Now that you have made the decision to purchase a new home, there are many determinations that need to be made in terms of finding a mortgage lender and sifting through the hundreds of loan options available to you. At first glance, the overall process of purchasing a new home may seem daunting, but the choices that need to be made do not have to be difficult.
Flagstar Bank is a full-service banking institute headquartered in the industrial sector of Troy, Michigan. Flagstar has branches that can be found all across the great state of Michigan (source). After its inception in 1987, Flagstar has grown to be the largest savings bank found in Michigan, the fifth largest bank in the country and one of the top 15 mortgage originators in the nation. Today, Flagstar has assets totaling over $14.3 billion dollars.
Both Flagstar and their mortgage experts agree that a rule of thumb for new home buyers is to pay no more than 30 percent of your income on their monthly mortgage. The total of all payments associated with owning a home, including mortgage, insurance and other policies, should total no more than 40 to 45 percent of your monthly income. Flagstar mortgage experts will assess your income and mortgage needs to determine how much you are able to borrow from their bank.
Prequalification is necessary to verify your ability to attain a mortgage from this company. Prequalification steps include appraising assets, calculating debts and doing a thorough report on credit history and finance management. Oftentimes, your credit score will mean the difference between getting a great loan and not getting one at all. Flagstar will do all of the qualification steps for you with your permission. A signed statement is needed for Flagstar staff to conduct a credit report and asset history evaluation.
Flagstar offers a quick and secure application that home buyers can fill out either by visiting their website or by calling a home loan consultant at (855) 372-5626. You can also qualify for your new home loan by visiting a Flagstar branch in your area. You can search through the dozens of branches available across Michigan by visiting their website. When applying for a home loan, Flagstar requires proper identification too apply, which includes your social security number, a complete credit history or permission to investigate it for you, debt history including any creditor reporting and public recordings associated with your identity. Even things like divorce decrees, unpaid child support and court orders are taken into account when applying for a new mortgage.
Flagstar offers a wide array of services that cater to both individuals and businesses. Being a leading mortgage originator with more than 1,000 brokers, Flagstar is able to offer home loans to individuals in branches found in 21 states and online to individuals all across the nation. The bank handles all of the record keeping of its 370,000 borrowers nationwide, totaling an astounding $76 billion in loans and mortgages (source). Flagstar is a subordinate of the Flagstar Bancorp, which can be found on the New York Stock Exchange.
Because applying for a mortgage can be especially difficult, the experts at Flagstar have made it effortless for you to prequalify and qualify for all of their available loans. They will walk you through the process of taking out a mortgage on a home you purchased in a manner that you can understand. Certified loan experts will evaluate your income to determine an affordable and all-inclusive mortgage for you and your family. You can contact Flagstar for more information regarding their mortgage and loan process. They can also be found online, along with their loan application process, to prequalify for your mortgage.