🎉 Mortgage Broker Michigan | Matt Adler

Choosing the right mortgage plan is a critical step in your home-buying journey, and Matt Adler at Lake Michigan Credit Union (LMCU) is here to guide you through the process. Here’s how Matt can help you select the most suitable mortgage plan for your needs in Michigan:

• Evaluate Your Financial Situation: Matt begins by assessing your overall financial health, including your credit score, income, savings, and debt-to-income ratio. These factors will help determine the loan programs and interest rates you qualify for.
• Identify Your Homeownership Goals: Matt works closely with you to determine your specific homeownership goals. Whether you’re a first-time homebuyer, looking to refinance, or investing in a new property, he tailors his mortgage recommendations to fit your unique situation. If you’re looking for stability, he may suggest a fixed-rate mortgage, which offers consistent monthly payments. Alternatively, if you prefer lower initial payments, an adjustable-rate mortgage (ARM) might be a better fit.
• Compare Mortgage Products: At LMCU, Matt provides access to a wide variety of loan products, including conventional loans, FHA loans, VA loans, and jumbo loans. He will walk you through the pros and cons of each loan type, helping you understand how factors like interest rates, loan terms, and down payments affect your monthly payments and the overall cost of the loan.
• Consider Loan Terms and Rates: Selecting the appropriate loan term (e.g., 15, 20, or 30 years) is a crucial decision. Shorter-term loans typically come with higher monthly payments but lower interest rates, allowing you to pay off your home faster and save on interest. On the other hand, longer-term loans spread out payments, offering lower monthly costs but accruing more interest over time. Matt will help you choose the loan term that aligns best with your financial goals.
• Factor in Additional Costs: Homeownership involves more than just mortgage payments. Matt ensures you understand all the associated costs, such as property taxes, homeowners insurance, and private mortgage insurance (PMI). This way, you’re fully prepared for all the financial responsibilities of owning a home.

With Matt Adler at LMCU, you’ll receive expert advice to help you confidently select the best mortgage plan for your needs in Michigan. Contact Matt at (248) 848-7137 or email matthew.adler@lmcu.org to get started on finding the right mortgage for you.

Improving your credit score is essential when it comes to qualifying for better mortgage rates and terms. Matt Adler at LMCU offers these steps to help you boost your credit score before applying for a mortgage:

1. Review Your Credit Report
   Start by obtaining your credit report from the three major credit bureaus: Equifax, Experian, and TransUnion. Matt can help you analyze the report for any inaccuracies or errors. Correcting mistakes, such as outdated balances or incorrect late payments, can lead to an immediate improvement in your credit score.
2. Dispute Credit Report Errors
   If you find any discrepancies on your credit report, it’s important to dispute them right away. Matt can guide you through the process of resolving errors with the credit bureaus, helping you get the credit score you deserve.
3. Pay Down High Balances
   One of the most effective ways to improve your credit score is by reducing your credit utilization ratio, which is the percentage of available credit you’re using. Aim to keep this ratio below 30% by paying down your high-interest credit cards and other revolving debt. This will have a positive impact on your credit score.
4. Avoid New Credit Inquiries
   It’s wise to avoid opening new lines of credit or taking on new loans in the months leading up to your mortgage application. New credit inquiries can slightly lower your credit score and increase your debt-to-income ratio, which may affect your mortgage eligibility.
5. Make Timely Payments
   Your payment history makes up a significant portion of your credit score. Ensure that you pay all your bills on time, including credit cards, loans, and utilities. Setting up automatic payments or reminders can help you stay on track.
6. Address Negative Items
   If you have collections, charge-offs, or other negative marks on your credit report, addressing them as soon as possible is key. Matt can provide advice on negotiating with creditors and setting up repayment plans to remove negative items from your report.

Following these steps can help you enhance your credit score, positioning you for better mortgage terms. For personalized guidance, contact Matt Adler at LMCU at (248) 848-7137 or email him at matthew.adler@lmcu.org.

Yes, refinancing your mortgage or making a home purchase is an important financial decision, and Matt Adler at LMCU can guide you through the process to ensure you make the best choice for your situation.

Home Purchase with Matt Adler at LMCU

• Pre-Qualification and Pre-Approval: Matt will help you obtain pre-qualification or pre-approval for a mortgage. Pre-approval strengthens your position as a serious buyer and provides an estimate of how much you can borrow, making your offers more attractive to sellers.
• Explore Loan Options: Matt offers a wide range of mortgage options, including conventional loans, FHA loans, VA loans, and jumbo loans. He’ll explain the pros and cons of each loan type and help you choose the one that best fits your financial goals and home-buying needs.
• Lock in Competitive Interest Rates: At LMCU, Matt works to secure the best available interest rates, ensuring that you save money over the life of your loan. He’ll help you time your rate lock to ensure you take advantage of favorable market conditions.
• Step-by-Step Guidance: Matt provides clear, step-by-step guidance throughout the home-buying process, from the initial application to closing. He ensures that you fully understand the process and answers any questions you may have along the way.

Refinancing with Matt Adler at LMCU

• Lower Your Interest Rate: Refinancing your mortgage can lower your interest rate, potentially reducing your monthly payments and saving you money over time. Matt will review your current mortgage and determine whether refinancing makes financial sense for you.
• Cash-Out Refinancing: If you’ve built equity in your home, you may be able to tap into it with a cash-out refinance. This allows you to access cash for major expenses such as home improvements, debt consolidation, or education costs. Matt will guide you through the process to ensure you make the best decision.
• Adjust Your Loan Term: Refinancing also allows you to adjust the term of your loan. For instance, switching from a 30-year mortgage to a 15-year mortgage can help you pay off your home faster and save on interest. Matt will help you decide if this option is right for you.

For more information about refinancing or purchasing a home, contact Matt Adler at LMCU at (248) 848-7137 or email him at matthew.adler@lmcu.org.

Gathering the necessary documents ahead of time can help streamline the mortgage application process. When working with Matt Adler at LMCU, here are the documents you’ll need to get started:

General Documents Required for Mortgage Applications

• Proof of Income:
  • W-2 Forms: You’ll need to provide W-2 forms from the last two years to verify your employment history and income.
  • Pay Stubs: Recent pay stubs covering at least the last 30 days will be required to confirm your current earnings.
  • Tax Returns: If you’re self-employed or earn commission-based income, you may need to submit tax returns for the past two years.
• Proof of Identity:
  • Government-Issued ID: A valid driver’s license or passport is required to verify your identity.
  • Social Security Number: Your Social Security number will be used to pull your credit report and verify your identity.
• Credit History:
  • Credit Report: Matt will review your credit report to determine your eligibility for a mortgage and find the best loan options for you.
  • Debt Information: Documentation of any outstanding debts (such as credit cards, student loans, or car loans) will be required to calculate your debt-to-income ratio.
• Proof of Assets:
  • Bank Statements: Recent bank statements (from the last two months) will be needed to verify your available financial reserves for a down payment and closing costs.
  • Investment or Retirement Account Statements: If you plan to use funds from a 401(k) or other investment accounts, you’ll need to provide account statements to verify the balances.
• Proof of Employment:
  • Employment Verification: In some cases, LMCU may contact your employer to verify your employment. Self-employed applicants will need to provide additional documentation, such as profit and loss statements.

Loan Program-Specific Documents

• Conventional Loans: These loans generally require higher credit scores and more detailed income and asset documentation.
• FHA Loans: These loans are designed for borrowers with lower credit scores, and may require additional documentation to verify eligibility.
• VA Loans: If you’re a veteran or active military member, you’ll need to provide a Certificate of Eligibility (COE) and possibly military discharge papers.
• USDA Loans: These loans require proof that the property is located in a USDA-eligible rural area.

By preparing these documents ahead of time, you can ensure a smoother mortgage application process. For more information, contact Matt Adler at LMCU at (248) 848-7137 or email matthew.adler@lmcu.org.