Financing Your Dream Home

We are all hearing how difficult it is to get a mortgage these days.  With housing prices and interest rates at all time lows, there has never been a better time to get the dream home you've always wanted!
Hedges Mortgage Group is committed to making your home buying experience a breeze!  With that in mind here are few hints to get the process started:
1st.  See a lender early in the process when you are just considering a new home purchase. We can give you a clear understanding of where you stand on credit and income qualifications.  It will also give you an idea of the payment and home price range that will suit your budget, before you sell yourself short or fall in love with a home that will be out of reach.
2nd.  Follow the credit tips we can provide.  Pay down balances, avoid unnecessary credit pulls  keep your credit score at the highest possible to get the lowest rate possible.  Once upon a time a 700 credit score was the gold standard, it's now 740 for most loans and can be as high as 780!  We know the tricks to maximize your score--put us to work for you!
3rd.  Be sure your income is usable to an underwriter.  For W2 wage earners, income is usually straightforward and easy to document. However special situations can make even W2 income a little tricky.  Second jobs, over-time, seasonal layoffs, time on the job can all affect what income can be used for qualification purposes.  Self-employed borrowers may need to have a discussion with an accountant before filing taxes, because a lender can only use income after business deductions (not counting depreciation).  We can't use your gross receipts or stated income--those niche loans are gone for now. We are here for you!  
4th. Work with us to create a complete loan file as soon as you know you will be out looking for a home.  There is a link on this blog to loan documentation, but the nuts and bolts will be: pay stubs, tax returns, W2s, and proof of assets.  Not rocket science, but lagging documentation is the biggest reason loans get delayed. With a complete file at the beginning, your loan will fly though underwriting and you will on your deck toasting your beautiful new home before most folks even know if they are approved!