GREETINGS!!!

I'm Martha Duncan Bradas and I am a mortgage loan officer.

My purpose in creating this homepage is to guide interested people through the mortgage aspects of buying or refinancing a home, and to encourage you to contact me for your mortgage needs. To answer some basic who, what, when, where, and whys of the mortgage process, I invite you to view this homepage. The American dream of owning a home is alive and well in North Alabama!

Want to check my mortgage rates? They are extremely competitive (among the best in town)... Give me a call! Want to know your payments?

The road to home ownership can be your next route. Three immediate steps are available to you. These are

I. PREQUALIFICATIONS
II. PREAPPROVALS
III. MORTGAGE APPLICATIONS

A wide variety of mortgage programs exist. Of course, a professional loan officer (that's me!) is best equipped to review your particular needs and circumstances in order to offer the optimal programs to fit your profile. If you are a first-time buyer, or if it has been a while since you qualified for a mortgage, DON'T be overwhelmed by the process! Your qualified lender is ready and able to assist you and answer all your questions. You can know and maximize your buying power!

Already have a mortgage? Is it serving you well? Have you wondered if you should refinance to lower your payments? You should get your current program analyzed. Refinances can possibly...

(1) Lower your rate, which translates into lower house payments
(2) Get you cash, if you have enough equity in your home
(3) Get you money to update your home (or for debt consolidation)
(4) Get you out of PMI (Private Mortgage Insurance)

I. PREQUALIFICATIONS-
Use this module to determine your home payment

Housing and Debt Ratio Example-

INCOME-

Tom's Gross Monthly Income (Before any deductions) .. $ 1800
Jill's Gross Monthly Income ..........................................$ 1350
................................................................................... ---------
Total Gross Monthly Income ........................................ $ 3150

....

Add in Savings account Balance (If applicable) ............ $ 7600

INSTALLMENT & REVOLVING DEBTS-

Car Payment (Monthly) ............................. $ 240
Credit Card(s) (Monthly min. Paymts) ........ $ 25
................................................................. --------
Total Monthly Installment & Revolving Debt .. $ 265 (A)

HOUSING DEBT RATIO-

Gross Monthly Income ..................... $ 3150
Housing Debt Ratio .............................. 28%
......................................................... ---------
Estimated Monthly Housing Expense ..$ 882 (B)

TOTAL DEBT RATIO-

Gross Monthly Income ................ $ 3150
Total Debt Ratio ............................... 36%
..................................................... ---------
Estimated Total Monthly Expense .. $ 1134 (C)

AVAILABLE INCOME TEST

Estimated Total Monthly Expenses ............. $ 1134 (C)
Total Monthly Installment & Revolving Pymts .. - 265 (A)
.............................................................. ---------
Available Housing Income ......................... $ 869 (D)* Final Answer

* The amount you can afford to spend on PITI (Principal, Interest, Taxes and Insurance) Is the SMALLER of Lines (B) or (D)

Now try it yourself using YOUR monthly gross income and YOUR monthly gross debt!

II. PREAPPROVALS

Why do PREAPPROVALS? Because they...

This is where your lender orders your credit report and you can check for accuracy. To do this process, your lender (me!) will need the following items:

(1) 2 years of W-2's.
.... Other sources of income can come from social security benefits, alimony, child support (if time requirements are met), or income from investment accounts.
(2) Current paycheck stub (covering 30 days).
(3) 3 months of bank statements, covering all asset accounts.
.... This includes checking, savings, mutual funds, IRA's, thrift savings, retirement, etc.
(4) Current listing of all your debts (account numbers, payment amount, and balance outstanding.
(5) If applicable, a copy of divorce decree (states alimony and child support amounts).
(6) Bankruptcy papers, if applicable.
(7) Sales contract, if you have already found a home (please prequalify before signing for a house - it will save you time and effort).
(8) If you are a Veteran with benefits, you will need a DD214 and a Certificate Of Eligibility... Or one can be ordered for you.
(9) If you are leasing/renting a home out to someone else, you may need a copy of the signed lease agreement with your tenant.
(10) If you are applying for an Alabama Bond Money loan, you will need 1 to 3 years' signed federal tax returns.
(11) If you are self-employed, your lender needs two years of tax returns as well as an up-to-date Profit-and-Loss Statement.
(12) A 24-month history on your rental situation or your mortgage history, whichever applies.

This may seem to be a lot of information (that because it IS!). All information taken on a loan application must be verified, thus the above list enables the lender to facilitate this need to verify.

III. MORTGAGE APPLICATIONS

Mortgage applications can be taken in person, by mail, or even by telephone. If you would like for me to do this, please email, call or write. The mortgage application, once completed, requires two upfront fees:

- Credit Report Fee (currently $50)
- Appraisal Fee (Currently from $300 to $400)

These are closing costs that are paid upfront since the services are rendered upfront too (meaning before closing).

Briefly, let me outline the loan approval process...

(1) You complete the loan application and pay any upfront fees (usually for credit report and appraisal).
(2) The lender begins to process your loan.
(3) The lender requests an appraisal, credit report, verification of employment, and financial information.
(4) The lender gives you specific written loan information and a good faith estimate of closing and related costs.
(5) The lender provides an initial Truth-in-Lending Disclosure (Reg z) estimating your loan costs.
(6) The lender evaluates your application and supporting documentation, and makes a decision on the loan (This is done by underwriting and can take 1 to 4 days, depending upon the loan type).
(7) If the loan is approved, you then move toward closing.

The lender sends funds to the closing agent (an attorney in the case of my loans). You then sign the closing documents, the seller is paid, and you get title to the home. You make payments on your home until the loan is repaid. If the loan is not approved, the lender provides written explanation for not approving the loan and you then begin corrective steps.

And those are the three steps. If you would like a book on settlement costs, please email, write, call or fax me your request.

Comments on REFINANCES

There are three types of refinance loans...

(1) VA loan, which can have a rate-reduction refinance.
(2) FHA loan can have streamline refinances.
(3) Conventional loans can have cash-out as well as balance-only refinances.

If you seek to know if a refinance can help you, find your current mortgage information (your rate, balance remaining, appraised value of your home currently) and contact me... I can discuss with you possibilites to enhance your mortgage position. E-mail, write, call or Fax me requests for the following

(A) Home Owners' Guide
(B) Settlement Costs Guide
(C) Prequalification Worksheet

FINAL COMMENTS

There are many aspects to the loan process that warrant discussion: INTEREST RATES and VARIOUS LOAN PRODUCTS are two very wordy topics! Basically, let me say that interest rates change daily. Trying to compare interest rates between lenders can be confusing and misleading especially if you are starting with interest rates in order to pick a lender. Interest rates can be quoted at par or with discount points. Interest rates can be quoted from a lock-in period... the shorter the lock-in period, sometimes the better the pricing gets. Interest rates can be based upon loan-to-value (LTV's) or pricing can be tiered. The diversity among loan products can be astounding. To mention a few basics, there are conventional, nonconventional, FHA, VA, Bond, ARM (Adjustable Rate Mortgages) and others. Due the constant change that defines these two areas (interest rate and loan products) I highly recommend your working with a loan officer that explores your needs, listens to your comments and questions, and is knowledgeable.

At another update time in the future, I will present more information on basic loan products that are available. In the meantime, I encourage you to explore the golden opportunities that await in the ownership of homes!!!!