How long will it take to get prequalified
for a refinance?
You can get a response in minutes when you prequalify
for a mortgage. There are just a few easy steps involved
in the prequalification process.
Do I need to get an appraisal when I
refinance?
Yes.
How does a refinance closing work?
The refinance closing is handled the same way your loan
was closed when you first purchased your property. After
your loan is approved, you'll receive copies of documents
you'll need to sign at closing. Depending on where you
live, the closing takes place at the office of a closing
agent or it could involve a meeting where all related
parties are present.
How much home can I afford?
The amount of home you can afford is based on the amount
of mortgage loan you can comfortably support. Generally,
the amount of mortgage you qualify for is based on three
factors:
- Your monthly payments as a percentage
of income.
- How much cash you have for the down payment and closing
costs.
- Your credit history.
What types of mortgages are available?
- Fixed-rate mortgage. You pay the
same interest rate and same monthly payment of principal
and interest for the duration of the mortgage. The
most common are 30, 20 and 15 years. Fixed-rate mortgages
are best if you plan on being in your home for a while.
- Adjustable-rate mortgage (ARM). The
interest rate stays fixed for an initial interest rate
period, which ranges from 1 to 7 years. Then the rate
will adjust up or down annually for the life of the
loan based on a specified index. An ARM is a good option
if you believe interest rates will go down over the
next few years or if you plan on staying in your home
5 to 7 years or less.
- Combination loan. A
loan where you receive a first mortgage combined
at the same time you receive a second. This option
may help you avoid the costs of private mortgage
insurance (PMI) and/or the higher rate of a jumbo
loan with as little as 10% down. The most popular
combinations are 80-10-10 (80% first, 10% second,
10%down), 75-15-10 (75% first, 15% second, 10% down).The
100% full purchase loans available with credit
score
Are there any special programs for first-time
homebuyers?
Special mortgage programs for individuals
who meet certain income requirements, who are financing
property in certain census tracts, or who meet other
special requirements.
- Lower down payments than most other financing options
so you won't need as much cash to buy a home.
- Competitive interest rates.
- Manageable payments for every budget.
- Reduced closing costs and mortgage loan fees.
What are the tax advantages of owning
a home?
- Income tax reduction. In the early
years of a mortgage, most of your monthly payment covers
interest on the mortgage. In most cases, the mortgage
interest (and property tax) is deductible from your
taxable income, lowering your overall tax bill.
Therefore, your after-tax cost of home ownership may
be lower than renting. There may be tax implications
if you later sell the home at a profit. Consult your
tax advisor for more information.
- Tax deductible borrowing power. As
your home equity increases, you can borrow against
it for almost any need with a home equity loan or line
of credit.
Because your home equity loan or line of credit is backed
by the equity in your home, you may be able to deduct
that interest from your taxable income. This could lower
your final tax bill. See a tax professional for complete
details.
Should I get prequalified for a mortgage
before I shop for a home?
Getting prequalified for your mortgage is an important
step before you shop for a home. It tells you how much
home you can buy and makes applying for your mortgage
easier. A mortgage prequalification can also give you
additional leverage with a seller in negotiating the
best possible terms of the sale.
Can I get a loan if I'm not a U.S. citizen
or if I live outside the country?
Yes. As long as the property you are buying or refinancing
is in the United States
We offer the following:
- Purchase Home mortgages
- Refinance Home mortgages
- Equity Second Loans
- Home Equity Lines of Credit
- First Time Homebuyer programs
- Residential construction-to-permanent mortgages
- Commercial mortgages
- Fixed Rate and Variable Rate Mortgages
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