Minnesota’s “Super Mortgage Professionals” by polling their readers asking out of the over 11,000 Mortgage Loan Officers in Minnesota “Who are the best?”.  Among the award winners was Pam Barton of Mortgages Unlimited.  We asked Pam what being recognized as a Super Mortgage Professional means to her.

“Winning this award means so much to me because it means that my customers were satisfied with the level of service that I provided to them during their home search.  My clients put their trust in me, and I am so thankful they took the time to recognize me as a “Super Mortgage Professional.”

Pam goes on to mention that her proudest moments in over 15 years as a Mortgage Loan Officer have come from helping first time home buyers get into their first home.  She takes pride in working with her clients from beginning to end and ensuring that they are in the best position to move forward with their home purchase.

“We salute Pam’s drive to always put her customers best interests first and foremost”  Said Steve Gatti, President of Mortgages Unlimited. From Pam’s willingness to always learn the newest and latest programs that benefit her clients, to her commitment to always being available for them Pam has certainly earned the title “Super Mortgage Professional.”Pam

Posted 12/16/2013

On Tuesday December 10th the Minnesota Mortgage Association held a luncheon honoring its next Loan Officer of the Year for 2014.  Steve Furlong of Mortgages Unlimited knows a thing or two about what that distinction means.  You see, last year at this very same time Steve was honored with receiving our industry’s highest distinction, and was chosen as the Loan Officer of the year for 2013.   It’s been a whirlwind of a year, and we asked Steve to reflect a bit on what receiving the Loan Officer of the Year meant to him:

I will never forget standing at the podium accepting the award for Loan Officer of the Year in front of my peers; it was a greater honor than I could have expected.”

“I referenced some advice my mother gave me as a youth; Start every day with the same question: ‘who’s life can I help make better today?’ And then get to work focusing on the positives, and making the best of the opportunities as they come your way.”

And making the best of opportunities is exactly what Steve did.

Steve Started with Mortgages Unlimited in 2009 while he was completing his MBA from the Carlson School of Management at the University of Minnesota. During this time Steve built and trained a staff of new loan officers to the mortgage business, became heavily involved in both the Bloomington Business Chamber of Commerce and the Minnesota Mortgage Association, became a partner with Habitat for Humanity, and built his team to one of the pre-eminent mortgage consulting teams in the Midwest.

“Steve approaches his job like a corporate CEO.  He has built his business from the ground up and looks for every opportunity to serve his clients’ needs.” said Steve Gatti, President of Mortgages Unlimited.

Steve continues to serve his clients and look for ways to improve himself, and his business every day.  “I do my best to keep my nose to the grindstone and stay up on the changes.  I keep my clients informed and ensure that everything is done on time.”

“ Having spent the last 12 months as the MMA’s Loan Officer of the Year the greatest addition to my credentials has been that my clients recognize that our company and myself are highly competent professionals worthy of their trust as a partner to guide them home.”

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