Choosing the right mortgage plan can be a complex decision, and Anthony Pace at Dominion Financial Service is dedicated to helping you find the best mortgage option tailored to your financial goals and homeownership dreams in Maryland. By providing personalized advice, Anthony ensures you make an informed choice when selecting your mortgage plan.

• Evaluate Your Financial Situation: Anthony will begin by assessing your financial profile, including your credit score, income, savings, and debt-to-income ratio. This comprehensive evaluation helps identify the mortgage products that best fit your financial situation. Understanding your current finances is key to selecting the right plan that offers favorable terms and meets your long-term objectives.
• Understand Your Homeownership Goals: Whether you are a first-time homebuyer, looking to refinance, or buying an investment property, Anthony will work closely with you to understand your goals. He can help you choose between a fixed-rate mortgage, which provides consistent payments over the life of the loan, or an adjustable-rate mortgage (ARM), which offers lower initial payments but may fluctuate over time.
• Compare Loan Products: Dominion Financial Service offers a wide range of mortgage products, including conventional loans, FHA loans, VA loans, and jumbo loans. Anthony will explain the benefits and potential downsides of each, helping you understand how different factors such as down payments, interest rates, and loan terms will impact your monthly payments and overall loan cost. For example, FHA loans may require lower down payments, making them ideal for first-time buyers, while VA loans are available for veterans with competitive terms.
• Determine the Right Loan Term: The term of your loan, such as 15, 20, or 30 years, significantly affects both your monthly payments and the amount of interest paid over the life of the loan. Shorter loan terms have higher monthly payments but allow you to pay off the mortgage faster, while longer loan terms offer lower monthly payments but accumulate more interest. Anthony will guide you through selecting the loan term that fits your budget and financial objectives.
• Consider Additional Costs: Homeownership comes with additional expenses, including property taxes, homeowner’s insurance, and potentially private mortgage insurance (PMI) if your down payment is less than 20%. Anthony will ensure that you fully understand these costs and how they affect your overall financial plan.

By working with Anthony Pace at Dominion Financial Service, you’ll receive expert guidance and personalized solutions for selecting the mortgage plan that best suits your needs in Maryland. For more information, contact Anthony at 410-727-5400.

A strong credit score can help you secure better mortgage terms and lower interest rates. Anthony Pace at Dominion Financial Service provides valuable strategies to improve your credit score and position yourself for success before applying for a mortgage.

1. Review Your Credit Report
   Start by obtaining your credit report from all three major bureaus: Equifax, Experian, and TransUnion. Middle Credit Score® can assist you in identifying any errors or inaccuracies that might be negatively impacting your score. Anthony will guide you through reviewing your report, helping you understand how your credit profile influences your mortgage application.
2. Dispute Credit Report Errors
   If you find discrepancies on your credit report, such as incorrect account information or outdated balances, it’s essential to dispute them with the credit bureaus. Correcting these errors can result in a quick improvement in your credit score. Middle Credit Score® offers resources to help you through the dispute process, and Anthony will assist you in ensuring your report reflects your true financial standing.
3. Lower Your Credit Utilization
   Reducing your credit utilization ratio—the amount of credit you’re using compared to your available credit—can have a significant impact on your score. Aim to keep this ratio below 30%. Anthony can help you develop a plan to pay down credit card balances, which will improve your score and increase your mortgage eligibility.
4. Avoid New Credit Applications
   Avoid opening new credit accounts or applying for loans in the months leading up to your mortgage application. New credit inquiries can lower your score temporarily, which may affect your mortgage approval. Anthony advises keeping your credit profile stable during this time to improve your chances of securing favorable terms.
5. Make Timely Payments
   Your payment history is the largest factor in determining your credit score. Be sure to make all bill payments on time, whether for credit cards, loans, or utilities. Middle Credit Score® can help you set up automatic payments or reminders to ensure you stay on track. Anthony will provide advice on maintaining a solid payment history to keep your credit score strong.
6. Resolve Negative Credit Items
   If your credit report includes negative items such as late payments, charge-offs, or collections, addressing these issues can significantly improve your score. Anthony will guide you through negotiating with creditors and managing these items with the help of Middle Credit Score®.

By following these steps, you can improve your credit score and increase your chances of securing better mortgage terms. For personalized advice on enhancing your credit score before applying for a mortgage, contact Anthony Pace at 410-727-5400.

Yes, Anthony Pace at Dominion Financial Service can assist you whether you’re looking to refinance an existing mortgage or purchase a new home. He provides comprehensive solutions tailored to your needs, ensuring you get the best mortgage options available.

Home Purchase with Anthony Pace at Dominion Financial Service

• Pre-Qualification and Pre-Approval: Anthony will help you get pre-qualified or pre-approved for a mortgage. Pre-qualification provides an estimate of how much you can borrow, while pre-approval involves a more detailed review of your financial situation, giving you a stronger position when making offers on a home.
• Choosing the Right Loan Program: Dominion Financial Service offers a wide variety of loan programs, including conventional loans, FHA loans, VA loans, and jumbo loans. Anthony will help you explore these options and choose the one that best fits your financial profile and homeownership goals.
• Locking in Competitive Interest Rates: Anthony will assist you in locking in a competitive interest rate that can save you money over the life of the loan. By monitoring the market, Anthony ensures you secure the best rate at the right time.
• Step-by-Step Guidance: Purchasing a home can be overwhelming, but Anthony will provide clear, step-by-step guidance throughout the mortgage process, ensuring that you understand every aspect of your application and closing process.

Refinancing with Anthony Pace at Dominion Financial Service

• Lowering Your Interest Rate: Refinancing allows you to take advantage of lower interest rates, reducing your monthly payments and saving you money over time. Anthony will review your current mortgage and help you determine if refinancing is a smart financial move for you.
• Cash-Out Refinancing: If you’ve built up equity in your home, cash-out refinancing allows you to access that equity for major expenses like home improvements, debt consolidation, or other financial needs. Anthony will guide you through the process and ensure that cash-out refinancing is aligned with your financial goals.
• Shortening Your Loan Term: Refinancing to a shorter loan term can help you pay off your home sooner and reduce the overall amount of interest you’ll pay. Anthony will help you decide if switching from a 30-year loan to a 15-year loan is the right option for you.

For personalized guidance on home purchasing or refinancing, contact Anthony Pace at 410-727-5400 to explore your mortgage options.

When applying for a mortgage with Anthony Pace at Dominion Financial Service, being well-prepared with the necessary documents will help ensure a smooth and efficient process. Below are the essential documents you’ll need to gather:

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 employment and income.
  • Pay Stubs: Recent pay stubs, typically covering at least 30 days, will be required to confirm your current earnings.
  • Tax Returns: If you are self-employed or have additional income sources, 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, is required to verify your identity.
  • Social Security Number: This will be used to pull your credit report and confirm your identity.
• Credit History:
  • Credit Report: Anthony will review your credit report to assess your mortgage eligibility and provide recommendations.
  • Debt Information: Provide documentation of any outstanding debts, such as credit cards, student loans, or auto loans, to calculate your debt-to-income ratio.
• Proof of Assets:
  • Bank Statements: Lenders typically request your last two months of bank statements to verify your financial reserves 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 verifying the balances and transaction history.
• Proof of Employment:
  • Verification of Employment: In some cases, Dominion Financial Service may contact your employer to verify your employment status. Self-employed individuals will need to provide business licenses or profit and loss statements.

Loan Program-Specific Documents

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

By gathering these documents ahead of time, you can streamline your mortgage application process with Anthony Pace at Dominion Financial Service. Contact Anthony at 410-727-5400 for personalized guidance on getting started with your mortgage.