Before completing a mortgage application or even strolling through an open house, you'll want to know these things: Your monthly income. The sum of your total monthly debt payments (auto loans, student loans and credit card minimum payments) Your credit score and any credit issues in the past few years.
Generally, it's a good idea to fully pay off your credit card debt before applying for a real estate loan. This is because of something known as your debt-to-income ratio (D.T.I.), which is one of the many factors that lenders review before approving you for a mortgage.
Banks assess a borrower's income, other loans and living expenses to calculate how much money can be put towards home loan repayments. In the current market, lenders are looking much harder at borrowers' expenses by credit card statements, transaction accounts and any recurring spending patterns.
Fixed Rate Mortgage Write a description for this list item and include information that will interest site visitors. For example, you may want to describe a team member's experience, what makes a product special or a unique service that you offer.
Item link List Item 1Adjustable Rate Mortgage: (ARM) Write a description for this list item and include information that will interest site visitors. For example, you may want to describe a team member's experience, what makes a product special or a unique service that you offer.
Item link List Item 2 Jumbo Loan Write a description for this list item and include information that will interest site visitors. For example, you may want to describe a team member's experience, what makes a product special or a unique service that you offer.
Item link List Item 3FHA Loan Write a description for this list item and include information that will interest site visitors. For example, you may want to describe a team member's experience, what makes a product special or a unique service that you offer.
Item link List Item 4FHA 203K Renovation Loan Write a description for this list item and include information that will interest site visitors. For example, you may want to describe a team member's experience, what makes a product special, or a unique service that you offer.
Item LinkVA Home Loan Write a description for this list item and include information that will interest site visitors. For example, you may want to describe a team member's experience, what makes a product special, or a unique service that you offer.
Item LinkWith Lender Paid or Borrower Paid MI (mortgage insurance) Write a description for this list item and include information that will interest site visitors. For example, you may want to describe a team member's experience, what makes a product special, or a unique service that you offer.
Item LinkNo Income Loan Write a description for this list item and include information that will interest site visitors. For example, you may want to describe a team member's experience, what makes a product special, or a unique service that you offer.
Item LinkOur Main Office is located in Connecticut at
3333 Main Street, Stratford, CT 06614
203-908-3428
Our Florida Branch Office is located at
800 Village Square Crossing
Suite 116, Palm Beach Gardens, FL 33410
Florida Branch NMLS Number: 1598882
Florida Branch Licensed in Florida and Connecticut
FLORIDA: 203-952-5057
First Choice Mortgage, LLC is a licensed mortgage broker, Connecticut Department of Banking, NOT A LENDER NOR A CORRESPONDENT MORTAGE LENDER. ( MB-70986); Licensed mortgage broker, Florida Office of Financial Regulation (MBR1895), New Hampshire Banking Department (22433-MBR), Vermont Department of Financial Regulation (1363 MB). Verify our licenses at www.NMLSCONSUMERACCESS.ORG by entering NMLS No. 70986;
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