In addition to your down payment, you may have closing costs and prepaid expenses. These can include costs associated with the appraisal, title services, taxes, homeowners insurance, and other services related to the transaction. Before closing, you’ll receive disclosures outlining the estimated and final costs associated with your loan.
Prequalification generally provides an initial estimate of what you may be able to borrow based on information you provide. A preapproval may involve a more detailed review of your financial information and supporting documentation. Neither guarantees final loan approval. Final approval is subject to underwriting, acceptable property review, verification of information, and satisfaction of all applicable loan requirements.
No. You do not necessarily need perfect credit to qualify for a mortgage. Credit requirements vary depending on the loan program and other factors. We’ll review your overall financial picture and discuss available options.
Loan options vary based on your needs and qualifications and may include: Fixed-rate mortgages Adjustable-rate mortgages (ARMs) Conventional loans Jumbo loans First-time homebuyer programs Low down payment programs Purchase and refinance loans Home equity loans or Home Equity Lines of Credit (HELOCs) Not every loan program is right for every borrower. A Home Loan Advisor can help you compare your … Continue reading
Buying your first home is an exciting milestone, and you don’t have to navigate it alone. There may be loan programs and down payment assistance options designed to help eligible first-time homebuyers. We can walk you through the entire process, explain mortgage terminology, help you understand your potential monthly payment and upfront costs, and review programs that may be available … Continue reading
Documentation varies depending on your financial situation and loan program. You may be asked to provide: Recent pay stubs W-2s and/or tax returns Bank and asset statements Employment information Identification Information regarding your current housing expenses Documentation for additional income, if applicable Information about other real estate you own, if applicable Self-employed borrowers or borrowers with other types of income … Continue reading
The amount you need for a down payment depends on the loan program, property, and your individual qualifications. Some programs may offer low down payment options, while others may require a larger investment. A larger down payment may reduce your loan amount and monthly payment and, depending on the loan program, may eliminate or reduce the need for mortgage insurance. … Continue reading
A fixed-rate mortgage has an interest rate that remains the same for the life of the loan, providing predictable principal and interest payments. An adjustable-rate mortgage (ARM) typically offers an interest rate that is fixed for an initial period. After that period, the rate may adjust periodically based on the terms of the loan and the applicable index. This means … Continue reading
While every loan is different, the mortgage process generally includes: Prequalification – We review your financial information and discuss your loan options. Home Search & Offer – Once you know your potential price range, you can begin shopping for a home and make an offer. Application – After you have a property, you’ll complete your mortgage application and provide the … Continue reading
The amount you may be able to afford depends on several factors, including your income, monthly debts, credit history, available funds for a down payment and closing costs, interest rates, property taxes, homeowners insurance, and applicable homeowners association (HOA) dues. We can help you evaluate the overall monthly housing payment—not just the purchase price—to determine a comfortable price range. Check … Continue reading
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