Choosing the right mortgage plan in Maryland requires an understanding of your financial goals, homeownership timeline, and available loan options. Jonathan Okun at Prosperity Home Mortgage LLC is committed to guiding you through this decision by providing expert advice based on your unique situation.

• Evaluate Your Financial Situation: Jonathan will start by reviewing your income, credit score, savings, and debt-to-income ratio. This helps determine what types of loans you qualify for and what will best meet your needs.
• Identify Your Homeownership Goals: Whether you are a first-time buyer, refinancing, or buying an investment property, Jonathan will recommend a mortgage plan that aligns with your goals. For example, if you’re planning to stay in your home long-term, a fixed-rate mortgage may provide stability. If you’re considering moving or refinancing within a few years, an adjustable-rate mortgage (ARM) could offer lower initial payments.
• Compare Loan Options: Prosperity Home Mortgage LLC provides a variety of loan products, including conventional loans, FHA loans, VA loans, and jumbo loans. Jonathan will explain how factors such as down payments, interest rates, and loan terms can impact your monthly payments and the overall cost of the loan.
• Choose the Right Loan Term: Jonathan will help you choose the appropriate loan term based on your financial situation. For example, a 15-year loan term results in higher monthly payments but less overall interest, while a 30-year loan term offers lower payments but a higher total interest cost.
• Consider Additional Costs: Jonathan will also help you plan for other costs of homeownership, such as property taxes, homeowner’s insurance, and possible private mortgage insurance (PMI) if your down payment is less than 20%. He will ensure you’re prepared for all associated costs and that your mortgage plan is affordable in the long term.

By working with Jonathan Okun at Prosperity Home Mortgage LLC, you gain access to personalized mortgage solutions that fit your financial profile and homeownership goals. For more information, contact Jonathan at (443) 610-8371.

Improving your credit score is key to securing better mortgage terms and interest rates. Jonathan Okun at Prosperity Home Mortgage LLC offers expert advice on how to boost your credit score before applying for a mortgage in Maryland. Here are the steps Jonathan recommends:

1. Review Your Credit Report
   Obtain a copy of your credit report from all three major credit bureaus—Equifax, Experian, and TransUnion. Middle Credit Score® can assist in reviewing your report, identifying any errors that could be negatively impacting your score.
2. Dispute Inaccuracies
   If you find any errors on your credit report, such as incorrect balances or accounts, dispute them with the credit bureaus. Jonathan will guide you on how to correct these inaccuracies, which can help improve your credit score quickly.
3. Pay Down Outstanding Debts
   Reducing your credit utilization ratio—the amount of available credit you’re using—can significantly improve your score. Jonathan advises keeping this ratio below 30% to enhance your credit profile and increase your chances of qualifying for better mortgage rates.
4. Avoid Opening New Credit Accounts
   In the months leading up to your mortgage application, avoid applying for new credit cards or loans. Each inquiry can lower your score temporarily. Jonathan recommends maintaining a stable credit profile to ensure you qualify for the best mortgage terms.
5. Make On-Time Payments
   Your payment history accounts for a large portion of your credit score. Be diligent in making all your payments on time, whether for credit cards, loans, or utilities. Setting up automatic payments or reminders can help ensure you don’t miss any deadlines.
6. Address Negative Marks
   If your credit report includes negative items such as collections or late payments, addressing these issues is crucial. Jonathan can help you navigate the process of negotiating with creditors to resolve these items and improve your credit score.

Following these steps will help enhance your credit score, positioning you for better mortgage terms. For personalized guidance on improving your credit, contact Jonathan Okun at (443) 610-8371.

Yes, whether you are purchasing a new home or refinancing your existing mortgage, Jonathan Okun at Prosperity Home Mortgage LLC is here to help you navigate either process and find the best mortgage solution for your financial needs.

Home Purchase with Jonathan Okun at Prosperity Home Mortgage LLC

• Pre-Qualification and Pre-Approval: Jonathan can guide you through the pre-qualification or pre-approval process, which provides you with a clear understanding of how much you can borrow. Pre-approval strengthens your offer by showing sellers that you are a serious buyer.
• Choosing the Right Loan Program: Prosperity Home Mortgage LLC offers a range of loan products, including conventional loans, jumbo loans, and government-backed loans such as FHA and VA loans. Jonathan will work with you to determine which program is best suited to your financial situation and homeownership goals.
• Competitive Interest Rates: Jonathan will help you lock in competitive interest rates, ensuring that you receive the best deal available for your mortgage.
• Personalized Support: From start to finish, Jonathan provides step-by-step guidance through the home-buying process, making it as smooth as possible.

Refinancing with Jonathan Okun at Prosperity Home Mortgage LLC

• Lower Your Interest Rate: Refinancing can help you secure a lower interest rate, reducing your monthly payments and saving you money over the life of the loan. Jonathan will help you determine if refinancing makes financial sense.
• Cash-Out Refinancing: If you have equity built up in your home, cash-out refinancing allows you to access that equity for home improvements, debt consolidation, or other expenses. Jonathan will guide you through the process to ensure it aligns with your financial goals.
• Reduce Loan Term: Refinancing to a shorter loan term (e.g., from 30 years to 15 years) can help you pay off your mortgage faster and save on interest. Jonathan will assess whether this option fits your budget and long-term plans.

For more information on refinancing or purchasing a home, contact Jonathan Okun at (443) 610-8371 for personalized assistance.

When applying for a mortgage with Jonathan Okun at Prosperity Home Mortgage LLC, gathering the necessary documents in advance will streamline the process. Here’s what you’ll need:

General Documents Required for Mortgage Applications

• Proof of Income:
  • W-2 Forms: Submit W-2 forms from the last two years to verify your income and employment history.
  • Pay Stubs: Provide recent pay stubs covering at least 30 days.
  • Tax Returns: If you’re self-employed or have additional sources of income, provide tax returns for the past two years.
• Proof of Identity:
  • Government-Issued ID: A valid driver’s license, passport, or other photo ID is required.
  • Social Security Number: This is needed to pull your credit report.
• Credit History:
  • Credit Report: Jonathan will review your credit report to assess your mortgage eligibility.
  • Debt Information: Provide details on any outstanding debts, including credit cards, auto loans, and student loans.
• Proof of Assets:
  • Bank Statements: Provide your most recent bank statements (typically from the last two months) to verify sufficient funds for the down payment and closing costs.
  • Retirement or Investment Account Statements: If you’re using funds from a 401(k) or other investment account, provide the necessary statements to verify balances.
• Proof of Employment:
  • Verification of Employment: In some cases, Prosperity Home Mortgage LLC may contact your employer to verify your employment. If you’re self-employed, you may need to provide business licenses or profit and loss statements.

Loan Program-Specific Documents

• Conventional Loans: Typically require more extensive documentation, including proof of income, assets, and credit history.
• FHA Loans: May require additional documentation to verify eligibility, especially for borrowers with lower credit scores.
• VA Loans: Veterans applying for a VA loan will need a Certificate of Eligibility (COE) and possibly military discharge papers.
• USDA Loans: For USDA loans, you may need to prove that the property is located in an eligible rural area.

Collecting these documents early will help ensure a smooth mortgage application process. For further assistance, contact Jonathan Okun at (443) 610-8371.