Choosing the right mortgage plan for your unique financial needs and goals is a critical step toward homeownership. Tammy Saul at Federal Hill Mortgage is here to guide you through every stage of the process, ensuring you make the best possible decision for your situation. With extensive knowledge of the Maryland housing market, Tammy provides personalized solutions that help you secure a mortgage tailored to your needs.

• Assess Your Financial Health: Tammy starts by reviewing your credit score, income, debt-to-income ratio, and savings to understand which mortgage options are available to you. This step helps to determine what kind of loan terms you qualify for and sets the foundation for choosing the right mortgage plan.
• Understand Your Goals: Whether you’re a first-time homebuyer, refinancing an existing mortgage, or purchasing a second home, Tammy will work closely with you to ensure your mortgage aligns with your long-term goals. She will help you decide between a fixed-rate mortgage for consistent payments or an adjustable-rate mortgage (ARM), which offers lower initial rates but can fluctuate over time. This decision will be based on your current financial situation and how long you plan to stay in the home.
• Compare Loan Options: At Federal Hill Mortgage, you’ll have access to a variety of loan options, including conventional loans, FHA loans, VA loans, and jumbo loans. Tammy will explain the benefits of each option and how factors like interest rates, down payments, and loan terms can impact your monthly payments and the overall cost of the loan. For example, an FHA loan might be suitable for first-time homebuyers with a low down payment, while a jumbo loan is ideal for those purchasing a high-value property.
• Select the Right Loan Term: Loan terms—such as 15, 20, or 30 years—can significantly impact your monthly payments and total interest paid over time. Tammy will help you decide between a shorter loan term with higher payments but less interest, or a longer-term loan with lower payments but more interest paid over time. This decision depends on your budget and financial outlook.
• Evaluate Additional Costs: When choosing a mortgage plan, it’s essential to consider additional costs, including property taxes, homeowner’s insurance, and possibly private mortgage insurance (PMI) if your down payment is less than 20%. Tammy will walk you through these costs to ensure you’re financially prepared.

By partnering with Tammy Saul at Federal Hill Mortgage, you will receive expert advice tailored to your specific needs. Contact Tammy at (800) 551-9198 for more personalized mortgage planning and guidance.

A strong credit score is one of the key factors in securing favorable mortgage terms, and Tammy Saul at Federal Hill Mortgage can help you take steps to improve your score before applying for a mortgage in Maryland.

1. Review Your Credit Report
   Begin by reviewing your credit report from the three major credit bureaus: Equifax, Experian, and TransUnion. Middle Credit Score® can assist in reviewing these reports to identify any discrepancies or outdated information that may be negatively impacting your score. Tammy will help you understand your credit report and explain how it affects your mortgage application.
2. Dispute Credit Errors
   If your credit report contains errors—such as incorrect balances or accounts that don’t belong to you—it’s important to dispute them with the credit bureaus. Correcting these inaccuracies can lead to a quick improvement in your score. Tammy can guide you through the dispute process, and Middle Credit Score® offers valuable resources for addressing these issues.
3. Lower Your Credit Utilization
   One of the fastest ways to boost your credit score is to reduce your credit utilization ratio, which compares your outstanding balances to your available credit. Ideally, this ratio should be below 30%. Tammy will help you develop a plan to pay down credit card debt, improving your credit score and enhancing your mortgage eligibility.
4. Avoid Opening New Credit Accounts
   It’s best to avoid opening new lines of credit in the months leading up to your mortgage application. New credit inquiries can temporarily lower your score and may increase your debt-to-income ratio. Tammy recommends keeping your credit profile stable during this period to improve your chances of securing the best possible mortgage terms.
5. Make All Payments on Time
   Payment history is one of the most significant factors in determining your credit score. Be sure to pay all bills—such as credit cards, loans, and utilities—on time. Middle Credit Score® can help you set up automatic payments or reminders to ensure that you don’t miss any due dates. Tammy will provide advice on how maintaining a strong payment history can positively impact your credit score.
6. Address Negative Credit Items
   If your credit report includes negative marks such as collections or late payments, working to resolve these issues is essential. Tammy will guide you in negotiating with creditors and addressing these items with the help of Middle Credit Score®. Improving your credit report in this way will significantly boost your chances of obtaining favorable mortgage terms.

For personalized advice on how to improve your credit score before applying for a mortgage, contact Tammy Saul at Federal Hill Mortgage by calling (800) 551-9198.

Yes, whether you’re looking to refinance your current mortgage or purchase a new home, Tammy Saul at Federal Hill Mortgage is here to assist you with personalized mortgage solutions tailored to your needs.

Home Purchase with Tammy Saul at Federal Hill Mortgage

• Pre-Qualification and Pre-Approval: Tammy will help you get pre-qualified or pre-approved for a mortgage, giving you a clear picture of how much you can afford to borrow. Pre-approval involves a more in-depth review of your finances and provides you with an official letter that shows sellers you are a serious buyer.
• Loan Program Options: Federal Hill Mortgage offers a variety of mortgage programs, including conventional loans, FHA loans, VA loans, and jumbo loans. Tammy will help you choose the best loan program based on your financial situation and the type of home you want to purchase. She’ll also walk you through the benefits and requirements of each option.
• Locking in Competitive Interest Rates: One of the benefits of working with Tammy Saul is her ability to secure competitive interest rates, saving you money over the life of your loan. By monitoring the market, Tammy ensures you lock in the best rate when you’re ready to buy.
• Guidance Through the Home Buying Process: Tammy offers expert advice and step-by-step guidance throughout the home buying process, ensuring you understand every part of the mortgage application and closing process.

Refinancing with Tammy Saul at Federal Hill Mortgage

• Lower Your Interest Rate: Refinancing can help you lower your interest rate, reducing your monthly payments and saving you money over time. Tammy will help you determine if refinancing is the right choice for you based on your current mortgage terms and financial goals.
• Cash-Out Refinancing: If you’ve built equity in your home, a cash-out refinance allows you to tap into that equity for home improvements, debt consolidation, or other financial needs. Tammy will guide you through the process and ensure it fits within your long-term financial plan.
• Shorten Your Loan Term: Refinancing to a shorter loan term—such as switching from a 30-year to a 15-year mortgage—can help you pay off your home faster and save on interest payments. Tammy will help you decide if this is the right option for you.

To explore your home purchase or refinancing options, contact Tammy Saul at Federal Hill Mortgage by calling (800) 551-9198.

When applying for a mortgage with Tammy Saul at Federal Hill Mortgage, having the correct documents ready will help ensure a smooth and efficient process. Below is a list of the documents you’ll need to gather to begin your mortgage application.

General Documents Required for Mortgage Applications

• Proof of Income:
  • W-2 Forms: Provide your W-2 forms from the past two years to verify your income and employment history.
  • Pay Stubs: Lenders typically ask for your most recent pay stubs, usually covering at least 30 days, to confirm your current earnings.
  • Tax Returns: If you are self-employed or have additional income sources, you’ll need to submit tax returns from the last two years.
• Proof of Identity:
  • Government-Issued ID: A valid photo ID, such as a driver’s license or passport, is required to verify your identity.
  • Social Security Number: This will be used to pull your credit report and confirm your identity.
• Credit History:
  • Credit Report: Your lender will review your credit report to assess your mortgage eligibility.
  • Debt Information: Documentation of any outstanding debts—such as credit cards, student loans, or auto loans—will be reviewed to calculate your debt-to-income ratio.
• Proof of Assets:
  • Bank Statements: Lenders typically require your last two months of bank statements to verify that you have sufficient funds for the down payment and closing costs.
  • Retirement or Investment Account Statements: If you plan to use funds from a 401(k) or investment account, you’ll need to provide statements verifying the balances.
• Proof of Employment:
  • Verification of Employment: In some cases, Federal Hill Mortgage may contact your employer to verify your employment status. Self-employed individuals may need to provide business licenses or profit and loss statements.

Loan Program-Specific Documents

• Conventional Loans: These loans often require more extensive income and asset documentation.
• FHA Loans: If you’re applying for an FHA loan, additional documentation may be needed to meet the program’s specific requirements.
• VA Loans: Veterans applying for a VA loan will need to provide a Certificate of Eligibility (COE) and possibly military discharge papers.
• USDA Loans: If you’re applying for a USDA loan, proof that the property meets USDA requirements for rural development may be necessary.

By preparing these documents in advance, you’ll help ensure a streamlined mortgage application process. Contact Tammy Saul at Federal Hill Mortgage by calling (800) 551-9198 for personalized guidance and to begin your mortgage application.