Whether your ready to purchase your first home, dream home or even vacation home, our home loan experts have the right products to meet your individual needs.

Our specialty is matching your needs with the right loan program. Whether you are looking for a more traditional fixed rate product or special financing program like a Interest-only loan, Carteret Mortgage Corporation will find it.

Getting pre-qualified for a home loan is a helpful first step in the mortgage process. A pre-qualification is a way to get a rough idea what you can afford each month in home loan payments. A pre-qualification is only a best guess though. It is based on financial information you provide and is not based on your credit score.

Pre-approval is a bit more in depth and does require your credit file to be reviewed. This gives the loan officer a better idea of your actual financial picture. Our mortgage specialists need to see the documentation to ensure you will actually qualify for a home loan.

Having a pre-approval offers a greater advantage in dealing with seller agents, due to your interest is much more serious.  It says that someone has reviewed your information and determined that you will likely qualify for a loan of a certain amount and with certain terms. As well as the advantage of having a much better idea of home much home you can truly afford.

Having a pre-approval letter can buy you some clout with a prospective home seller. If you make an offer on a house and the seller knows you will likely be able to finance the home, and someone else makes the same offer without that guarantee, yours will be the accepted offer.

3 Greatest Advantages to Homeownership:

• Income Tax Reduction- The mortgage interest and property taxes reduce both taxable income and your overall tax liability.  Also upon selling of your home for a profit, it’s more than likely it will be tax-free under new federal tax rules.
• Tax Deductible Equity- as your home increases in value , you can borrow against it, if you need a home equity loan or line of credit backed by the house.
• Wealth building- For most people in America this is the single largest wealth building tool, their personal residence.
  

Debt-to-Income Ratios:
The standard debt-to-income ratios are:

• The housing expense, or front-end ratio, shows how much of your gross (pretax) monthly income would go toward the mortgage payment. As a general guideline, your monthly mortgage payment, including principal, interest, real estate taxes and homeowners insurance, should not exceed 28 percent of your gross monthly income. To calculate your housing expense, multiply your annual salary by 0.28, then divide by 12 (months). The answer is your maximum housing expense.
• The total debt-to-income, or back-end ratio, shows how much of your gross income would go toward all of your debt obligations, including mortgage, car loans, child support and alimony, credit card bills, student loans and condominium fees. In general, your total monthly debt obligation should not exceed 36 percent of your gross income. To calculate your debt-to-income ratio, multiply your annual salary by 0.36, then divide by 12 (months). The answer is your maximum allowable debt-to-income ratio.

Taxes & Insurance
In addition, lenders include the cost of taxes and insurance when calculating how much house you can afford:
Real estate taxes: Because property taxes are part of your monthly mortgage payment, it is important to get an estimate of what yours would be. Ask your real estate agent or tax office for the rates that apply in the area you want to buy.
Homeowners insurance: You must insure your property to obtain a mortgage. You can get an estimate of insurance costs from an insurance agent or insurance company.

To get started today, fill out this short form and then supply just a bit of information about your mortgage needs. You'll be matched to home loan professionals who can walk you through these steps right away! You'll know exactly what you qualify for within a few hours!