Green Mountain Mortgage

Important information for obtaining a mortgage to refinance a home:

Credit Grade
There is a credit grading system that ranges from A – D
Depending upon a persons credit grade will determine two very important things. How much you will qualify for and what kind of an interest rate we can get for you.

Fico Scores
In an effort to streamline the approval process a scoring system was developed. In addition to your credit grade you will have a numeric value assigned, 400-800’s the higher the score the better your credit is and the better your rate will be.

Down payment
Your credit grade and your fico score determine the amount of down payment you will need.

Employment history
You will need a minimum of 2yrs employment in the same field, not necessarily the same employer.

How much do I qualify for?
Take your monthly income divide it by 2 then subtract the minimum monthly payments due on all your credit cards, car payment, loans, cell phones, etc. (do not include heat, electricity, rent, insurance, telephone). Then subtract the taxes and homeowners insurance that would be due on the new property ($200-$300. is probably a good estimate). That will give you the amount available for a monthly mortgage payment. At 7% interest every $6.65 will qualify $1,000 worth of mortgage money (a $100,000 mortgage would be $665.30 per month)

Debt To Income Ratio
Your debt to income ratio is determined by taking your total monthly bills (credit cards, car payment, loans, cell phones, etc. do not include heat, electricity, rent, insurance, telephone) divided by your total monthly income. $1,000 in bills divided by $2,000 in income = 50% debt to income ratio.

LTV (loan to value)
Your LTV is determined by dividing the amount you want to borrow by the sales price or appraised value of the property (if you are refinancing). You want to borrow $50,000 and the house appraises for $100,000 = 50% LTV

Assets
How much money or equity do you have including, money in the bank, stocks, bonds, IRA, Keogh, cash value of insurance policies, or other property owned.

Rate & Term
Refinancing to get a better rate and/or term on your existing mortgage. You can only borrow just enough money to pay off your existing mortgage and closing cost.

Information needed to discuss your refinance
Current Loan Amount
Current Interest Rate
Currently have an adjustable or fixed rate
Currently paying mortgage insurance
Need cash out for closing cost
Currently have credit card debt paying over 7% interest. DEBT CONSOLDATION
Interested in saving money every month. DEBT CONSOLDATION
Current market value of your home? If you were to sell your home today how much do you think you could get for it?

Debt Consolidation
Refinancing in order to pay off additional debt (credit card, auto loans, student loans, back taxes, medical bills, etc.) and lower your total monthly payments. Use the equity in your home to pay off high interest debt and lower your total monthly payments and gain the tax advantage available for your mortgage interest.
Information needed to discuss your refinance
Credit cards too high? How much money would you need to pay off all your credit cards?
Thinking about bankruptcy? Total amount you would need to pay off debt
Thinking about consumer credit counseling? Total amount you would need to pay off debt
Prevent foreclosure? How far behind are you on your existing mortgage
Current market value of your home? If you were to sell your home today how much do you think you could get for it?
Download free report: How to escape the debt rat race and get debt free, fast!

Home Improvement
Refinancing to get money to do an addition, remodel, new roof, windows, pool etc. Sometimes it is possible to get money for improvements and lower your monthly payments depending on your current interest rate.
Information needed to discuss your refinance
Current Loan Amount
Current Interest Rate
Currently have an adjustable or fixed rate
Currently paying mortgage insurance
Need cash out for closing cost
Currently have credit card debt paying over 7% interest. DEBT CONSOLDATION
Interested in saving money every month. DEBT CONSOLDATION
Current market value of your home? If you were to sell your home today how much do you think you could get for it?
Download free report: How to escape the debt rat race and get debt free, fast!

College Education
Refinance in order to pay for your Children’s education. Use the equity in your home to pay college tuition and gain the tax advantage available for your mortgage interest.
Sometimes it is possible to get tuition money and lower your monthly payments depending on your current interest rate.
Information needed to discuss your refinance
Current Loan Amount
Current Interest Rate
Currently have an adjustable or fixed rate
Currently paying mortgage insurance
Need cash out for closing cost
Currently have credit card debt paying over 7% interest. DEBT CONSOLDATION
Interested in saving money every month. DEBT CONSOLDATION
Current market value of your home? If you were to sell your home today how much do you think you could get for it?
Download free report: How to escape the debt rat race and get debt free, fast!

Investing
Refinance in order to use the equity in your home to invest in areas that pay a higher return and get the tax advantage available for mortgage interest. Sometimes it is possible to get the money to invest and lower your monthly payments depending on your current interest rate.
Information needed to discuss your refinance
Current Loan Amount
Current Interest Rate
Currently have an adjustable or fixed rate
Currently paying mortgage insurance
Need cash out for closing cost
Currently have credit card debt paying over 7% interest. DEBT CONSOLDATION
Interested in saving money every month. DEBT CONSOLDATION
Current market value of your home? If you were to sell your home today how much do you think you could get for it?
Download free report: How to escape the debt rat race and get debt free, Fast!

How the process works!
Once you contact us, either by phone or via the internet a loan officer will be assigned to help you. We will evaluate your needs and offer you solutions.
If we are able to assist you with your financing we will submit your application to three different Lenders. Then present their offers to you for you to chose the terms, conditions and rates that best meet your needs.
Then an appraisal is ordered; generally it will take 3-4 weeks to get completed (you will pay the appraiser directly). The necessary paperwork and disclosures are sent to you to sign and return. At that point you will receive a list of documentation needed, copies of tax returns, pay stubs, bank statements etc. Once we receive all the documentation your loan package is sent to the appropriate lender. Within a few days we will get your conditional approval, then we get the legal work completed and any additional documentation the lender may have needed.
Our attorney will close your loan at a convenient location for you and the loan will be funded. The funding will occur either that day (for a purchase) or 3 days later (a refinance has a 3 day right of recession for consumer protectection)
The whole process will generally take 3-6 weeks depending how fast we can get your appraisal and paperwork completed.
Our Lenders are able to close your loan within 3 days after they receive all the documentation; unfortunately it generally takes 3-6 weeks to get the information!

Give Us A Call Right Now Using Our Toll Free Number: 888.809.1172