Mortage Information & Tips
G Daniels & Company is committed to helping you FIND THE HOME OF YOUR DREAMS! The following information is provided to better assist you in preparing for that process. See below for a mortgage calculator and how to get pre-approved for a mortgage loan.
EXAMINE YOUR FINANCES
Monthly income and expenses are the easiest guides to determine what value home you can buy and when. Take a good look at your finances and take note of expenses that may increase over the next year. Then start saving for a down payment.
START A SAVINGS PLAN
Know your goal- how much you want to put down on the home of your dreams. Then budget and save wherever possible to make that goal. Small adjustments in spending and saving today can make a huge difference in your home buying power tomorrow.
CONSIDER THE UP-FRONT COSTS
Most lenders require a 3.5% down payment on the purchase price. Additional closing costs can range from 2% to 6% of your mortgage amount. Required home inspection costs vary too. Be sure to look ahead and plan for these costs.
WILL YOU NEED DOWN-PAYMENT ASSISTANCE?
Not so sure you can afford that down payment? You may have other options - lender, federal programs, and municipal incentives that are there to help first-time buyers. Speak with a mortgage originator about the available down payment and incentive programs.
CALCULATE HOW MUCH YOU CAN AFFORD
The price range of homes you'll look at is based on how much monthly payment you can afford. When calculating your monthly payment range, make sure to include taxes and insurance for the home, plus utilities and other incidental expenses like maintenance.
GET PRE-QUALIFIED FOR A MORTGAGE
Knowing ahead of time how much you can borrow for your home will make the search and offer process simple. A licensed mortgage originator can take your application, advise you on which financing products are right for your needs, and work with lenders to get you the best deal. That leaves you free to go out and find your dream home. Here's what you'll need!
- Copy of photo ID and social security number.
- 1 month most recent pay stubs for all borrowers (30 days consecutive)
- 2 years most recent full Tax Returns (all schedules and include W-2's)
- Copy of original sales contract (for self-employed and fixed income borrowers)
- 2 months consecutive of bank statements
- Award letters for social security or pension benefits
- Proof of receipt of benefits
Your Agent at G Daniels & Company can refer you to various lenders if you’re not already working with a bank, credit union, or another qualified lender.
Now that you are Pre-Qualified, you can sit down with us and we will help you figure out your criteria for your new Hampton Roads home and show you all the available listings that match your criteria in your price range and desired parts of town, whether it be Virginia Beach, Norfolk, Chesapeake, Suffolk or any place else. A Pre-Qualification letter makes your negotiation position very strong. Once you make an offer, we will complete an offer form and attach your Pre-Qualification letter.