Fixed-rate loans have interest rates that stay the same during the life of the loan. Adjustable-rate loans have rates that are linked to an index and can change over time. Consider factors that could affect your decision, such as how a higher monthly payment would impact your budget if the rate were to increase and the length of time you plan to stay in your home.
Private Mortgage Insurance (PMI) protects lenders against losses that can occur when a borrower defaults on a mortgage. PMI is required on the first mortgage transactions when the borrower has less than a 20% down payment. The cost of the PMI is typically added to the monthly mortgage payment. You will receive a good faith estimate of your closing costs during your preapproval process.
Yes! An underwriter can review your credit history and financial information, and decide if you qualify. Contact us to get started. Once you're preapproved, you can look for a new home with confidence.
In order to provide homebuyers and the general public with greater information concerning the companies and professionals in the mortgage industry and in fulfillment of the federal SAFE Act, the Nationwide Mortgage Licensing System & Registry (NMLS) hosts a website called NMLS Consumer Access. NMLS Consumer Access is a fully searchable website that allows the public to view information concerning state-licensed companies, branches and individuals licensed and registered through NMLS.
While it's true that if your credit score is high you may receive better rates and have more options, it doesn't mean that you can't obtain a mortgage if you have less than perfect credit. Your credit history needs to demonstrate both willingness and ability to repay on time. Contact us to learn more.
Points are a one-time fee that a borrower pays to lower the interest rate. One point equals one percent of your loan amount.
The interest rate is the cost to borrow the money disbursed in the loan. The APR is the total cost of the loan over its life, including costs, points and fees.
Closing costs include items like appraisal fees, title insurance fees, attorney fees, and pre-paid interest and documentation fees. These items are usually different for each client due to differences in the type of mortgage, property, property location and other factors. You will receive a good faith estimate of your closing costs during your preapproval process.