#mortgagemythbusting

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Mortgage Documents

What documents do we need from you to obtain home financing? Your 3rd grade report card? Your cat's DNA profile? A copy of that speeding ticket you got when you were 16? Nope, those are all just mortgage myths. Learn the real truth of what we need here!

Here are the documents The Jeff Stempler Team actually recommends:

Driver’s License or Government Issued Photo ID

Social Security Card, if available

Pay Stubs covering most recent 30 day period

W-2 and/or 1099 forms from the previous two years

Most recent 2 years of federal tax returns with all coinciding schedules

Bank, investment, and retirement account statements (all pages) for previous two months or most recent quarterly statement

Of course, if you own other properties or are self-employed we will need additional documents. But I sincerely promise to never ask for your cat’s DNA. 

Ready to get started? Let’s talk!

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It Takes a Long Time to Get a Mortgage

Time to bust another Mortgage Myth! It doesn’t have to take a long time to close on a mortgage. 

It happened: You found the house of your dreams. Thoughts of ripping out the ugly wallpaper and planning summer BBQs in the backyard fill your head. You dream of nice little weekends….

Then suddenly reality: you need to actually pay for this dream house. That means a mortgage. Uh, oh. This information was not covered in high school. This is an “Adult 101” pop quiz and you are not prepared.

How long does it take to get a mortgage?

Like many questions in life, this one does not have a single, easy answer.

There are many variables that determine how long it takes to get a mortgage.

These include:

The amount of time it takes you to submit your paperwork (the faster, the better!)

The time underwriting needs to review your file (things such as self-employment or owning rental properties can add time)

How long it takes your employer to verify your employment and income

The completion of any required repairs

The speed at which an appraiser can schedule, perform and submit appraisal

As you can see from the above list, “push button, get mortgage” doesn’t exist in reality! So how can you speed up the process?

1.       Submit all documentation requested by your lender as quickly as possible. Yes, you need to send it all in, not just parts of it! And yes, we know it is annoying and can feel overwhelming, but in this day and age it is required.

2.      Respond to any questions your lender or realtor asks as fast as you are able.

Your mortgage should be done the RIGHT way, not the RUSHED way. After all, this is one of the biggest purchases of your life! Here at the Jeff Stempler team, we believe in working quickly, but never in cutting corners. We can complete mortgages in as little as 15 days, while others take longer. On average, it takes about a month. We never waste time. Deadlines are a big deal to us– we never want to miss one– so we don’t make promises we can’t keep.

With your cooperation, we can get you home sweet home sooner, rather than later. And you’ll have room for so many activities.

Ready to start your mortgage? Click here to begin your application.

Read what others are saying about us:

“Jeff was highly recommended by a friend. He was professional, courteous and gave me the best refi rate. His entire team was super nice and got to closing very quickly. ” – KB, Owing Mills, MD

“Jeff Stempler and his team supported me through my first home purchase and made what I thought would be an extremely challenging process painless and easy. He discussed options, kept me on top of the paperwork, and got me a great rate and a quick closing.” – B, Washington, DC

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Learn the Real Reason Your Agent gives Referrals

Why Agents give Referrals

When you work with a Real Estate Agent, likely, they will give you referrals (aka real estate professionals they recommend). Even if you are friends, you may suspect something is up. Do they really recommend these people? Are they secretly getting kick backs? In this edition of Mortgage Mythbusting, I’m pulling back the curtain to let you know the real reason agents refer specific lenders.

First, a little background, back in the 1970s, the Real Estate Settlement Procedures Act (commonly known as RESPA) was passed. Its main objectives are to make the home purchase process easier to understand and eliminate unnecessary costs to consumers. RESPA, while updated since then, kept one of its central features: prohibiting kick backs. A person may not give nor receive anything of value for a referral of a settlement service business (i.e: mortgage loans). Seriously, nothing, nada, zilch. 

Agents generally recommend lenders for a simple reason: their clients had positive purchases with them previously. Most of all, agents know their recommendations will reflect on them, so they only want to share great professionals. This is one of the many reasons, we, The Jeff Stempler Team, go out of our way to ensure every client we work with has a great experience. We aim to be the most recommended mortgage team. We can only earn that honor with consistent excellent customer service. Therefore, a referral is a badge of honor to us.

Ready to Experience the Better Lender?

Contact me, I want to speak with you personally and share with you the Stempler Team difference. Let’s start a conversation about your home purchase goals and dreams. Experience for yourself the exceptional customer service we provide.

Want to see what others are saying about their experience with my team?

“Awesome Lender! Clarity of expectations. Regular feedback. Easy collaboration. Professional respect from lender team. Listening to our story, history and needs. Timely processing. Willingness to answer questions and provide assistance.”  -TS, Boyds, MD

“I had an exceptional experience working with Jeff Stempler and his team. I asked Jeff to make the process as easy as possible and he and his team did that and more! Highly recommend Jeff Stempler and his team.” WH, Derwood, MD

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Busted: The Interest Rate is the Most Important Thing

Many buyers think this is the most important question when taking to lenders: What is the interest rate for my mortgage?

It is time to bust another common myth about buying a home. I want you to know why I feel the interest rate question isn’t nearly as important as most buyers think it is. There is a far more critical question to ask your lender first!

What is the right type of loan program for me?

It is FAR more important to start with this question. 

How do we determine the best mortgage program for you? We start by talking with you about your goals and reviewing your application.

From there we learn:

How much down payment do you want to put down?

What is your credit rating?

Do you want to use and are you eligible for any Down Payment Assistance programs?

How long do you want to stay in the property?

How much do you want to pay on a monthly basis?

Once we learn your answers, we can determine your mortgage loan options. As you can see these questions will be different for every buyer. This is why a website listing the current interest rate isn’t very helpful. It doesn’t know your answers and goals, nor the details of your application. You want to be the mortgage program that fits your situation, not John and Jane Doe’s down the street.

Once we determine the best option for you, we will provide you with a worksheet covering in detail all aspects of your potential loan, including interest rate (which you will find to be extremely competitive!). You are then able to buy with confidence, knowing you are in the best situation for YOU.

Ready to get started?

Please contact me by phone, 301-674-3975 or start your application online.