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!
Jason and team were knowledgeable, prompt and super easy to work with. They took all of the fear out of finding an understanding the loan and even had everything wrapped up a week before our closing date.
I found Uptown Mortgage on Yelp! and very happy I reached out. I would recommend anyone I know to use their services and will certainly use them again if the time ever comes for additional mortgage needs.
Jason and his team did a really terrific job for our home purchase financing process. Jason was available weekdays, weekends, and evenings, and whenever we reached out, he got back to us within hours. He was proactive in his outreach and suggestions but also never pushy or overbearing. He knew a ton and could answer every question we could think of asking. I really can't recommend Jason and his team enough - they are great and you'll be in excellent hands if you give them your business.
I had a great experience with Jason and his team at Uptown mortgage. Starting with my initial email to Jason, which he responded to within 30 minutes, to discussions on which mortgage program was best for my situation, everything was very smooth and the communication was outstanding. I had a somewhat unique situation in that I was using cash from the sale of some restricted stock/options from my company and which the trading window wasn't open until after the final loan objection date. It was crucial that my pre-approval held together, since if something were to happed we would have lost our significant earnest money deposit. Suffice it to say, Jason and team had all of my approval requirements met, so all that I had to do was exercise the options and sell the stock. This final piece all came together within a week of our closing and worked just as expected. I would not hesitate to work with Jason and Uptown Mortgage for any of my mortgage needs in the future.
Jason Kauffman and his team are nothing short of miraculous. I worked with Jason 4 years ago on my inital home purchase and had a phenomenal experience, so when I started thinking about refinancing and consolidating two mortgages into one, he was the first (and honesly, only) person I called. Just like last time, he clearly laid out my options for me, gave me sound advice, answered my questions quickly and let me know exactly what to expect at each stage of the process - and ultimately took me from inital inquiry to closing in just 4 weeks. The process was completely painless, and I can't thank Jason and the rest of the team at Uptown Mortgage enough for yet another great experience!
Lana at Uptown Mortgage was tremendously professional with expert and super quick advise. This is the place to get a mortgage!
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