Beginning your journey toward buying a home can be stressful, especially when it comes down to applying for a mortgage. Having been a Smyrna mortgage lender for several years, our team at Accurate Mortgage Group has worked with many applicants who have found themselves intimidated at the thought of preparing for their first meeting. After all, they needed to be prepared to share intimate financial details with us in order to be approved for their mortgage.

The great news is, this process doesn’t need to be worrisome. Coming prepared to your Smyrna mortgage lender will make the first meeting go a lot smoother.

Here’s a description of what you should expect, what you should bring with you and what questions you should ask.

What to Expect

During your first meeting with your Smyrna mortgage lender, you will go over all of your finances. It’s a bit like an interview with the aim of finding out what you can realistically afford. Sometimes, this is done in one session, or it can be done in a few sessions, especially if you don’t have all of the documentation needed. Sessions can be done over the phone or face to face and last anywhere between one to three hours. The whole point of this meeting is for your lender to get to know you in order to find the best mortgage option for your situation.

Bring the Right Documents

As a rule of thumb, we advise that you bring anything related to your finances. You may have more than you need but this is better than not having the documents needed, which will delay the mortgage process. Your lender will give you a good idea ahead of time as to which documents will be most important for your particular situation.

Almost everyone, however, will be ask to provide proof of your identity, proof of your income, assets, debts, taxes, property details of the home you are looking to buy, and any other financial obligations that you have. Usually, you will need at least two month’s worth of pay slips and bank statements.

In some instances, you will need some extra documentation. For example, if you own your own business or are self-employed, there are certain tax assessments forms that you will need to provide us with. If you aren’t sure what documentation you will need for special circumstances, it’s best to just give us a call ahead of time to ask, if this hasn’t already been explained prior to your meeting. We are always happy to answer any questions you may have!

Get Your Finances in Order

One of the best tips we can give as a Smyrna mortgage lender is for you to take the time to sit down and review your finances, budget and credit score prior to applying for a mortgage. Budgets are very important at this stage because they will show you how much money you will have after taking care of the necessities each month. The amount you will be repaying with a mortgage each month will depend on how much you borrow and for how long.

As for your credit score, review it and make sure there are no discrepancies that could impact the mortgage process negatively. If there are errors, have these fixed before applying for a mortgage. Lastly, don’t make any major financial changes or purchases during the loan process. This could be the difference between getting your loan or getting rejected.

Questions to Ask

No question is a stupid question! This is a big financial commitment and you want to make sure you clearly understand everything involved. If you aren’t sure about something, ask. Our Smyrna mortgage team is there to help you. Make sure you ask about any costs that will occur, such as appraisal fees, inspection reports and penalties for making a pre-payment. You might want to sit down beforehand and write down a list of questions that you want to ask so that you don’t forget during the first meeting.

Your first meeting with a Smyrna mortgage lender doesn’t have to be stressful. If you’re looking for a mortgage, give our team at Accurate Mortgage Group a call today!

The post Tips for Your First Meeting With a Mortgage Lender appeared first on Accurate Mortgage Group.

To help convince you even more, your local lender with Accurate Mortgage Group has listed the top five reasons you should stop renting and purchase your own home.

Benefit #1: Tax Deductions

When you choose to rent a home, every time you make a payment, you never see that money again. But, if you were to be the sole proprietor on a home, you could benefit from major tax deductions. Homeowners are able to deduct up to $750,000 from their income taxes, on mortgage interest. This alone could save you thousands of dollars from renting.

Benefit #2: Long-Term Investment

Every time you make a payment toward your Smyrna home loan, you are increasing your equity (your home’s value). Your home equity acts as a long-term investment because you can access that amount of money, once you own at least 20% of the home, and use it however you want. You could tap into your equity to pay for additional real estate, make renovations on your current home, use the money to pay for higher education or even to go on a dream vacation.

Benefit #3: More Privacy

By owning your own home, you will have more privacy. You will not have to answer to anyone or have to get permission to make certain changes on your home. If you choose to rent, most landlords provide their tenants with a list of contractors they can call if there is ever a maintenance issue. However, if you own your home, you are able to work with any company of your choosing.

Benefit #4: Creative Freedom

Another benefit to homeownership is the creative freedom that comes with it. You have the right to decorate, fix or alter any part of the house as you’d like without having to pay a decoration fee. You can paint the interior walls whatever color you want or even tear down a wall to create a more open floorplan.

Benefit #5: Community Involvement

Studies show that those who are homeowners are more likely to get involved in the community than someone who rents. Community involvement is an excellent way to help improve the area surrounding your home. It’s also a great way to meet new people and learn new skills.

Contact Us

For more information on reasons to buy your own home or to get started on your application for a Smyrna home loan, please contact the Accurate Mor

The post Top 5 Reasons to Stop Renting and Become a Homeowner appeared first on Accurate Mortgage Group.

So, to help you get started in the home buying process, your local Smyrna mortgage lender with Accurate Mortgage Group has listed the most current market update for the Smyrna area.

Smyrna Residential Market Update

According to the market statistics available on realtor.com, the median listing price for all property types has been consistently getting more expensive since 2015. By December 2015, the median price listed was $199,900 and increased 12.6% to $225,000 by December 2016. One year later the median price of homes on the market was $256,000, which is approximately a 14% increase in price since the year prior. The current median listing price for December 2018 is $289,900, which is a 13% increase since 2017 and is about a 45% increase over the past three years.

Smyrna loan officers are expecting the listing prices of homes to continue getting more expensive in the near future. This means it will financially be in your best interest to lock in a rate now with your lender to avoid paying more down the road.

Get Started Today

The Smyrna region is an excellent place to settle down and purchase a home. If you would like to receive more information on the current market update or if you would like to begin your application to become a homeowner, please contact the Accurate Mortgage Group team at 615-833-0456.  

The post Smyrna Residential Market Update appeared first on Accurate Mortgage Group.