David Mennen

INTEREST ONLY PAYMENT CALCULATOR *CLICK HERE*
Computes the monthly savings for and Interest Only Payment Loan!

What is an Interest Only Loan?
An interest-only loan program is a loan program that has an interest-only payment option. The loan can be a fixed rate or variable rate program. The interest only monthly payment is the amount of the interest rate times the original loan amount divided by twelve. No principal is paid, and the loan balance does not decrease. You may pay the interest only payment amount or pay the fully amortized payment amount. The interest only payment option is only available in the initial years of the loan term. Conforming loan programs have the interest only term for ten to fifteen years. Jumbo programs vary from three years up to ten years.

Interest only loan programs provide the same features as fixed and variable rate programs, and they additionally offer a lower payment option. With an interest only loan payment option, you pay only the interest portion of the payment but no principal.

An interest only loan can be more expensive compared to a fully amortized loan. Many lenders add a fee of one-quarter point for the interest only option.

Interest only payment options allow you to qualify at the starting interest only payment. This gives you more buying power and a lower monthly payment compared to an amortized loan.

You pay interest based on your principal balance. On an interest only loan, your principal balance does not decrease, therefore, you pay more interest with this option.

INTEREST ONLY PAYMENT CALCULATOR *CLICK HERE*
Computes the monthly savings for and Interest Only Payment Loan!

Call me today to see if an Interest Only Payment Loan is right for you!

DAVID MENNEN
Mortgage Consultant, Owner

Tippecanoe Mortgage, Inc.
1221 S. Creasy Lane, Suite J
Lafayette, IN 47905
Direct: (765) 448.3200
Fax: (765) 448.6398
Email: dmennen@tippecanoemortgage.com
Website: www.DavidMennen.com

The #1 FHA Lender in Tippecanoe County - Since 2003!

P.S. If you are ready to talk with us right now, call 765-448-3200. If you miss us, please leave your name and number. We will get right back to you.

P.S.S. On my website I offer tons of free consumer reports to help renters, buyers, sellers and homeowners looking to refinance. To get your own FREE copy of these reports, just go to http://www.davidmennen.com/buyer_reports.html!

Local Mortgage services for Greater Lafayette, West Lafayette Indiana, Purdue, Tippecanoe County, and the surrounding areas. Local Service with internet rates! Free Quotes! Interst only calculator, Visit my website for great financial information. http://www.davidmennen.com/

Organize Your Documents

A properly documented loan application makes your loan process go smoothly. This checklist will help you gather your paperwork.

1. Complete and sign the residential loan application, Form 1003, and the attached loan info sheet, credit authorization and fair lending notice. Page 5 of the application is a continuation page in case you need additional space for your assets or liabilities. If you make a mistake while filling out the application cross it out, and make a change. Do NOT use whiteout.
2. If you are salaried: provide W-2's for the previous two years and one month of pay-stubs. If you are self-employed, provide tax returns for the previous two years, including all schedules, and a YTD profit and loss statement. (Note: provide copies of all requested documents. Do not provide original documents.)
3. If you own rental property, provide recent rental agreements and tax returns for the previous two years, including all schedules.
4. To speed up the approval process, provide bank statements for the most recent three months, and recent statements for stock, mutual funds and IRA/401K accounts.
5. If you are requesting a cash out refinance, provide a letter explaining how you will use the refinance proceeds.
6. If applicable, provide a copy of your divorce decree and settlement agreement.
7. If you are NOT a US citizen, provide a copy of your green card (front & back). If you are NOT a permanent resident provide a copy of your H-1 or L-1 visa.
8. If any borrower has filed bankruptcy, provide the Discharge Notice, Filing and Schedule of Creditors.
9. If you are applying for a home equity line of credit or loan (second loan), also include your first mortgage note. (This should be with your closing loan documents.)

Get Qualified

Getting qualified before you apply for a loan can help you understand how much you can borrow.

When buying a home, you may be pre-qualified or pre-approved. You can be pre-qualified over the phone or on the Internet in a few minutes. Pre-qualification is not as useful as pre-approval. Pre-approval requires a more rigorous process, including verification of your credit, income, assets and liabilities. It is highly recommended that you be pre-approved before you start looking for a home.

Being pre-approved will:

1. Inform you of your maximum affordable home value, and save you from previewing properties outside your price range.
2. Put you in a stronger negotiating position with the seller, because the seller will know your loan is pre-approved.
3. Help you close quickly, since your loan is pre-approved.

Shop Loan Programs and Rates

What loan program is best for your situation? Lenders offer many different loan options:

1. Think about how long you plan to keep the loan. If you plan to sell your home in a few years, you may want to consider an adjustable rate or balloon loan. If you plan to keep your home for a longer time, you may want to consider a fixed rate loan.
2. Understand the relationship between rates and points. Points are considered prepaid interest and may be tax deductible. Each point is equal to 1 percent of the loan. For example 1 point on a $150,000 loan is $1,500. The more points you pay, the lower your rate.
3. Compare different loan programs. With so many programs to choose from, it's hard to figure out which program is best for you. Consult an experienced loan officer who can help you find a loan program that best fits your short- and long-term plans.

Obtain Loan Approval

Once your loan application has been received, we will start the loan approval process immediately. This involves verifying your:

• Credit history
• Employment history
• Assets including your bank accounts, stocks, mutual fund and retirement accounts
• Property value
• Based on your specific situation, additional documents or verifications may be required.

To improve your chances of getting a loan approval:

• Fill out the loan application completely.
• Respond promptly to any requests for additional documents. This is especially critical if your rate is locked or if you plan to close by a certain date.
• Do not make any major purchases. Do not buy a car, furniture or another house till your loan is closed.
• Anything that causes your debts to increase might have an adverse affect on your current application.
• Do not move money into your bank accounts unless it can be traced. If you are receiving money from friends, family or other relatives, please contact us.
• Do not go out of town around the closing date. If you do plan to be out of town when your loan is expected to close, you may sign a power of attorney, to authorize another individual to sign on your behalf.
• Notify your loan officer before applying for any other credit, including credit cards, personal loans or even with another mortgage company. Some loan programs have strict guidelines regarding your credit score. Credit inquiries may lower your credit score and may have an adverse affect on your loan approval.

Close the Loan

After your loan is approved, you will be required to sign the final loan documents. This will normally take place in the presence of a notary public. Be prepared to:

• Bring a cashiers check for your down payment and closing costs if required. Personal checks are normally NOT accepted.
• Review the final loan documents. Make sure that the interest rate and loan terms are what you were promised. Also, verify the accuracy of the name and address on the loan documents.
• Sign the loan documents. The notary will require that you have your picture ID with you. Some lenders also require to see your Social Security card.

Your loan will normally close shortly after you have signed the loan documents. On refinance and home equity loan transactions, federal law requires that you have three days to review the documents before your loan transaction can close. Purchase transactions do not have a three-day rescission period.

Contact me today to find out the right loan program for your needs!

DAVID MENNEN
Mortgage Consultant, Owner

Tippecanoe Mortgage, Inc.
1221 S. Creasy Lane, Suite J
Lafayette, IN 47905
Direct: (765) 448.3200
Fax: (765) 448.6398
Email: dmennen@tippecanoemortgage.com
Website: www.DavidMennen.com

The #1 FHA Lender in Tippecanoe County - Since 2003!

P.S. If you are ready to talk with us right now, call 765-448-3200. If you miss us, please leave your name and number. We will get right back to you.

P.S.S. On my website I offer tons of free consumer reports to help renters, buyers, sellers and homeowners looking to refinance. To get your own FREE copy of these reports, just go to http://www.davidmennen.com/buyer_reports.html!

Local Mortgage services for Greater Lafayette, West Lafayette, Crawfordsville, Monticello, and the rest of Indiana, Purdue, Tippecanoe County, and the surrounding areas. Local Service with internet rates! Free Quotes! Visit my website for great financial information. http://www.davidmennen.com/

If you are thinking of putting your house on the market this summer, you will find yourself competing with some tough company. Increased foreclosures, builders spec homes and fall out properties, as well as short sales are increasing inventories. With this in mind here are a few pointers to help you get your house sold:

Small Fixes Make a Big Impact.

Don't sell your property "as is". You can really stand out in a crowd just by completing minor repairs and improvements to your home and property. Faucet drips, re-grouting tile, touch up painting and freshening the flowerbeds all go a long way to get your home an offer.

Get Rid of Clutter.

Stash the family photos and memorabilia. You want potential buyers to see the home as "their" home not yours. It is to your advantage to let them move in emotionally. The best way to do this is to create a clean fresh space so they can use their imaginations.

Hire a Professional.

It is the wrong time and the wrong market to be going alone. You need to be able to access the client base that real estate professionals have at their fingertips. The Multiple Listing Service (MLS) makes your home available to all the members of that particular service, not just your listing agent and their company. Otherwise you will never have a crack at people who are relocation from outside your area. Without exception these folks come to look at homes during a very short time frame and are not familiar with the area. They will be working with professionals and you should too. A real estate professional will also assist you in pricing your home competitively which may be the difference between marketing your home and selling your home.

Find the First-time Buyers.

Year in, year out first-time homebuyers comprise 40% of the buyers in the market. In order to access the largest percentage of purchasers it is very advantageous to offer to pay closing costs or down payment assistance. In many cases you won't even have to come off of your asking price if you are willing to provide sellers
concessions.

To Your Success!

DAVID MENNEN
Mortgage Consultant, Owner

Tippecanoe Mortgage, Inc.
1221 S. Creasy Lane, Suite J
Lafayette, IN 47905
Direct: (765) 448.3200
Fax: (765) 448.6398
Email: dmennen@tippecanoemortgage.com
Website: www.DavidMennen.com

The #1 FHA Lender in Tippecanoe County - Since 2003!

P.S. If you are ready to talk with us right now, call 765-448-3200. If you miss us, please leave your name and number. We will get right back to you.

P.S.S. On my website I offer tons of free consumer reports to help renters, buyers, sellers and homeowners looking to refinance. To get your own FREE copy of these reports, just go to http://www.davidmennen.com/buyer_reports.html!

Local Mortgage services for Greater Lafayette, West Lafayette Indiana, Purdue, Tippecanoe County, and the surrounding areas. Local Service with internet rates! Free Quotes! Visit my website for great financial information. http://www.davidmennen.com/

Even with all the challenges surrounding FHA and conventional lending there still are two 100% choices. Following is a terrific loan that is geographic specific:

USDA Rural Housing Guaranteed Loan

• 100% financing
• No monthly mortgage insurance
• Fixed rate
• Property must be outside the city limits of Lafayette/West Lafayette-small towns such as Mulberry, Romney, Monticello, and Crawfordsville are included
• No mortgage limits, however income guidelines based on family size apply. The good news is that these income limits are scheduled to increase at some point this fall
• Alternate credit sources allowable

VA = A Great Loan For Veterans

• 100% financing
• No monthly mortgage insurance
• Fixed rate
• No geographic limitations
• Buyer must be on active duty, a Veteran, Reservist or in the National Guard
• Alternate credit sources allowable

To determine whether any of these financing options are possibilities for your particular situation apply online at: www.DavidMennen.com

DAVID MENNEN
Mortgage Consultant, Owner

Tippecanoe Mortgage, Inc.
1221 S. Creasy Lane, Suite J
Lafayette, IN 47905
Direct: (765) 448.3200
Fax: (765) 448.6398
Email: dmennen@tippecanoemortgage.com
Website: www.DavidMennen.com

The #1 FHA Lender in Tippecanoe County - Since 2003!

P.S. If you are ready to talk with us right now, call 765-448-3200. If you miss us, please leave your name and number. We will get right back to you.

P.S.S. On my website I offer tons of free consumer reports to help renters, buyers, sellers and homeowners looking to refinance. To get your own FREE copy of these reports, just go to http://www.davidmennen.com/buyer_reports.html!

Local Mortgage services for Greater Lafayette, West Lafayette Indiana, Purdue, Tippecanoe County, and the surrounding areas. Local Service with internet rates! Free Quotes! Visit my website for great financial information. http://www.davidmennen.com/

One question that I receive frequently these days is, "How's business?" The questioner is often surprised when I answer, "Great!" Most of the news is gloom and doom these days and it is true that over 260 lending institutions and private mortgage insurance companies have gone bankrupt. But there are still loans to be done and I feel that due to some of the choices we have made in the past few years Tippecanoe Mortgage has weathered the storm quite well. I like to think that a big part of our business has to do with the fact that a large percentage is comprised of repeat clients and referrals. I have always made it a priority to try and stay in touch with those we have assisted (newsletters such as this being one method) to let you all know what is happening in the markets. But one thing I pride myself on and try to instill in all the people who work for our company is that I believe if possible, everyone who wants to have their dream of home ownership realized should have the opportunity to make that happen. We have frequent instances in which we can obtain a loan for a client that other lenders have turned down. It's not that we have special programs that others don't but we do have tenacity. We have the ability to turn credit and employment inside out to see if a loan is possible. If we believe it is, we just don't give up. We know our programs and our investors about as well as anyone can, which means knowing the strengths and weaknesses of each. Every investor is different and we have tried to assemble a group that offers variety so if one doesn't work another will. I am proud to say that I have been able to assemble a team of loan originators who are excellent at analyzing a situation to see if a loan is possible (Be sure to read the comments of two of them in this publication). If we can't do a loan today we will try to give our clients the information that they can use to make them "Mortgage Ready" in the next few months to a year. I often tell people that it isn't always about the best rate (though we try to do that too) it is about common sense and a program that meets the client's needs. I am a lifelong resident of Lafayette. My business will be here when others pull out. It isn't just about making a quick buck when times are good. I care about the community and the people in it and will always endeavor to do the best job I can for those who come to Tippecanoe Mortgage for financing.

Call me today!

DAVID MENNEN
Mortgage Consultant, Owner

Tippecanoe Mortgage, Inc.
1221 S. Creasy Lane, Suite J
Lafayette, IN 47905
Direct: (765) 448.3200
Fax: (765) 448.6398
Email: dmennen@tippecanoemortgage.com
Website: www.DavidMennen.com

The #1 FHA Lender in Tippecanoe County - Since 2003!

P.S. If you are ready to talk with us right now, call 765-448-3200. If you miss us, please leave your name and number. We will get right back to you.

P.S.S. On my website I offer tons of free consumer reports to help renters, buyers, sellers and homeowners looking to refinance. To get your own FREE copy of these reports, just go to http://www.davidmennen.com/buyer_reports.html!

Local Mortgage services for Greater Lafayette, West Lafayette Indiana, Purdue, Tippecanoe County, and the surrounding areas. Local Service with internet rates! Free Quotes! Visit my website for great financial information. http://www.davidmennen.com/