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Buyers Tool Box

Mortgage Department -

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I PCS’d to Fort Lewis in 1997 from Germany.  At that time, although I was experienced in the home buying process, I knew that I wanted a local lender that I could reach out and touch at closing time.

For my purchase, I contacted Jan Ward, Owner of Ward Lending Group LLC of Olympia.  Jan was able to obtain my VA certificate, and pre-qualify me by phone from Germany.  Upon our arrival in WA, we promptly purchased a home, and Jan was able to close the loan within about 10 days.  Jan has been my preferred lender ever since.

On this page you will find information about Jan and how she does business.  You will also find contact information for her, and an online application.  As I mentioned in the previous paragraph; because of the volume of business that Jan does with relocating military families, she is very good at qualifying people over the phone, by email, and over the web. Ward Lending Group is the preferred lender of the majority of my clients as she can give them a better offer than other lenders, including military focused banks.

If you are affiliated with one of the large national lenders, to include the organization that caters specifically to the military, I encourage you to contact Jan. Her office offers personalized service, and you will find that her fees are lower than even the large “volume” lenders….and she will be there come closing time to make sure that your purchase is completed in a timely and efficient manner.

Jan Ward, Ward Lending Group: PH#: 360-701-7793 Email: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it  

*Make sure that you get at least two opinions or quotes; Ask your lender for a “Good faith estimate” which will show you all costs associated with your purchase. Lenders are required to provide this information to you by order of federal law.

If you have any questions, please call Jan Ward above or contact me for further assistance.

Phil Sharp                                                                       

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360-970-9977

**Special Limited Time Offer - Expires March 31, 2010

IRS Website Links

Tax Information for Members of the U.S. Armed Forces

E-File opens for 2009 with New Features to Expand Taxpayer Access, Help Speed Refunds

Recovery Rebate Credit Information Center

First-Time Homebuyer Credit Questions and Answers: Homes Purchased in 2009

Economic Stimulus Payment Information Center

IRS Warns Taxpayers to Beware of First-Time Homebuyer Credit Fraud

IRS Fact Sheets for 2009

Tax Scams/Consumer Alerts

Document Information

Phil Sharp Homes - 10 Home Finance Mistakes You Can't Afford

Most advice columns tell you what you should do, but just as importantly, there some things you shouldn't do. Here are 10 frequent home finance mistakes that consumers make - and that you should avoid.

1. Don’t choose the wrong mortgage: With the advent of instant refinancing, home loans are no longer the lifetime obligations they used to be. Still, you don't want to be saddled for even a short period of time with the wrong mortgage.  Investigate all your options, then lay your choices side-by-side and do the math, making sure to compare worst-case scenarios. Be sure to look at initial interest rates, future interest rates and payments (if different), and the possibility of prepayment penalties.

2. Don’t confuse "pre-approved" and pre-qualified" with a loan commitment: These are debatable terms in real estate because not all lenders define them the same way. In fact, one leading real estate dictionary contains neither expression because their definitions are uncertain. According to one school of thought, when you are pre-qualified, the lender is making an educated guess about how much you can borrow based on information you've provided. When you are pre-approved, the lender has verified everything you have told him or her and is offering to lend you up to a given amount at current interest rates - under certain conditions.  Whether pre-qualified or pre-approved, final clearance and a check at closing - a loan commitment - are subject to an appraisal satisfactory to the lender, good title, a last-minute credit check and other verifications. When meeting with lenders, always ask how they define each term and what additional steps will be required to actually obtain a loan.

3. Don’t have too much credit: Excessive credit is almost as bad as no credit or even bad credit. Even if you pay your bills on time, lenders tend to focus just as much on how much credit you have available to you as they do on timeliness. So being up to your ears in car loans and credit cards is a sure way to be turned down for a mortgage. Postpone any major purchases until after you buy your house.

4. Don’t lie on your loan application: Exaggerating your income on a mortgage application or putting down other untruths can be a federal offense. Lenders rarely prosecute liars, but if they find out later, they can call your loan due and payable.  And don't ever sign your name to a loan application that is not completely filled out, either. Loan officers have been known to stretch the truth to get a client approved, but it's the borrower who ends up paying the price, often in the form of unaffordable monthly loan payments.

5. Don’t hide if you can't make your payments: The worst thing you can do is ignore phone calls and letters from your lender when you are behind on your payments. Lenders have many options at their disposal to help keep borrowers from losing their homes to foreclosure. But they can't do anything for you unless they can talk to you about your difficulties. Lenders are the enemy only if you give them no other choice. 

6. Don’t skip a home inspection: Failing to make your purchase contingent on a satisfactory home inspection could be a costly mistake. Independent home inspectors examine houses from stem to stern. They'll be able to tell you whether the roof and/or basement leaks, whether the mechanical systems are in good shape and how long the appliances should last. They can't report on things they can't see, but at least their trained eyes are better than yours. So don't pass just to save a few hundred dollars - it’s money very well spent.

7. Don’t hire just any agent to sell your house: All real estate agents are not the same. You want to work with an agent who specializes in your neighborhood and who is a top producer. Ask your candidates how they plan to market your house, what you can do to make the place more attractive to prospects and what you should set as a selling price. If you don't like any of the answers, look elsewhere. And above all, stay away from relatives; unless Aunt Amy or Nephew Nick fit the description above, keep looking.

8. Don’t fail to check out a contractor’s credentials: Never, ever hire a contractor who knocks on your door or says his prices are good for only a few days. Reputable contractors don't solicit door-to-door, and they don't cut prices just because they happen to be in your neighborhood. Check out potential contractors thoroughly by calling several of their past clients, their bankers and suppliers, your local better business bureau and your local consumer affairs agency.

9. Don’t pay a contractor too much upfront: If a contractor asks for more than a third of the contract price as a down payment, chances are something's wrong. At worst, he's a scam artist who has no intention of returning after he cashes your check. At best, he's undercapitalized and can't afford to purchase materials on his own. Or, in between, he could be using your money to pay workers on another job. Also, never give a contractor cash.

10. Don’t burn your mortgage: It's a wonderful feeling when you make your last house payment. After all, the place is now yours, all yours. Many people celebrate by holding a mortgage burning party. But they torch the original document. Don't. Make a copy and burn that instead. Keep all your loan documents in a safe place.

Phil Sharp of Abbey Real Estate
Ten Questions To Ask Your Lender

1) What are the most popular mortgages you offer?  Why are they so popular?

2) Which type of mortgage plan do you think would be best for me? Why?

3) Are your rates, terms fees and closing costs negotiable?

4) Will I have to buy private mortgage insurance?  If so, how much will it cost and how long will it be required?  (Note: Private Mortgage Insurance – PMI, is usually required if your down payment is less than 20 percent of the sale price.   However, most lenders will let you discontinue PMI when you’ve acquired a certain amount of equity by paying down the loan.)

5) Who will collect the monthly payments (loan servicing) on my loan?  The lender I work with to obtain financing or another company?

6) Do you require real estate taxes and homeowner’s insurance to be included in my monthly mortgage payment?

7) How long is the lock-in period, in other words, how long will my rate be guaranteed?  Will I be able to obtain a lower rate if interest rates drop after I have locked the rate in?

8) How long will the loan approval process take?

9) How long will it take to close the loan?

10) Are there any charges or penalties for paying the loan off early?

Remember to ask for a Good Faith Estimate, which will provide the proposed closing costs and monthly payment for each loan program you are considering.

Please don’t hesitate to ask if you have additional questions.  We are here to assist you with your quest of homeownership.

Click the link below for a Good Faith Estimate from a preferred local lender.

www.wardlendinggroup.com               or  email:             This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

Getting a Home Loan

Getting a home loan is really a simple process.  You can even apply via email or the web and have financing in place prior to your arrival. This makes shopping for a home quicker, less stressful and helps your family to get settled right away. To get started with the pre-approval process please respond to this email or you may click on the link below and the lender I endorse will provide a no cost/no obligation evaluation of your current situation and determine which program will enable you to purchase a home. 

If you plan to apply for a VA guaranteed loan you will need a VA Certificate of Eligibility.  You can get this from your PAC pr PSB if you are still on active duty.  If you are prior service you can contact the VA on the web or contact the retirement services center at a nearby installation for guidance in obtaining this document.  Your lender may also be able to assist you in obtaining this document as part of the pre-approval process.

Many people believe that VA guaranteed loans are less expensive.  This is generally true if you plan to buy a home with little to zero down.  But, if you plan to make a down payment of 10% or more you may want to compare costs with other loan plans.  Make sure you are working with a lender who is qualified to determine which type of loan program is most cost effective for you.  You should request a “Good Faith Estimate” for the various types of loans you are qualified for so that you can compare the costs and payments.   The link I have provided is my personal recommendation for a local lender, or you can contact a lender of your choice. 

The following is what is typically required when applying for a home loan.  I have also attached a Word copy of this checklist for your convenience.

 W-2 forms for the past two years
 Personal tax returns for the past two years and the last two years’ business returns if you are self-employed.
 Copies of pay stubs for the most recent 30 day period.
 A list of any debts your currently owe for credit cards, personal loans, student loans, furniture payments, computer payments or lines of credit with account numbers, outstanding balances and the MINIMUM payments that are due.  You must also list any child support payments you are obligated to pay.
 Copies of bank statements for the most recent two month period for checking, savings, CD’s etc.  You need to provide documentation for any account you wish to draw down payment monies from.  If statements are multi page statements a lender will need all pages of the document.
 Your address for the past two years and your landlords’ names, addresses and phone numbers for the same two year period.
 Documentation to verify any additional income such as child support, retirement, social security or disability benefits.
 Copies of divorce decrees and child support orders if child support is paid or received.

If you would like to discuss loan options, or the loan process in general, contact Phil at 360-970-9977, or Jan Ward at 360-701-7793.

Phil Sharp Homes
Lender Checklist: What You Need for a Mortgage

□ W-2 forms — or business tax return forms if you're self-employed — for the last two or three years          for every person signing the loan.

□ Copies of at least one pay stub for each person signing the loan.

□ Account numbers of all your credit cards and the amounts for any outstanding balances.

□ Copies of two to four months of bank or credit union statements for both checking and savings
accounts.

□ Lender, loan number, and amount owed on other installment loans, such as student loans and
car loans.

□ Addresses where you’ve lived for the last five to seven years, with names of landlords if
appropriate.

□ Copies of brokerage account statements for two to four months, as well as a list of any other major  assets of value, such as a boat, RV, or stocks or bonds not held in a brokerage account.

□ Copies of your most recent 401(k) or other retirement account statement.

□ Documentation to verify additional income, such as child support or a pension.

□ Copies of personal tax forms for the last two to three years.