🎉 Mortgages Delaware | Lori Martin

Selecting the best mortgage plan is a critical step in your homeownership journey. Lori Martin at Fairway Mortgage Corp is here to help you navigate the mortgage options available in Delaware to ensure you choose the plan that best fits your financial goals.

• Evaluate Your Financial Situation: Lori will begin by assessing your credit score, income, debt-to-income ratio, and savings. This comprehensive evaluation will help determine which loan products you qualify for and which mortgage options will best suit your needs.
• Understand Your Homeownership Goals: Whether you’re a first-time homebuyer, upgrading to a larger home, or buying an investment property, Lori will work with you to decide whether a fixed-rate mortgage or an adjustable-rate mortgage (ARM) fits your situation. Fixed-rate mortgages offer stability with consistent payments, while ARMs can provide lower initial payments, making them a good option if you plan to sell or refinance within a few years.
• Compare Loan Products: Fairway Mortgage Corp offers a variety of loan programs, including conventional, FHA, VA, and jumbo loans. Lori will help you compare the benefits of each option. FHA loans are popular among first-time homebuyers, while jumbo loans are tailored for high-value properties. Lori will guide you to the best option for your financial needs.
• Select the Right Loan Term: The loan term you choose will impact your monthly payments and the overall cost of your mortgage. A 15-year loan reduces interest over time but comes with higher monthly payments. A 30-year loan spreads out payments but increases total interest. Lori will help you determine which loan term best fits your financial goals.
• Account for Additional Costs: Don’t forget about other costs like property taxes, homeowner’s insurance, and private mortgage insurance (PMI) if your down payment is less than 20%. Lori will ensure you’re fully prepared to budget for these additional expenses.

For personalized advice on selecting the best mortgage plan in Delaware, contact Lori Martin at (302) 539-1290.

Improving your credit score is one of the most important steps you can take to secure better mortgage rates. Lori Martin at Fairway Mortgage Corp will guide you through proven strategies to help boost your credit score before applying for a mortgage.

1. Review Your Credit Report
   The first step is reviewing your credit report from the three major credit bureaus—Equifax, Experian, and TransUnion. Lori will help you identify any errors that could negatively impact your score and guide you in disputing them.
2. Dispute Credit Report Errors
   If you find errors on your credit report, disputing them with the credit bureaus is essential. These errors could be affecting your score. Lori will guide you through the process of disputing and correcting any inaccuracies.
3. Pay Down Outstanding Debt
   One of the most effective ways to improve your credit score is to reduce your debt. Lenders assess your credit utilization ratio—the percentage of your available credit you’re using. Keeping this ratio below 30% can improve your score. Lori will help you create a plan to pay down your debt efficiently.
4. Avoid Applying for New Credit
   Opening new credit accounts can lower your credit score. Each inquiry reduces your score slightly, and new accounts increase your debt-to-income ratio. Lori recommends avoiding new credit applications in the six months before applying for a mortgage.
5. Make On-Time Payments
   Your payment history is one of the most significant factors in determining your credit score. Ensuring that all bills—credit cards, loans, and utilities—are paid on time is critical. Lori can help you set up reminders or automatic payments to avoid missing due dates.
6. Address Negative Items on Your Credit Report
   If you have any negative items such as late payments, collections, or charge-offs, it’s important to address them before applying for a mortgage. Lori will work with you to settle these accounts, which may result in improved credit standing.

For more detailed advice on improving your credit score before applying for a mortgage, contact Lori Martin at (302) 539-1290.

Yes, whether you’re refinancing or buying a home, Lori Martin at Fairway Mortgage Corp can help you navigate the process and find the best loan solutions for your situation.

Home Purchase with Lori Martin at Fairway Mortgage Corp

• Pre-Qualification and Pre-Approval: Getting pre-qualified or pre-approved is the first step in the homebuying process. Pre-qualification gives you an estimate of how much you can afford, while pre-approval involves a more detailed review of your financials, making your offer stronger. Lori will guide you through both processes to ensure you’re ready to make a solid offer.
• Choosing the Right Loan Product: Fairway Mortgage Corp offers a wide variety of mortgage options, such as conventional loans, FHA loans, VA loans, and jumbo loans. Lori will help you compare the features of each and select the loan that fits your financial goals and homebuying needs.
• Securing a Competitive Interest Rate: Interest rates have a significant impact on your mortgage payment. Lori will help you secure a competitive rate, ensuring your mortgage is affordable throughout the loan term.
• Step-by-Step Guidance: From application to closing, Lori provides personalized support to ensure a smooth and stress-free experience. She’ll explain each step so that you feel confident and informed throughout the process.

Refinancing with Lori Martin at Fairway Mortgage Corp

• Lower Your Interest Rate: Refinancing can help you secure a lower interest rate and reduce your monthly payments. Lori will review your current loan terms to see if refinancing is a good option for you.
• Cash-Out Refinancing: If you have built up equity in your home, cash-out refinancing allows you to borrow against your home’s value for major expenses like home improvements or debt consolidation. Lori will help you determine whether this option fits your financial goals.
• Shorten Your Loan Term: Refinancing can also help you shorten your loan term, reducing the total interest paid over time. Lori will help you decide if this option aligns with your financial objectives.

For assistance with refinancing or purchasing a home, contact Lori Martin at (302) 539-1290 to explore your options.

To begin your mortgage application with Lori Martin at Fairway Mortgage Corp, gathering the necessary documents in advance will help make the process smoother. Here’s what you’ll need:

General Documents Required for Mortgage Applications

• Proof of Income:
  • W-2 Forms: You’ll need W-2 forms from the last two years to verify your income and employment history.
  • Pay Stubs: Submit your most recent pay stubs, typically covering the last 30 days, to confirm your current earnings.
  • Tax Returns: If you’re self-employed or have additional income streams, you’ll need to provide federal tax returns for the past two years.
• Proof of Identity:
  • Government-Issued ID: A valid photo ID, such as a driver’s license or passport, is required to verify your identity.
  • Social Security Number: This will be used to pull your credit report.
• Credit History:
  • Credit Report: Lori will review your credit report to determine your mortgage eligibility.
  • Debt Information: You’ll need to provide documentation of any outstanding debts, such as credit cards, student loans, or car loans, to help calculate your debt-to-income ratio.
• Proof of Assets:
  • Bank Statements: Provide the last two months of bank statements to verify available funds for your down payment and closing costs.
  • Retirement or Investment Account Statements: If you plan to use funds from a 401(k) or other investment accounts, you’ll need statements showing the available balances.
• Proof of Employment:
  • Verification of Employment: Lori may contact your employer to confirm your employment status. If you’re self-employed, additional documentation like business licenses or profit and loss statements will be required.

Loan Program-Specific Documents

Depending on the type of loan you’re applying for, additional documents may be required:

• Conventional Loans: Generally require more extensive documentation of income and assets.
• FHA Loans: These may require additional documentation to prove eligibility, especially for borrowers with lower credit scores.
• VA Loans: Veterans applying for VA loans will need a Certificate of Eligibility (COE) and possibly military discharge papers.
• USDA Loans: These loans require proof that the property is located in an eligible rural area and meets USDA guidelines.

By preparing these documents ahead of time, you’ll ensure a smooth application process with Lori Martin at Fairway Mortgage Corp.

For more information or to begin your application, contact Lori at (302) 539-1290.