Main Street Home Loans • January 22, 2025

Ready to Buy a Home?

by Krista Batchelor

Here’s Your Pre-Approval Checklist

By Trent Riggs, Loan Originator with Main Street Home Loans

Are you ready to start your journey toward homeownership? Congratulations! Before you dive into the exciting process of house hunting, it’s essential to get pre-approved for a mortgage. Pre-approval not only strengthens your offer but also gives you a clear understanding of your budget, so you can shop with confidence. Here’s everything you need to know about preparing for the pre-approval process.

Why Is Pre-Approval Important?

Getting pre-approved for a mortgage is the first step in your home-buying journey. It allows lenders to verify your financial health and determine how much you can borrow. A pre-approval letter shows sellers and real estate agents that you’re a serious buyer, which can give you an edge in a competitive market. To ensure the process is as smooth and stress-free as possible, it’s helpful to gather all necessary documentation ahead of time.

Pre-Approval Checklist: What You’ll Need

Income Verification
- Recent pay stubs or a profit-and-loss (P&L) statement if you’re self-employed.
- Tax returns from the past two years to provide a comprehensive look at your financial history.
Benefits Statements (if applicable)
- Social Security or disability income documentation.
- Pension statements if you’re retired or receiving a pension.
Asset Verification
- Bank statements for the past two to three months to verify your savings and cash reserves.
- Retirement account statements (401(k), IRA, etc.) if applicable.
Personal Identification
- A copy of your driver’s license or state-issued ID to verify your identity.
Legal Documents (if applicable)
- Divorce decree if you’ve gone through a divorce and it impacts your finances.
- Bankruptcy discharge papers if you’ve previously filed for bankruptcy.

Tips for a Smooth Pre-Approval Process

Be Organized: Have all your documents readily available to avoid delays.
Be Honest: Provide accurate information about your income, assets, and debts.
Communicate with Your Loan Officer: Stay in touch with your loan officer to quickly address any questions or additional requirements.

Ready to Get Started?

If you’re ready to take the next step toward homeownership, I’m here to help! At Main Street Home Loans, we work closely with Coldwell Banker Chesapeake to ensure a seamless experience from pre-approval to closing.

Visit my website or contact me today to get started on your pre-approval process. Let’s make your dream home a reality!

Real Estate Goals 2025

by Krista Batchelor

New Year, New Beginnings: Your Real Estate Goals for 2025

As we step into 2025, it’s the perfect time to set goals for the year ahead. Whether you’re considering selling your home, buying a dream property, or investing in real estate, the new year brings exciting opportunities in Maryland’s Eastern Shore, Delaware, and Southern Chester County, PA.

Market Trends to Watch in 2025

The real estate market in our region is poised for continued growth. With low inventory and high demand, sellers have the chance to maximize their returns, while buyers can take advantage of historically low mortgage rates to find their ideal homes.

Why Choose Coldwell Banker Chesapeake

At Coldwell Banker Chesapeake, we’re more than just a brokerage—we’re your partners in real estate. With offices in Chestertown, Chesapeake City, and Easton, our expert agents combine local knowledge with cutting-edge tools to make your buying or selling journey seamless.

Tips for Sellers

Declutter and Refresh: Start the year with a fresh slate. Organize and stage your home to appeal to buyers.
Work with Experts: Our team of Realtors can help you price your property competitively and market it effectively to attract the right audience.
Timing is Key: The early months of the year often see a surge of buyers eager to make their move before spring.

Tips for Buyers

Get Pre-Approved: Begin the process by understanding your budget and securing pre-approval for a mortgage.
Work with a Local Agent: Navigating the market is easier with a trusted guide who understands the intricacies of the region.
Explore Hidden Gems: From waterfront properties to historic homes, our region offers unique opportunities to match your lifestyle.

Upcoming Events

Stay tuned for exciting community events we’ll be attending in the coming months, including the Easton Fire & Ice Festival and the Chesapeake City Sip ‘n Stroll both scheduled for February. Follow us on social media for updates!

Main Street Home Loans • December 24, 2024

6 Simple Steps to Buying Your Home

by Krista Batchelor

Make Homeownership Your Reality in 2025

with Trent Riggs of Main Street Home Loans

Is becoming a homeowner on your list of goals for 2025? Purchasing a home is an exciting journey, but we understand it can feel overwhelming. That’s where Trent Riggs from Main Street Home Loans comes in—here to simplify the process and make your dreams of homeownership a reality!

6 Simple Steps to Buying Your Home

Get Pre-Qualified: Understanding how much you can afford is the first step. Getting pre-qualified will not only show you what types of homes are within your budget, but it will also help streamline your search and let sellers know you’re serious.
Determine Your Loan Type: Choosing the right loan for your financial situation is crucial. Trent will guide you in selecting the best option based on your needs, how long you plan to live in the home, and your repayment goals.
Find Your Home (and Make an Offer!): This is where Coldwell Banker Chesapeake’s expert agents step in! Partnering with knowledgeable real estate professionals will help ensure you make the right choice and navigate the market confidently.
Apply for the Loan: Once your offer is accepted, Trent will assist you in submitting your loan application. He’ll ensure you have all necessary documentation—like pay stubs, tax returns, and bank statements—to keep the process moving smoothly.
Processing and Underwriting: Next, your loan moves to processing and underwriting. Trent’s team will handle this stage to ensure your loan is approved and ready for closing.
Go to Closing (and Enjoy Your New Home!): At closing, all the paperwork is signed, the property is officially yours, and you get to celebrate moving into your dream home!

Contact Trent Riggs and Coldwell Banker Chesapeake

With Trent Riggs and Coldwell Banker Chesapeake Real Estate by your side, your path to homeownership has never been easier. If you’re ready to make 2025 the year you achieve your dream, give Trent a call today! Together, we’ll make the journey seamless, exciting, and rewarding.

Contact Trent Riggs at Main Street Home Loans:

Trent Riggs
Home Loan Consultant

NMLS #2143938
Phone: 410-490-7061

triggs@mainstreethl.com
www.mainstreethomeloans.com/triggs

Main Street Home Loans • April 23, 2024

Maryland Mortgage Program

by Krista Batchelor

Understanding the Maryland Mortgage Program: A Guide for Homebuyers

If you live in Maryland and are thinking about buying a home, the Maryland Mortgage Program (MMP) can help make homeownership more affordable. Whether it’s your first home or you’re moving again, MMP has several options to consider.

What Does the MMP Offer?

The MMP offers a variety of loans, including conventional loans, and those supported by the FHA, VA, and USDA. Here’s a quick look at some of the key programs:

Flex 6000 and 1st Time Advantage $6,000: These programs offer a $5,000 second mortgage to help with down payments and closing costs. This loan doesn’t charge interest and payments are deferred. You need a minimum FICO score of 640 to qualify.
Flex 3% Grant and 1st Time Advantage 3% Loan: These provide help with your down payment by offering a grant or loan equal to 3% of your mortgage.
SmartBuy 3.0: This program helps you pay off up to $20,000 in student loan debt, with a required minimum credit score of 720.
1st Time Advantage Direct: This usually offers the lowest interest rate available through MMP, for buyers with a FICO score of 640 or higher.
1st Time Advantage 4% & 5% DPA Program: This offers loans to help with your down payment equal to 4% or 5% of your mortgage.
1st Time Advantage 6%: This is designed for individuals earning less than 50% of the Area Median Income, offering substantial financial help.

Things to Consider

Before choosing a mortgage through MMP, make sure the program fits your financial needs. You’ll need to take a homebuyer education class and secure both a 1st and 2nd mortgage on your property. Each program has its own requirements.

Staying Informed

MMP’s features can change, so it’s important to keep up-to-date. For more information, you can speak to a specialist like Trent Riggs, or check the MMP’s official website for the latest details.

The Maryland Mortgage Program offers a range of tools to help you buy a home in Maryland, making it easier to manage the costs associated with purchasing a home. Whether you’re buying for the first time or moving within the state, MMP can provide valuable assistance.

Trent Riggs
Home Loan Consultant
NMLS # 2143938
triggs@mainstreethl.com
www.mainstreethomeloans.com/triggs
479 Jumpers Hole Road
Severna Park, MD 21146

Main Street Home Loans • December 5, 2023

Refinancing Your Mortgage

by Krista Batchelor

Guest Blog from: Trent Riggs (NMLS 2143938), Home Loan Consultant with Main Street Home Loans

Hello, homeowners! I’m Trent Riggs, your local mortgage loan officer with Main Street Home Loans and
I’m here to shed light on an important aspect of managing your finances—refinancing your mortgage. As
the real estate market evolves and interest rates fluctuate, understanding when and how to refinance
can be a game-changer in achieving your financial goals. In this post, we’ll delve into the intricacies of
refinancing, providing you with insights to make informed decisions about your home loan.

When to Refinance:

Interest Rates are Favorable:
One of the primary reasons homeowners consider refinancing is to take advantage of lower interest
rates. If current rates are significantly lower than the rate on your existing mortgage, refinancing could
lead to substantial savings over the life of your loan.
Improved Credit Score:
Your credit score plays a crucial role in determining the interest rate you qualify for. If your credit score
has improved since you initially took out your mortgage, you may be eligible for a lower rate. Keep an
eye on your credit score and explore refinancing options when it reaches a higher tier.
Change in Financial Situation:
Life is dynamic, and so is your financial situation. If you’ve experienced an increase in income, received a
windfall, or paid off other debts, refinancing can be a strategic move. You might opt for a shorter loan
term or use the opportunity to consolidate high-interest debt.

How to Refinance:

Assess Your Financial Goals:
Before diving into the refinancing process, clearly define your financial objectives. Whether it’s reducing
monthly payments, paying off your mortgage sooner, or accessing home equity for other investments,
understanding your goals will guide your refinancing decisions.
Evaluate Different Loan Programs:
Mortgage options abound, and each comes with its own set of pros and cons. From fixed-rate
mortgages to adjustable-rate mortgages and cash-out refinancing, explore the options that align with
your goals. Don’t hesitate to consult with a mortgage professional for personalized advice.
Gather Necessary Documentation:
Refinancing requires documentation similar to what you provided when securing your initial mortgage.
Be prepared with proof of income, credit reports, and other financial documents. A smooth
documentation process can expedite the refinancing approval.
Compare Lenders and Rates:
Not all lenders are created equal, and neither are their rates. Shop around and obtain quotes from
multiple lenders to ensure you secure the most favorable terms. Remember, the lowest interest rate is
not the sole factor to consider—take into account closing costs and overall loan terms.
Factor in Closing Costs:
Refinancing involves closing costs, which can include fees for appraisal, title insurance, and application
processing. Evaluate the total cost of refinancing against the potential savings to determine if it’s a
financially sound decision.

Refinancing your mortgage can be a strategic financial move that unlocks a world of opportunities.
Whether it’s lowering your monthly payments, shortening the loan term, or accessing home equity for
other investments, understanding when and how to refinance is crucial. As your local mortgage loan
officer, I’m here to guide you through this process. Reach out to me for personalized advice tailored to
your unique financial situation. Remember, your home is not just a place to live; it’s a valuable asset that
can contribute significantly to your overall financial well-being. Make the most of it!

Trent Riggs
Home Loan Consultant
Main Street Home Loans
NMLS #2143938
Phone: 410-490-7061
triggs@mainstreethl.com
www.mainstreethomeloans.com

Main Street Home Loans • November 15, 2023

5 Tips for Saving Money on Your Mortgage

by Krista Batchelor

Guest Blog from: Trent Riggs (NMLS 2143938), Home Loan Consultant with Main Street Home Loans

As a local mortgage loan officer, I understand the importance of finding ways to save money on your
mortgage. Whether you’re a first-time homebuyer or a seasoned homeowner, these five tips will guide
you on the path to financial success, helping you maximize your resources while enjoying the benefits of
homeownership.

1. Strategic Planning for Loan Selection

Choosing the right mortgage is a crucial first step in saving money. Explore the variety of mortgage
options available to you, such as fixed-rate mortgages and adjustable-rate mortgages (ARMs). While
fixed-rate mortgages provide stability by locking in a consistent interest rate, ARMs can offer lower
initial rates that adjust over time. Assess your financial situation, future plans, and risk tolerance to
determine which option aligns best with your goals.

Additionally, consider the term of your loan. While a 30-year mortgage may offer lower monthly
payments, a 15-year mortgage can save you a significant amount in interest over the life of the loan.
Evaluate your long-term financial strategy and choose a loan structure that aligns with your objectives.

2. Boost Your Credit Score

Your credit score plays a pivotal role in determining the interest rate on your mortgage. Taking steps to
improve your credit score can result in substantial long-term savings. Start by checking your credit
report for errors and addressing any issues. Pay your bills on time, reduce outstanding debt, and avoid
opening new lines of credit before applying for a mortgage. A higher credit score can translate to lower
interest rates, ultimately saving you money over the life of your loan.

3. Shop Around for the Best Rates

Don’t settle for the first mortgage offer that comes your way. Take the time to shop around and
compare interest rates from multiple lenders. Obtain quotes from banks, credit unions, and online
lenders to ensure you are getting the most competitive rate possible. Even a small difference in interest
rates can result in significant savings over the life of your mortgage. Be proactive in seeking out the best
options and negotiate with lenders to secure favorable terms.

4. Make Additional Payments Whenever Possible

Accelerating your mortgage payments can lead to substantial savings. Consider making extra payments
whenever your budget allows. Even modest additional payments can make a significant impact over
time, reducing the total interest paid and shortening the life of your loan. Before making extra

payments, check with your lender to ensure there are no prepayment penalties, and specify that the
additional funds should be applied to the principal balance.

5. Refinance Wisely

Keep an eye on market trends and interest rates, as they can fluctuate over time. If interest rates drop
significantly after you've secured your mortgage, consider refinancing. Refinancing allows you to replace
your existing mortgage with a new one at a lower interest rate, potentially saving you money on
monthly payments and overall interest costs. However, it's essential to carefully evaluate the associated
costs of refinancing to ensure that the potential savings justify the expenses.

Conclusion

Saving money on your mortgage requires a combination of strategic planning, financial discipline, and
proactive decision-making. By choosing the right mortgage, maintaining a healthy credit score, shopping
around for the best rates, making additional payments, and refinancing wisely, you can pave the way to
a more financially secure future on the Maryland Eastern Shore. Remember, each small step you take
today can contribute to significant savings over the life of your mortgage. Happy saving!

For more information please reach out to:

Trent Riggs, Loan Officer

NMLS # 2143938
410-490-7061
triggs@mainstreethl.com

Licensed in DE,FL,MD

Main Street Home Loans, Trent Riggs is here to make your dreams of owning a piece of this stunning shoreline a reality.

Coldwell Banker - Chesapeake Real Estate Company

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