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Michael Kirkutis's Blog

Prequalifying for a Mortgage
Updated Oct. 9, 2013
In order to pre-qualify for a mortgage loan, you will need to provide your financial information so we can analyze what mortgage amount and mortgage program you would qualify for. The information consists of your current and previous income/employment history for the past 2+ years, your assets including but...
Floating or locking in an interest rate and points
Updated Oct. 9, 2013
In order to be able to lock in an interest rate and points, you must make formal mortgage application. Once application is made, we are able to lock in the interest rate and points with the designated lender who makes the residential mortgage loan. Only the mortgage lender can issue a rate lock agreement for said...
Topic: Stages of getting a mortgage
Updated Oct. 9, 2013
In getting a mortgage loan, you will go through the necessary stages to do so. These are prequalifying, making mortgage application, mortgage processing, mortgage underwriting and the mortgage closing stage. Initially you will get prequalified by the mortgage loan originator who will look at your entire...
Topic: Why do you have to pay so much property tax at closing?
Updated Oct. 9, 2013
Let's start by looking at property tax amounts and how they get paid. The overall taxes on the HUD1 settlement statement will include first, for seller paid taxes in advance and secondly, for the escrow account. In Connecticut, the majority of local towns collect taxes twice a year and they are due in two...
What is a debt to income ratio and how does impact getting a mortgage?
Updated Oct. 9, 2013
Based on the various mortgage programs, a mortgage lender will determine guidelines on what debt to income ratios are allowable for a specific mortgage program. As we work to prequalify you for a mortgage loan, we will run financing figures broken down into monthly income and debt numbers for each prospective...
Can you explain what is a cash out refinance?
Updated Oct. 9, 2013
A cash out refinance is when you take out a larger mortgage on a property than is already in place. Because you are getting a mortgage amount which is an increase over anything that is in place, you will yield what is called cash out funds from the refinance transaction at closing. The amount of cash out funds you...
What credit score is used to qualify me for a mortgage?
Updated Oct. 9, 2013
When qualifying for a mortgage loan, we will pull your credit and credit scores from our credit vendor through the 3 major credit repositories, Experian, Trans Union and Equifax. Each credit bureau will assign you a credit score based on their respective credit modeling system. Once we obtain the scores, in CT,...

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