🎉 Mortgages Connecticut | Melissa Cohn

Selecting the best mortgage plan is a significant decision, and Eric Parson at Capital Bank Home Loans ensures you make the right choice. Whether you are a first-time homebuyer, refinancing, or investing, Eric provides tailored advice based on your financial profile and homeownership goals.

• Evaluate Your Financial Situation: Eric will start by analyzing your financial health, including your credit score, income, and debt-to-income ratio. These elements are essential in determining your mortgage eligibility and which products are most suitable for your situation.
• Set Homeownership Goals: Whether you’re buying your first home or an investment property, Eric will help identify your goals. He’ll recommend plans that align with your needs, such as a fixed-rate mortgage for those seeking stable payments or an adjustable-rate mortgage (ARM) for buyers looking for lower initial rates.
• Compare Loan Options: Eric offers a comprehensive range of loan products, including conventional loans, FHA loans, VA loans, and jumbo loans. He’ll help you weigh the benefits and drawbacks of each option, factoring in down payments, interest rates, and loan terms to ensure you’re choosing the best loan for your financial situation.
• Assess Loan Terms and Interest Rates: Eric will guide you through choosing between a shorter-term mortgage that may have higher monthly payments but less interest over time, or a longer-term loan with lower monthly payments. The choice depends on your financial capacity and long-term goals.
• Account for Additional Costs: Eric makes sure you understand other costs associated with your mortgage, such as closing costs, property taxes, homeowner’s insurance, and private mortgage insurance (PMI). These costs can significantly impact your overall budget, and Eric helps ensure that you’re financially prepared.
• Customized Solutions: Eric believes in personalized service. He doesn’t offer one-size-fits-all solutions. Instead, he tailors mortgage plans specifically to your financial needs, ensuring long-term value and financial security.
• Ongoing Support: From pre-qualification to closing, Eric provides continuous support, guiding you through the mortgage process and answering all of your questions along the way.

For expert advice in selecting the best mortgage plan in Delaware, contact Eric Parson at Capital Bank Home Loans at 302-632-2515 or email EParsons@capitalbankmd.com.

Your credit score plays a crucial role in securing favorable mortgage terms. Eric Parson at Capital Bank Home Loans offers strategic steps to help you improve your credit score before applying for a mortgage in Delaware, giving you access to better rates and loan options:

1. Review Your Credit Report
   Start by obtaining a copy of your credit report from the three major credit bureaus: Equifax, Experian, and TransUnion. Look for any errors, such as outdated information or incorrect account listings. Correcting these inaccuracies can help boost your score quickly.
2. Dispute Credit Report Errors
   If you find errors on your report, it’s essential to dispute them promptly. You can file disputes directly with the credit bureaus to have these inaccuracies removed, leading to an immediate improvement in your score.
3. Reduce Your Credit Utilization Ratio
   One of the most significant factors affecting your credit score is your credit utilization ratio—the amount of credit you’re using relative to your total credit limit. Aim to keep your usage below 30% of your available credit, as this shows lenders you’re managing your debt responsibly.
4. Avoid Opening New Credit Accounts
   Opening new credit accounts in the months leading up to your mortgage application can temporarily lower your credit score and increase your debt-to-income ratio. Eric recommends holding off on new accounts to avoid negatively impacting your score.
5. Make Timely Payments
   Your payment history is the largest factor in determining your credit score. Ensure you make all your payments on time, including credit card bills, loans, and utilities. Setting up automatic payments or payment reminders can help you stay on top of due dates.
6. Pay Down Outstanding Debts
   Paying down high-interest debts, especially credit cards, can improve your debt-to-income ratio and boost your credit score. Focus on paying off balances to lower your overall credit usage and improve your creditworthiness.
7. Address Negative Marks on Your Credit Report
   If you have any negative items, such as late payments, collections, or charge-offs, work to resolve them. Contact creditors to negotiate settlements or payment plans, and once resolved, ask if they will remove the negative mark from your credit report.
8. Monitor Your Credit Regularly
   Regular credit monitoring ensures you stay on top of any changes in your credit report. By keeping an eye on your credit score, you’ll be able to address any issues early, helping you stay on track for a mortgage application.
9. Patience is Key
   Improving your credit score takes time, so it’s important to begin this process at least six months before applying for a mortgage. The earlier you start working on your credit, the better the results you’ll see when it comes time to apply for your loan.

By following these steps, you’ll put yourself in the best financial position for securing a favorable mortgage rate. For personalized guidance, contact Eric Parson at Capital Bank Home Loans at 302-632-2515 or via email at EParsons@capitalbankmd.com.

Absolutely! You can either refinance your mortgage or make a new home purchase with Eric Parson at Capital Bank Home Loans. Eric specializes in helping clients in Delaware secure the best mortgage options for both refinancing and new home purchases.

Home Purchase with Eric Parson at Capital Bank Home Loans

• Pre-Qualification and Pre-Approval: Getting pre-qualified or pre-approved for a mortgage is the first step toward buying a home. Eric will assess your financial situation and help you understand how much you can afford. A pre-approval letter will also strengthen your position when making offers on homes.
• Explore a Variety of Loan Products: Eric offers access to various loan products, including conventional loans, FHA loans, VA loans, and jumbo loans. He’ll help you understand the benefits and terms of each, ensuring that you choose the right loan for your financial needs.
• Competitive Interest Rates: With his knowledge of the mortgage market, Eric will work to secure competitive interest rates for your loan, helping you save money in the long run.
• Guided Process: From selecting the best loan option to navigating the home buying process, Eric will guide you every step of the way. His commitment to customer service ensures that your experience is smooth and stress-free.

Refinancing with Eric Parson at Capital Bank Home Loans

• Lower Your Monthly Payments: Refinancing may allow you to lower your interest rate, which can reduce your monthly mortgage payments. Eric will review your current mortgage and financial situation to determine whether refinancing is a good option for you.
• Cash-Out Refinancing: If you’ve built up equity in your home, Eric can help you take advantage of cash-out refinancing, allowing you to access that equity for home improvements, debt consolidation, or other financial needs.
• Adjust Your Loan Terms: Whether you’re looking to shorten your loan term to pay off your mortgage faster or extend it to reduce your monthly payments, Eric will walk you through the refinancing options that fit your goals.

For expert guidance on refinancing or purchasing a new home, reach out to Eric Parson at Capital Bank Home Loans by calling 302-632-2515 or emailing EParsons@capitalbankmd.com.

To begin your mortgage application with Eric Parson at Capital Bank Home Loans, you’ll need to gather the following documents to ensure a smooth and efficient process:

General Documents for Mortgage Applications

• Proof of Income:
  • W-2 Forms: Submit your W-2s from the past two years to verify your employment and income.
  • Pay Stubs: Provide your most recent pay stubs (covering at least the past 30 days) to confirm your current earnings.
  • Tax Returns: If you’re self-employed, you’ll need to submit your tax returns from the past two years to verify your income.
• Proof of Identity:
  • Government-Issued ID: A valid driver’s license or passport will be required to confirm your identity.
  • Social Security Number: This will be used to pull your credit report and verify your identity.
• Credit History:
  • Credit Report: Eric will review your credit report and credit score to determine the best loan options for you.
  • Debt Information: Provide details on any outstanding debts, such as credit card balances, student loans, or auto loans, to calculate your debt-to-income ratio.
• Proof of Assets:
  • Bank Statements: Submit your bank statements from the past two months to verify your financial reserves for the down payment and closing costs.
  • Investment or Retirement Account Statements: If you plan to use funds from your investment accounts or retirement accounts, provide statements to verify the account balances.
• Proof of Employment:
  • Verification of Employment: In some cases, Eric may need to verify your employment directly with your employer. If you’re self-employed, you’ll need to provide additional documentation, such as profit and loss statements or business licenses.

Loan Program-Specific Documents

• Conventional Loans: These often require more extensive income and asset documentation.
• FHA Loans: Designed for borrowers with lower credit scores, these loans may require additional proof of eligibility.
• VA Loans: Veterans and active-duty service members will need to provide a Certificate of Eligibility (COE).
• USDA Loans: These loans may require documentation proving the property meets USDA guidelines.

Having these documents ready will ensure that your mortgage application is processed smoothly. For personalized assistance with the application process, contact Eric Parson at Capital Bank Home Loans at 302-632-2515 or via email at EParsons@capitalbankmd.com.