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Choosing the right mortgage plan can seem like a daunting task, but Emil Izrailov at Lake Michigan Credit Union (LMCU) simplifies the process by offering expert guidance tailored to your specific financial situation. Here’s how Emil can help you select the best mortgage plan in Michigan:

• Assess Your Financial Health: Emil starts by assessing key factors like your credit score, income, savings, and debt-to-income ratio. Understanding your financial health is crucial for determining which mortgage products and interest rates are most suitable for you.
• Clarify Your Homeownership Goals: Whether you’re a first-time homebuyer, looking to upgrade, or refinancing, Emil ensures that your mortgage aligns with your short- and long-term financial goals. If you’re seeking long-term stability, a fixed-rate mortgage might be the best option. However, if you’re planning on selling or refinancing in the near future, an adjustable-rate mortgage (ARM) could offer lower initial payments.
• Explore Loan Options: With access to a range of loan products, such as conventional loans, FHA loans, VA loans, and jumbo loans, Emil will help you navigate the benefits and potential drawbacks of each, ensuring you make an informed decision that suits your needs. Whether you’re interested in low down payment options or need a loan that accommodates a higher property price, Emil has a solution.
• Compare Loan Terms: Selecting the right loan term is essential in managing your finances. Shorter terms like 15 or 20 years mean higher monthly payments but significantly less interest over the life of the loan. Conversely, longer terms, such as 30 years, offer lower monthly payments but accrue more interest. Emil helps you weigh these options so you can choose a term that fits your financial goals.
• Understand Additional Costs: Homeownership involves more than just mortgage payments. Emil ensures that you fully understand other associated costs, such as property taxes, homeowners insurance, and private mortgage insurance (PMI), so you can plan your finances accordingly.

With Emil Izrailov at LMCU, you get a personalized mortgage experience designed to fit your unique financial situation. Contact Emil at (248) 961-4300 or email emil.izrailov@lmcu.org to begin selecting the best mortgage plan for your needs in Michigan.

Improving your credit score before applying for a mortgage can make a significant difference in the interest rate and terms you receive. Emil Izrailov at LMCU offers these practical steps to help you improve your credit score:

1. Review Your Credit Report
   Start by requesting your credit report from all three major credit bureaus: Equifax, Experian, and TransUnion. Emil can help you review the report for inaccuracies, such as outdated balances or incorrect late payments, and provide guidance on how to dispute these errors to boost your score.
2. Dispute Credit Report Errors
   If there are any discrepancies on your credit report, it’s essential to dispute them quickly. Emil can guide you through the process, helping you submit disputes to the credit bureaus and work towards correcting any negative inaccuracies.
3. Pay Down High Balances
   One of the most effective ways to improve your credit score is by lowering your credit utilization ratio—the percentage of available credit that you’re using. Aim to keep your credit utilization below 30% by paying down high-interest credit card debt. This will positively impact your score and increase your mortgage eligibility.
4. Avoid New Credit Inquiries
   Avoid applying for new credit cards or loans before applying for a mortgage. Each new inquiry slightly lowers your credit score and may raise concerns about your financial stability. Focus on maintaining your current credit profile in the months leading up to your mortgage application.
5. Make Timely Payments
   Payment history accounts for a significant portion of your credit score. Ensure that all your bills—credit cards, loans, and utilities—are paid on time. Setting up automatic payments or reminders can help you stay on track, boosting your payment history.
6. Address Negative Marks on Your Report
   If there are collections, charge-offs, or other negative items on your credit report, working to resolve them is critical. Emil can assist you with strategies for negotiating with creditors and creating repayment plans to remove or minimize these marks.

Following these steps will put you in a better position to secure favorable mortgage terms. For more personalized advice, reach out to Emil Izrailov at LMCU at (248) 961-4300 or email emil.izrailov@lmcu.org.

Yes, refinancing or making a home purchase can be a significant financial decision, and Emil Izrailov at LMCU is here to provide expert guidance through either process:

Home Purchase with Emil Izrailov at LMCU

• Pre-Qualification and Pre-Approval: The first step in buying a home is getting pre-qualified or pre-approved. Emil will help you assess your financial situation to determine how much you can borrow. Pre-approval strengthens your buying position and shows sellers that you’re a serious buyer.
• Explore Loan Options: Emil offers various mortgage products, including conventional loans, FHA loans, VA loans, and jumbo loans. He’ll work with you to select the loan that aligns with your financial goals and home-buying needs.
• Competitive Interest Rates: Emil helps you lock in competitive interest rates, which can make a significant difference over the life of the loan. He’ll monitor market conditions to ensure you get the best possible rate.
• Step-by-Step Guidance: Emil will guide you through each phase of the home-buying process, ensuring that you understand every step—from application to closing.

Refinancing with Emil Izrailov at LMCU

• Lower Your Interest Rate: Refinancing your current mortgage with LMCU can reduce your interest rate and potentially lower your monthly payments. Emil will review your current mortgage to determine if refinancing is a beneficial option for you.
• Cash-Out Refinancing: If you’ve built equity in your home, you may want to consider a cash-out refinance. This allows you to tap into your home equity for significant expenses, such as home improvements, debt consolidation, or educational costs. Emil will help you assess whether this option aligns with your financial goals.
• Shorten Your Loan Term: Refinancing can also allow you to adjust the length of your loan term. If you switch from a 30-year mortgage to a 15-year mortgage, you’ll pay off your home faster and save money on interest. Emil will help you determine if this option makes sense for your situation.

Contact Emil Izrailov at LMCU at (248) 961-4300 or via email at emil.izrailov@lmcu.org for more information about refinancing or purchasing a home.

Having the right documents in place can expedite your mortgage application process. When working with Emil Izrailov at LMCU, here are the essential documents you’ll need:

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 history.
  • Pay Stubs: Your most recent pay stubs (covering at least 30 days) will be required to confirm your current earnings.
  • Tax Returns: If you are self-employed or have commission-based income, tax returns for the past two years may be necessary.
• Proof of Identity:
  • Government-Issued ID: A valid driver’s license or passport is required to verify your identity.
  • Social Security Number: This is used to pull your credit report and verify your identity.
• Credit History:
  • Credit Report: Emil will review your credit report to assess your eligibility for a mortgage and find the best loan options for you.
  • Debt Information: You’ll need to provide documentation of any outstanding debts, such as credit cards, student loans, or car loans, to calculate your debt-to-income ratio.
• Proof of Assets:
  • Bank Statements: Recent bank statements (covering the last two months) will be needed to verify your financial reserves for a down payment and closing costs.
  • Retirement or Investment Account Statements: If you plan to use funds from a 401(k) or other investment accounts for your down payment, you’ll need to provide account statements to verify those balances.
• Proof of Employment:
  • Verification of Employment: In some cases, LMCU may contact your employer to verify your employment. Self-employed individuals will need to provide additional documentation, such as profit and loss statements.

Loan Program-Specific Documents

• Conventional Loans: These loans typically require higher credit scores and more detailed income and asset documentation.
• FHA Loans: These loans are designed for borrowers with lower credit scores and may require additional documentation to verify eligibility.
• VA Loans: Veterans or active military members will need to provide a Certificate of Eligibility (COE) and possibly military discharge papers.
• USDA Loans: These loans require proof that the property is in a USDA-eligible rural area.

By preparing these documents in advance, you can ensure a smoother mortgage application process. Contact Emil Izrailov at LMCU at (248) 961-4300 or email him at emil.izrailov@lmcu.org to get started.