We’ll Make the Most Out of Your Mortgage
Whether you’re a first-time homebuyer, financing an investment property. remodeling your current home, or looking to refinance an existing mortgage. the McDonnell Mortgage Team provides a broad range of strategic financing solutions custom-designed to meet your needs and maximize benefit.
Our portfolio of loan products includes:
Non-QM Loans
15 Year Fixed Rate Mortgage
30 Year Fixed Rate Mortgage
USDA Loans
VA Loans
Reverse Mortgage
FHA Loans
ARM
Home Equity Line of Credit
Conventional Loans
Jumbo Loans
Construction Loans
Cash-Out Refinance
Renovation Loans
Energy Efficient Mortgage
Important Home-Buying Tips
The Bottom Line on Home Buying
Advantages of Homeownership:
It’s one of the fastest ways to build wealth.
Over time, your monthly mortgage payments, along with home value appreciation, will increase the equity you have in your home.
As you build equity, you can use that money for retirement, college tuition, travel, an emergency fund, or other need
Owning a home increases your net worth and gives you tax benefits
Provides a greater connection to your community
Fast Fact:
The median net worth of a homeowner is 44x greater than the net worth of a renter!
The Rundown on Refinancing
Rate-and-Term Refinance
In this type of refinancing, the only things which differ from your original mortgage are your rate, term (length of the loan), or both
Cash-Out Refinance
This type of refinancing may also come with a lower rate and shorter term than the original loan. But the main difference is an increase in the amount that’s borrowed, and the new balance exceeds the original mortgage by 5% or more. As the borrower only owes their original mortgage balance to their lender, the extra amount from their new loan is paid out as cash at the closing.
Cash-In Refinance
This is the opposite of a Cash-Out, as the homeowner brings cash to the closing to pay down the loan balance, resulting in a lower mortgage rate, shorter loan term, or both. The most common reason to do a Cash-In Refinance is to get access to lower rates that are only available at lower loan-to-value ratios.
Contact Us Today to Get You Moving Towards Your Mortgage!
Learn Process
Step 1
Mortgage Consultation (phone or in person)
On this call your Certified Mortgage Advisor© will discuss the following topics with you:
- Your purchase or refinance goals, and how we can help you achieve them
- Your qualifications (income, credit, assets, etc.)
- Potential mortgage programs available to you based on your qualifications
- The initial application process and timeline for loan approval
Step 2
Loan Application
You’ll complete an easy online application through secure, bank-ecrypted portal, then upload any requested documents necessary to ensure a fast and accurate loan approval
Step 3
Certified Underwriter Approval
Don’t be fooled! Until your application is approved by a Certified Underwriter, you aren’t approved. Most Lenders wait until the very end to approve your application. We do it in the very beginning.
Step 4
Bid with BuyerPower
If you’re buying a home, you’ll receive your Official BuyerPower™ Approval Letter to help strengthen your purchase offer. You’ll likely be competing against other buyers, and BuyerPower™ will give you the advantage by making your offer essentially as strong as cash!
Step 5
Offer Accepted
With specific contract deadlines to be met, our team will spring into action and gather all required approval conditions (appraisal, title, etc.) as quickly as possible to send back to the underwriter for final review and the magic words – Clear to Close!
Step 6
Closing
We’ll assemble your final loan documents and guide you in delivering any closing funds if necessary. Once your loan documents are signed and your loan has funded, you’ll become a proud new homeowner, or start saving money with your refinance!
Product Definitions
Conforming/Conventional Loans
A conforming loan is a type of conventional mortgage that fits within the maximum loan county loan limits and is guaranteed by Fannie Mae or Freddie Mac, which are the government agencies that back most U.S. mortgages. With all types of conventional loans, if you put down less than 20% of your home’s purchase price, you are usually required to pay private mortgage insurance (PMI). Conforming loans are best for borrowers with great credit, a lower debt to income ratio, and can pay at least a 3% down payment.
Jumbo Loans
Jumbo loans are non-conforming conventional mortgages, meaning the loan amount exceeds the county loan limit set forth by Fannie Mae. They are designed for buyers purchasing more expensive homes. Qualifications usually involve more in-depth documentation, significant financial reserves, a down payment of at least20%, and a FICO score of 740 or higher.
Government Loans
While the U.S. government isn’t a mortgage lender, it does offer programs that help Americans become homeowners through 3 types of government-backed loans by the following agencies:
Federal Housing Administration (FHA loans)
Often used by first-time buyers, FHA loans are ideal for borrowers who can’t make a sizeable down payment, don’t have excellent credit, or have a higher debt to income ratio. Because qualifying guidelines are not as strict as conventional loans, the program requires two mortgage insurance premiums – one paid upfront, and the other included in the monthly mortgage payment.
U.S. Department of Agriculture (USDA loans)
USDA loans can help lower-income home buyers in rural areas. You must purchase a home in a USDA-eligible area and meet specific income criteria to qualify. Some USDA loans do not require a down payment
U.S. Department of Veterans Affairs (VA loans)
VA loans are low-interest mortgages for U.S. military active duty members, veterans, and their families. They do not require a down payment, and there are no mortgage insurance costs. There is a funding fee required for non-exempt VA borrowers, which is a percentage of the loan amount. This fee, and other closing costs, can be rolled into the loan or paid in a lump sum at closing.
Home Equity Line of Credit
A home equity line of credit (HELOC) is a type of mortgage that allows a borrower to tap into their existing home equity without disturbing an existing 1st mortgage and use the proceeds for any reason, such as fundingcostly home renovations or consolidating high-interest debt. HELOC’s can also be used simultaneously with a 1stmortgage when purchasing a home to put less money down, as HELOC guidelines typically allow financing up to 90% of the homes’ appraised value.