Selecting the best mortgage plan is crucial for aligning your homeownership goals with your financial situation. Shelley Kennagh at CMG Home Loans provides personalized guidance to help you navigate the various mortgage options available in Maine.

• Assess Your Financial Situation: Shelley will begin by evaluating key aspects of your financial health, such as your credit score, income, and debt-to-income ratio. This assessment is important in determining which loan products you qualify for and which terms are best suited to your long-term financial goals.
• Identify Your Homeownership Goals: Whether you’re a first-time homebuyer, looking to refinance, or purchasing an investment property, Shelley will work closely with you to understand your specific goals. Based on these, she’ll recommend a mortgage plan that fits your needs—whether that’s a fixed-rate mortgage for stability or an adjustable-rate mortgage (ARM) for lower initial payments.
• Compare Loan Products: CMG Home Loans offers a variety of loan options, including conventional loans, FHA loans, VA loans, and jumbo loans. Shelley will help you compare these products, breaking down the pros and cons of each. For instance, conventional loans are great for those with solid credit and a strong down payment, while FHA loans cater to first-time buyers with more flexible credit requirements.
• Select the Appropriate Loan Term: Shelley will guide you through deciding between a 15-year, 20-year, or 30-year mortgage term. A shorter-term loan may have higher monthly payments but allows you to pay off your mortgage faster and with less interest. In contrast, a longer-term loan offers lower monthly payments but with more interest over the loan’s life.
• Consider Additional Costs: It’s important to account for costs beyond the mortgage itself, such as property taxes, homeowner’s insurance, and potentially private mortgage insurance (PMI) if your down payment is less than 20%. Shelley will ensure you understand all of these expenses and how they affect your overall budget.

With personalized service from Shelley Kennagh at CMG Home Loans, you can confidently choose the best mortgage plan tailored to your financial needs and homeownership goals in Maine. For expert advice, contact Shelley at 207-890-4942.

Improving your credit score before applying for a mortgage can help you secure more favorable loan terms and lower interest rates. Shelley Kennagh at CMG Home Loans provides strategies to help you boost your credit score and prepare for a successful mortgage application in Maine.

1. Review Your Credit Report
   Start by reviewing your credit report from all three major bureaus: Equifax, Experian, and TransUnion. Middle Credit Score® can help you identify any inaccuracies or issues that may be lowering your score. Shelley will guide you through the process, ensuring your credit report is accurate.
2. Dispute Credit Report Errors
   If you find any errors on your credit report, such as incorrect balances or outdated information, it’s essential to dispute them. Middle Credit Score® provides tools to help resolve these discrepancies, which can lead to a quick boost in your score. Shelley will support you in navigating this process and ensure your credit report reflects your true financial status.
3. Reduce Your Credit Utilization
   Your credit utilization ratio—the amount of credit you’re using compared to your total credit limit—plays a significant role in your credit score. Aim to keep this ratio below 30%. Shelley can help you develop a strategy to pay down existing credit card debt, which will lower your credit utilization and improve your score.
4. Avoid Opening New Credit Accounts
   Opening new credit accounts or taking out loans right before applying for a mortgage can negatively impact your score. Shelley advises against applying for new credit in the months leading up to your mortgage application to keep your credit profile stable.
5. Make Timely Payments
   Timely payments are the largest factor in determining your credit score. Ensure all bills—such as credit cards, loans, and utilities—are paid on time. Middle Credit Score® offers resources to help you set up automatic payments or reminders, ensuring you never miss a payment and keeping your credit score strong.
6. Address Negative Items
   If your credit report contains negative items like collections or charge-offs, addressing these issues can significantly improve your score. Shelley will guide you in negotiating with creditors to clear outstanding debts, and Middle Credit Score® can provide the necessary tools to manage these issues.

By following these steps, you can enhance your credit score and position yourself for the best mortgage terms. Contact Shelley Kennagh at 207-890-4942 for personalized advice on improving your credit score before applying for a mortgage.

Yes, whether you’re considering refinancing your mortgage or purchasing a new home, Shelley Kennagh at CMG Home Loans can help you explore both options and tailor a solution to fit your financial needs.

Home Purchase with Shelley Kennagh at CMG Home Loans

• Pre-Qualification and Pre-Approval: Shelley will assist you in getting pre-qualified or pre-approved for a mortgage, which is the first step toward purchasing a home. Pre-qualification gives you an estimate of what you can afford, while pre-approval involves a more detailed review of your finances, giving you stronger leverage when making offers.
• Choosing the Right Loan Program: Whether you’re considering conventional loans, FHA loans, VA loans, or jumbo loans, Shelley will guide you through the different loan programs available at CMG Home Loans. She’ll help you select the program that best fits your financial situation, ensuring you secure the most favorable terms.
• Locking in Competitive Interest Rates: Shelley will help you monitor current market trends and lock in a competitive interest rate. By securing the best possible rate, you can save money over the life of your loan.
• Step-by-Step Guidance: Purchasing a home can be overwhelming, but Shelley will provide clear, step-by-step guidance throughout the process. From the initial application to closing, Shelley’s personalized approach ensures that you remain informed and confident every step of the way.

Refinancing with Shelley Kennagh at CMG Home Loans

• Lower Your Interest Rate: Refinancing your mortgage can help you take advantage of lower interest rates, reducing your monthly payments and potentially saving thousands over the life of the loan. Shelley will assess your current mortgage and help determine if refinancing makes sense for you.
• Cash-Out Refinancing: If you’ve built up equity in your home, cash-out refinancing allows you to tap into that equity for major expenses like home renovations, debt consolidation, or other financial needs. Shelley will guide you through the cash-out refinancing process and ensure it aligns with your financial goals.
• Shorten Your Loan Term: Refinancing to a shorter loan term, such as moving from a 30-year mortgage to a 15-year mortgage, can help you pay off your home faster and reduce the amount of interest paid over time. Shelley will help you explore this option and decide if it fits with your long-term financial strategy.

For more information on refinancing or purchasing a home, contact Shelley Kennagh at 207-890-4942 to explore your options with CMG Home Loans.

When you’re ready to start your mortgage application with Shelley Kennagh at CMG Home Loans, having the necessary documents prepared will make the process smoother and more efficient. Below is a list of the key documents you’ll need:

General Documents Required for Mortgage Applications

• Proof of Income:
  • W-2 Forms: You’ll need to provide W-2 forms from the past two years to verify your income and employment history.
  • Pay Stubs: Provide recent pay stubs (covering at least 30 days) to confirm your current earnings.
  • Tax Returns: If you’re self-employed or earn additional income, you’ll need to submit tax returns for the last two years.
• Proof of Identity:
  • Government-Issued ID: A valid photo ID, such as a driver’s license or passport, will be required to verify your identity.
  • Social Security Number: This is used to pull your credit report and confirm your identity.
• Credit History:
  • Credit Report: Shelley will review your credit report to assess your eligibility for a mortgage.
  • Debt Information: Documentation of any outstanding debts, such as credit cards, student loans, or auto loans, will be required to calculate your debt-to-income ratio.
• Proof of Assets:
  • Bank Statements: Lenders typically request 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 retirement or investment account, you’ll need to provide statements showing the balances and transaction history.
• Proof of Employment:
  • Verification of Employment: Shelley may contact your employer to verify your current employment status. If you’re self-employed, additional documentation such as profit and loss statements or business licenses may be required.

Loan Program-Specific Documents

• Conventional Loans: These may require more detailed documentation of income and assets.
• FHA Loans: FHA loans often require additional documentation, particularly for borrowers with lower credit scores.
• VA Loans: Veterans applying for VA loans will need a Certificate of Eligibility (COE) and may need to provide discharge papers.
• USDA Loans: USDA loans may require proof that the property is located in a designated rural area.

By gathering these documents in advance, you’ll help streamline the mortgage application process with Shelley Kennagh at CMG Home Loans. For personalized guidance, contact Shelley at 207-890-4942 to get started.