MORTGAGE QUESTIONS

How much down payment will I need?

The minimum down payment required depends on the mortgage program you select. Usually at least 3% is required. If you put down less than 20% on your rate may be subject to private mortgage insurance.

If you are concerned about having enough money to purchase a home you may want to consider our options for rolling your closing costs into either your interest rate or your loan amount. You will still need to come up with money for your down payment but this will help reduce the amount of additional money that you will need to bring to close.

When should I start shopping for a mortgage and how do I know what I can afford?

The best time to look for a mortgage is before you look for a house. This way you'll know exactly the amount of money you can borrow. You can use the calculators on this site to help you determine these numbers as well as your estimated monthly payments. Get approved for a mortgage before shopping for a home and you'll maximize your negotiating power. It's free and will take only a matter of minutes to get a decision, and there's no obligation until you want to reserve your funds.

What does a mortgage lender consider when making a loan decision?

A mortgage lender generally looks at three areas:

Income and Assets: To determine your ability to repay the loan.

Debts and Credit History: To evaluate your buying habits and your history of repaying other financial obligations.

Property Information: An appraiser compares the home you are buying to similar homes in your area to make sure the property provides sufficient collateral for your loan.

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