Selecting the best mortgage plan for your needs requires a thoughtful approach, and Debbie Bodwell at Guild Mortgage Co is here to provide expert guidance tailored to the Maine housing market. Choosing the right mortgage plan ensures that your financial goals align with your homeownership dreams, and Debbie is committed to walking you through each step of the process.

• Assess Your Financial Situation: Debbie starts by helping you understand your financial profile. This includes evaluating your credit score, income, debt-to-income ratio, and savings. These factors will help determine which mortgage options are available to you and what kind of terms will be most favorable. A thorough financial assessment is key to finding the right plan for your long-term stability.
• Understand Your Homeownership Goals: Whether you are a first-time homebuyer, refinancing, or buying an investment property, your goals will play a significant role in selecting the right mortgage plan. Debbie works closely with you to determine if you should consider a fixed-rate mortgage, which offers stability, or an adjustable-rate mortgage (ARM) that starts with lower payments. Each option serves different needs and financial goals, and Debbie will guide you to the best fit.
• Compare Mortgage Products: At Guild Mortgage Co, Debbie offers a range of mortgage options, including conventional loans, FHA loans, VA loans, and jumbo loans. She will break down the details of each, from down payment requirements to interest rate advantages, ensuring you understand how each product works. FHA loans are excellent for first-time buyers with smaller down payments, while VA loans are ideal for veterans who want favorable terms. If you’re buying a higher-priced home, a jumbo loan might be the best fit.
• Consider Loan Terms and Interest Rates: Loan terms, such as 15-year, 20-year, or 30-year mortgages, influence your monthly payments and the overall interest you’ll pay over the life of the loan. A shorter loan term, such as 15 years, results in higher monthly payments but less interest over time, while a 30-year mortgage offers lower monthly payments with more interest paid in the long run. Debbie will help you weigh the pros and cons of each option to match your financial situation.
• Evaluate Additional Costs: When selecting a mortgage plan, it’s important to understand the additional costs that come with homeownership, such as property taxes, homeowner’s insurance, and possibly private mortgage insurance (PMI) if your down payment is less than 20%. Debbie ensures that you’re fully informed about these costs and how they will impact your overall budget and affordability.

Working with Debbie Bodwell at Guild Mortgage Co means receiving personalized attention and expert advice every step of the way. To explore your mortgage options and find the plan that’s right for you, contact Debbie at (207) 777-1551.

A higher credit score opens the door to better mortgage terms and lower interest rates. Debbie Bodwell at Guild Mortgage Co offers practical steps to improve your credit score and ensure you’re in the best position to qualify for favorable mortgage options in Maine.

1. Review Your Credit Report
   Start by reviewing your credit report from all three major credit bureaus: Equifax, Experian, and TransUnion. Middle Credit Score® helps you identify any errors or discrepancies that may be dragging down your score. Debbie can guide you through this process, helping you understand how your credit report impacts your mortgage eligibility.
2. Dispute Credit Report Errors
   If you discover inaccuracies on your credit report—such as outdated information, incorrect balances, or accounts that aren’t yours—it’s crucial to dispute them with the credit bureaus. Correcting these errors can lead to a quick improvement in your credit score. Middle Credit Score® offers resources to help dispute these issues effectively, and Debbie will support you in ensuring that your report accurately reflects your creditworthiness.
3. Reduce Your Credit Utilization Ratio
   One of the fastest ways to boost your credit score is by lowering your credit utilization ratio—the amount of credit you’re using compared to your total available credit. Ideally, your utilization rate should be below 30%. Debbie will help you develop a strategy to pay down high-interest credit card debt, which can significantly improve your score before you apply for a mortgage.
4. Avoid Opening New Lines of Credit
   Opening new credit accounts or taking on new loans just before applying for a mortgage can negatively affect your credit score. To maintain a strong credit profile, Debbie advises against opening new accounts in the months leading up to your mortgage application.
5. Make Timely Payments
   Payment history makes up the largest portion of your credit score. To ensure a strong score, make sure all of your bills—credit cards, loans, and utilities—are paid on time. Middle Credit Score® can help you set up automatic payments or payment reminders so you never miss a due date. Debbie will work with you to ensure your payment history stays solid as you prepare for your mortgage application.
6. Address Negative Credit Items
   If your credit report includes negative marks such as collections or late payments, resolving these issues is essential. Middle Credit Score® provides tools to help you negotiate with creditors and clear up outstanding debts. Debbie will guide you through addressing these items, which can significantly improve your credit score over time.

By taking these steps, you’ll improve your credit score and increase your chances of securing favorable mortgage terms. For personalized advice on improving your credit score before applying for a mortgage, contact Debbie Bodwell at (207) 777-1551.

Yes, whether you’re looking to refinance an existing mortgage or make a home purchase, Debbie Bodwell at Guild Mortgage Co can assist you with both. She provides personalized solutions that are tailored to your financial needs and goals.

Home Purchase with Debbie Bodwell at Guild Mortgage Co

• Pre-Qualification and Pre-Approval: Debbie will help you get pre-qualified or pre-approved for a mortgage, which is the first step toward purchasing a home. Pre-qualification gives you an estimate of how much you can borrow, while pre-approval involves a more detailed review of your finances, making you a more competitive buyer.
• Choosing the Right Loan Program: Guild Mortgage Co offers a variety of loan programs, including conventional loans, FHA loans, VA loans, and jumbo loans. Debbie will help you explore each of these options, explaining the benefits of each so you can make an informed decision that aligns with your financial situation and homeownership goals.
• Competitive Interest Rates: By working with Guild Mortgage Co, Debbie will help you lock in competitive interest rates, ensuring that you get the best possible terms on your mortgage. Lower rates can save you thousands of dollars over the life of the loan.
• Step-by-Step Guidance: The home-buying process can be complex, but Debbie will provide clear, step-by-step guidance to make sure you understand every phase of the mortgage process—from application to closing. Her personalized approach ensures a seamless experience for first-time homebuyers or seasoned homeowners alike.

Refinancing with Debbie Bodwell at Guild Mortgage Co

• Lower Your Interest Rate: Refinancing allows you to take advantage of lower interest rates, potentially reducing your monthly payments and saving you thousands over the life of the loan. Debbie will evaluate your current mortgage and help determine if refinancing is the right choice 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 such as home improvements, debt consolidation, or paying for education. Debbie 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 switching from a 30-year mortgage to a 15-year mortgage—can help you pay off your home faster and save on interest. Debbie will walk you through the benefits and help you decide if this option fits with your long-term financial strategy.

To explore your refinancing or home purchase options with Debbie Bodwell, contact her at (207) 777-1551 for personalized advice.

When applying for a mortgage with Debbie Bodwell at Guild Mortgage Co, having the right documents prepared will help streamline the process and make it easier for you to get approved. Below are the essential documents you’ll need to gather:

General Documents Required for Mortgage Applications

• Proof of Income:
  • W-2 Forms: You will need to provide W-2 forms from the past two years to verify your income and employment history.
  • Pay Stubs: Lenders typically require your most recent pay stubs, usually covering at least 30 days, to confirm your current earnings.
  • Tax Returns: If you are self-employed or have additional income sources, you will need to provide 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, is required to verify your identity.
  • Social Security Number: This will be used to pull your credit report and verify your identity.
• Credit History:
  • Credit Report: Your lender will review your credit report to assess your mortgage eligibility.
  • Debt Information: You will need to provide documentation of any outstanding debts (credit cards, student loans, auto loans) to calculate your debt-to-income ratio.
• Proof of Assets:
  • Bank Statements: You will need to provide bank statements from the past two months 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 401(k) or other investment accounts, you’ll need to provide statements verifying the balances.
• Proof of Employment:
  • Verification of Employment: In some cases, lenders may contact your employer to verify your employment. If you are self-employed, you may need to provide business licenses or profit and loss statements.

Loan Program-Specific Documents

• Conventional Loans: These loans may require more extensive documentation of income and assets.
• FHA Loans: FHA loans often require additional documentation, especially if your credit score is lower.
• VA Loans: If you are applying for a VA loan, you will need to provide a Certificate of Eligibility (COE) and potentially your military discharge papers.
• USDA Loans: USDA loans may require documentation proving that the property is located in a designated rural area.

By preparing these documents in advance, you will be well-positioned for a smooth and efficient mortgage process with Debbie Bodwell at Guild Mortgage Co. To start your mortgage application, contact Debbie at (207) 777-1551 for personalized guidance.