Home-Buyer Guide

Benefits of Homeownership

  • Financial health and wealth
  • Equity in your home
  • The possibility of qualifying for federal tax deductions*
  • The ability to increase your home’s value with renovation or upgrades

How much can I afford?

Factors that affect your financing:

  • Debt-to-income (DTI)* ratio
  • Assets
  • Debt
  • Credit
  • Affordability

What is a Credit Score?

Your credit score is a numerical representation of your statistical likelihood to repay the credit that is extended to you. A credit score is a snapshot of a specific moment in time but can and will change with new actions and the passage of time

When you decide to purchase your first home, make sure you:

  • Work with experienced mortgage and real estate professionals
  • Become educated about the mortgage process
  • Know how much home you can reasonably afford
  • Get pre-qualified*
  • Review a variety of loan programs to make sure you find the best option for you — your Monument Square Loan Partner will be your best resource
  • Have any additional costs, renovations or upgrades in mind
  • Have a general idea of how long you plan to stay in your new home

DOs & DON’Ts When Applying for a Mortgage

DOs

  • Keep originals or be able to access on your employer/bank websites all pay stubs, bank statements and other important financial documents.
  • Provide your Earnest Money Deposit from your own personal bank account or acceptable gift funds.
  • Notify your Loan Officer if you plan to receive gift funds for closing. Gift funds are acceptable only if certain criteria are met.
  • Notify your Loan Officer of any employment changes, such as a recent raise, promotion, transfer or change of pay status (for example, from salary to commission).
  • Be aware that a new credit report could be pulled just prior to closing.

Don’ts

  • Don’t close or open any asset accounts or transfer funds between accounts without talking with your Loan Officer about the proper documentation required for your loan.
  • Don’t deposit any monies outside of your automated payroll deposits, particularly cash or sale of personal property, without notifying your Loan Officer.
  • Don’t change jobs/employer without inquiring about the impact this change might have on your loan.
  • Don’t make major purchases prior to or during your contract, such as a new car, furniture, appliances, etc.
  • Don’t open or increase any liabilities, including credit cards, student loans or other lines of credit during the loan process.

Monument Square Mortgage
a dba of Town Square Mortgage & Investments, LLC

17300 Dallas Parkway Suite 1030 Dallas, TX. 75248

Phone: (469) 352-9590
info@monumentsquaremortgage.com

Copyright© 2022. All Rights Reserved. Equal Housing Lender. Town Square Mortgage & Investments, LLC. DBA Monument Square Mortgage. NMLS 144975. 17300 Dallas Parkway, Ste. 1030, Dallas, TX 75248. 972-292-7600. Licensed by the Texas Department of Savings and Mortgage Lending, SML Mortgage Banker Registration. Expires 12/31/22. Colorado Mortgage Company Registration, regulated by the Division of Real Estate. Expires 12/31/22. Licensed by the Florida Office of Financial Regulation, Mortgage Lender Servicer License # MLD1309. Expires 12/31/22. Licensed by the Oklahoma Department of Consumer Credit, Mortgage Lender License # ML011816 & # ML011996. Expiration Date 12/31/2022. Licensed by the Nevada Division of Mortgage Lending, Mortgage Broker License #4948, Expiration Date 12/31/2022 Supplemental Servicer License #4949 Expiration Date 12/31/2022. California-Licensed by Dept. of Business Oversight, under the CA Residential Mortgage Lending Act and Finance Expiration Date:12/31/2022. New Mexico Mortgage Loan Company License Expiration Date:12/31/2022. Licensed by the Office of Lieutenant Governor's Office Division of Banking and Insurance, Phone: (340) 774-7166 Expiration Date 12/31/2022. www.tsmlending.com. nmlsconsumeraccess.org.

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