About Motto
Why Use Motto Mortgage
At Motto Mortgage, we care about our clients and care about getting them the right mortgage for their individual needs. As a team of mortgage brokers, we have access to multiple loan options from multiple lenders, offering our clients more options than a bank would. With our options, clients get the best possible mortgage solution for their particular needs. We also have options for bank statement loans, renovation loans, doctor loans, and reverse mortgages. We offer unique mortgage options for each unique situation.
Our team is experienced in the mortgage loan industry and has seen all economic landscapes. We’re prepared to provide options and advice that best suit each family’s needs. As brokers, we’re able to help you with the details, fine print, and confusing wording. We’re here to make sure you know exactly what you’re signing up for.
Mortgage Experts
Competitive Rates
Loan Options
Easy Application
How To Get A Mortgage
- Plan Your Budget
- Find Your Home
- Purchase Your Home
Plan Your Budget
Request a copy of your credit report from TransUnion, Equifax and Experian. Comb through each report and work to resolve any errors long before it’s time to make an offer. Although strong credit scores are ideal, there are ways to get a mortgage in spite of bad credit. Some rules of thumb to keep in mind, whether your credit is stellar or not-so-hot: Avoid making large purchases, stay up to date on credit card bills, and avoid maxing out your line of credit.
Have a candid conversation with your loan originator about your finances and budget to finalize an ideal monthly mortgage loan payment amount that you are comfortable with. You’ll likely complete a loan application for prequalification at this point. Your mortgage professional will review all assets and debts you may have (or you and your significant other may have if purchasing together) and determine your debt-to-income ratio (DTI). In general, most conforming loan programs require a DTI of no more than 43%. Create a budget based around your DTI, accounting for housing, recurring debt, food, transportation, insurance, utilities and down payment and closing costs. If your DTI is more than 43%, you may still be able to get approved for a loan.
20% may be something of a magic number in the home buying world. While larger down payments are certainly better in terms of lower interest rates and spend over time. The necessary down payment amount varies depending on loan type, so do some research and determine which loan may work for you.
Find Your Home
Start interviewing for a buyer’s agent. This person will operate with your best interests in mind, finding you the right property, negotiating on your behalf, and guiding you through closing.
Which aspects of your dream home are most important? Number of bedrooms? Proximity to work? Wood floors? A backyard or garage? Make a list of non-negotiables as well as a list of concession points, or aspects that would be nice to have but you’d be willing to leverage for must-haves. Use this list to guide your home search moving forward.
See for yourself what homes in your price range look like and which neighborhoods are most appealing. If you are able, try and visit the areas you are most interested in a few different times and on different days until you find a home to meet all your needs.
Purchase Home
Begin gathering all necessary documents to smooth the process in the long run. Depending on your situation, this may include income documentation, proof of assets, personal documents, pay stubs, tax returns, bank statements, IDs, previous addresses and social security numbers. Study documents as you collect them to further familiarize yourself with your financial situation, motivate your down payment savings plan and keep your debt-to-income-ratio low.
The closing process can be lengthy, so you may want to extend an offer well before your desired move in date. Shortly after the offer is accepted, you may want to have a home inspector survey the property to reduce the likelihood of trouble down the road.
Now that you know how to get a mortgage loan, review all lending documents, secure insurance, do a final walk through and get a cashier’s check or bank wire for cash needed at closing. Then, all that’s left is to have the seller transfer the ownership and for you to complete your mortgage loan transaction. Congratulations, new homeowner!