Purchase Information For Existing Homeowners
There is so much information on the internet for first time homebuyers, we felt it was important to devote a portion of our site to seasoned homebuyers who have already owned one or more homes. The mortgage industry has gone through so many regulatory changes since 2008, there is a good chance that the process will be somewhat different than you remember. Fortunately you have found our company. Making the loan process as smooth as possible is what we excel at.
If there is one thing about the loan process that has changed the most from the loans that were being made prior to 2008, it is the amount of documentation lenders require now. While there is no easy way to avoid this, what we’ve learned from our past buyers is that being asked for additional documentation three, four, and five times throughout the loan process is not at all pleasant and is also not terribly efficient.
At Uptown Mortgage our mortgage brokers have the experience to be able to look at your particular situation, and identify very accurately what the underwriter will likely require to underwrite your file. Being diligent and thorough at gathering the needed documentation at the beginning of the loan process almost always results in a very clean underwriting approval. It also ensures that we move through the loan process to closing your loan as quickly as possible.
There are many situations that we’ve encountered over the years that could have been avoided by doing a better job educating our borrowers before the loan process began. Clients frequently express concern about understanding the process of applying for a mortgage loan so they can better prepare themselves for the process. These questions are designed to assist you in preparing for your loan process so you can minimize the stress and requests for additional documentation that occur during the loan process.
Asset Related Questions
Can I use cash deposits?
Can I take a cash advance on my credit card?
Can I deposit checks from sources other than my payroll check into my account?
What about transfers into my account from another account?
What do I do if I have already received money in my account?
What other things does the lender look for on account statements?
When do I need to have my down payment?
What is required for gift documentation?
My agent is writing my offer this afternoon and I forgot my checkbook. Can my girlfriend (or mom or brother or friend) write the earnest money check for me and I can pay them back?
I don’t have enough money in my account for my earnest money. Can I write a check from my credit card account?
Will my earnest money count toward my down payment?
Do I always get my earnest money back if I don’t purchase the home?
What other expenses will I have to incur in addition to what is on the closing cost estimates provided by my loan originator?
Credit Related Questions
What could I do on my credit that would jeopardize my loan approval?
Employment/Income Related Questions
What if I want to change jobs just before or during loan application?
My job is good through the closing date and 1 week after closing, I have a new job. Is that OK?
I haven’t filed my taxes for this year (or previous years). Can the lender use the last two years that I have filed?
I just filed today and the IRS can give me a printout that I filed. Will that be sufficient to close the loan.
Closing Related Questions
When I go to closing, how do I provide my funds?
Who attends the closing and how much time do I need?
I can’t attend the closing and I want to use a Power of Attorney (POA)?
What will the lender check the day of closing?
Reasons to Own
Interest deductionOwning your own home will reduce the amount you pay annually in income tax in most cases. The rent that you pay is not tax deductible, but the interest and taxes you pay on a home you own is. Couple that with the fact that the cost to rent has been increasing, it may even be cheaper to own than rent.
Equity growthOn top of the tax benefits of home ownership, you will also be growing equity in the home that you own. Just like you invest in your 401k, investing into your own property is going to provide you with an asset that historically appreciates. Why would you want to continue paying off someone else’s mortgage with your rent payments?
StabilityAre you tired of moving every couple of years because your landlord raises you rent or decides to sell the property you’re renting to someone who wants to live there? Let alone having to ask every time you want to do something to the property to make it more like home. Buy a place that is truly your home!
My fiance and I couldn't be happier that we got the opportunity to work with Barb Van Horn on our very first home purchase! Barb is so kind and wonderful to work with. We had many questions as it was our first experience with purchasing a home. Barb was very thorough, honest, and helpful every step of the way. She was always available and quick to address any inquiries that we had! We could tell Barb genuinely wanted to help us achieve our goals in whichever way she could. She has set the bar very high on what a mortgage broker should be. We will continue to work with Barb for our future mortgage needs. Would definitely recommend our family and friends to Barb. Also to any Yelpers out there looking for a pleasant and reliable mortgage broker to work with!
I had a great experience working with Barb. I was working with a different broker and started getting the feeling I wasn't getting the full story but I called Barb and she was super clear, open, and honest and had a great loan package to offer. She wasn't pushy at all and walked me through the whole process and answered all of my questions clearly and completely, I'm so glad I decided to switch to work with Barb! I highly recommend you give her a call!
I choose this company because of its yelp recommendations. Yelp was spot on. The loan process was all done virtually through email, telephone conversations, and their virtual loan application website. All went smoothly. Jason Kauffman and his team were responsive and reliable. They took texts on weekends and even when out of town Jason responded to me and made sure I got the documents I needed. To top it off Jason gave great advice to raise our credit scores. Good rates, professional service and nice people to deal with.
We worked with Lana and team for a mortgage on our home back in 2018 and they made it so easy. When rates dropped earlier this year we worked with them to refinance and again they were the easiest to work with and had the best rates.
Shout out to Barb from Uptown Mortgage for helping us with our first home purchase. Barb went above and beyond to make our first experience a wonderful one. I will highly recommend her to anyone needing help. She works fast and was very responsive when we needed her. Barb is awesome and we can't say enough good things about her!
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