🎉 Lending Massachusetts | Bill Fagan

Selecting the right mortgage plan is one of the most important decisions you’ll make when buying a home. Bill Fagan at TD Bank offers expert guidance to help you navigate this process and choose a plan that aligns with your financial goals and homeownership dreams.

1. Understand Your Financial Situation

• Credit Score: Your middle credit score significantly impacts your mortgage options. Higher scores unlock better rates, while lower scores might limit choices. Bill can help you understand your credit profile and suggest ways to improve it if needed.
• Income and Debt-to-Income Ratio: Your monthly income and expenses, including debts like credit cards or car loans, determine how much you can afford. Bill will help you calculate an affordable budget for your mortgage payments.
• Savings and Down Payment: The amount you’ve saved for a down payment is crucial. For example, conventional loans typically require 20% down, but options like FHA loans allow for smaller down payments.

2. Define Your Homeownership Goals

• Are you a first-time homebuyer, upgrading, or purchasing an investment property?
• Are you planning to stay in the home long-term or for a few years?
• Bill will work with you to determine the best loan based on your unique needs.

3. Compare Loan Products

• Conventional Loans: Great for borrowers with strong credit and savings.
• FHA Loans: Ideal for first-time buyers or those with lower credit scores.
• VA Loans: Exclusive benefits for veterans and active military members.
• Jumbo Loans: Perfect for homes that exceed conventional loan limits.

4. Evaluate Loan Terms

• 15-Year Mortgages: Faster payoff with lower interest costs but higher monthly payments.
• 30-Year Mortgages: Lower monthly payments but more interest paid over time.

5. Factor in Additional Costs

• Property taxes, homeowner’s insurance, and private mortgage insurance (PMI) can affect your budget. Bill will help you account for these costs to ensure your financial preparedness.

For personalized advice in selecting the best mortgage plan, contact Bill Fagan at (617) 895-7596 or email william.fagan@td.com.

Improving your middle credit score is essential for securing the best mortgage rates and terms. Bill Fagan at TD Bank offers practical steps to help you enhance your score before applying for a home loan.

1. Review Your Credit Report

• Obtain reports from Equifax, Experian, and TransUnion to check for errors or inaccuracies.
• Look for outdated balances, incorrect personal information, or accounts you don’t recognize.
• Dispute errors promptly to ensure your report reflects accurate information.

2. Lower Your Credit Utilization Ratio

• Pay down outstanding credit card balances to reduce the percentage of credit used.
• Aim to keep your utilization ratio below 30% for an immediate boost to your score.

3. Make Timely Payments

• Payment history makes up 35% of your credit score. Set up automatic payments or calendar reminders to ensure on-time payments for all bills, including credit cards and utilities.

4. Avoid New Credit Applications

• Each credit inquiry can lower your score temporarily. Avoid applying for new loans or credit cards at least six months before applying for a mortgage.

5. Resolve Negative Items

• Work to settle collections, charge-offs, or delinquent accounts. Bill can guide you on how to negotiate with creditors to resolve these issues.

6. Use Resources Like Middle Credit Score®

• Middle Credit Score® is an excellent resource for understanding your credit and taking actionable steps to improve it.

By following these strategies, you’ll strengthen your credit profile and increase your chances of securing a favorable mortgage. For more tips, contact Bill Fagan at (617) 895-7596 or visit LendingMA.com.

Absolutely! Whether you’re looking to refinance your current mortgage or purchase a new home, Bill Fagan at TD Bank can help you explore the best options available.

For Home Purchases:

1. Pre-Qualification and Pre-Approval:

   • Pre-qualification gives you an estimate of your borrowing power.
   • Pre-approval provides a detailed review of your finances, boosting your confidence as a buyer.

2. Wide Range of Loan Options:

   • Bill offers FHA loans, conventional loans, VA loans, and jumbo loans to fit your unique situation.

3. Competitive Interest Rates:

   • With access to market insights, Bill ensures you get the best available rate for your mortgage.

4. Step-by-Step Guidance:

   • From application to closing, Bill provides personalized support to make your home-buying experience smooth and stress-free.

For Refinancing:

1. Lower Monthly Payments:

   • Refinancing can reduce your interest rate, saving you money each month.

2. Cash-Out Refinancing:

   • Tap into your home’s equity for significant expenses like renovations, debt consolidation, or education.

3. Shorten or Extend Loan Terms:

   • Shorten your loan term to pay off your mortgage faster or extend it to lower your monthly payments.

For personalized support, contact Bill Fagan at (617) 895-7596 or email william.fagan@td.com.

Having the right documents prepared is essential for a smooth mortgage application process. Bill Fagan at TD Bank outlines the key documents you’ll need:

Proof of Income:

• W-2 Forms: From the past two years to verify your employment and income.
• Pay Stubs: Recent pay stubs (covering the last 30 days) to confirm your earnings.
• Tax Returns: If self-employed, provide federal tax returns for the past two years.

Proof of Identity:

• Government-Issued ID: A valid driver’s license or passport.
• Social Security Number: Required for credit verification.

Credit and Debt Information:

• Credit Report: Bill will review your credit score and report to assess eligibility.
• Debt Statements: Include information on credit cards, student loans, and auto loans.

Proof of Assets:

• Bank Statements: From the last two months to verify funds for the down payment and closing costs.
• Investment or Retirement Accounts: Statements showing available balances if these funds will be used.

Loan-Specific Documents:

• FHA Loans: Additional documentation for eligibility.
• VA Loans: Certificate of Eligibility (COE) for veterans.
• Conventional Loans: Comprehensive income and asset verification.

Gathering these documents ahead of time will ensure a seamless application process. For assistance, contact Bill Fagan at (617) 895-7596 or visit LendingMA.com.