A list of FAQ to help you understand how it works
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This will depend on how long you plan to live in your home. Think about a fixed-rate mortgage if you plan to live in your home for more than a few years. This will provide you with stable payments and protection against increasing mortgage interest rates. While an adjustable-rate mortgage would be more suitable if you foresee living in your home for only a few years.
Your lifestyle and financial situation are the best guides for deciding on the best loan program for you. Consider these questions:
- How long do you plan to live in this home? Several years, or just a few?
- Do you anticipate your income or finances to significantly change over the next few years?
- Do you prefer your monthly mortgage payment to be consistent or possibly adjust over time?
- Do you plan to be out of mortgage debt by a certain milestone, such as when your children start college or when you retire?
There are different home loan programs that will suit you financially and help you reach life’s milestones. Definitely. If your credit score and finances are already in order prior to your house hunt, the process will go very smoothly.
- Meet with your Home Loans On Demand loan officer to find out what documents will help you become pre-qualified.
- Your Home Loans On Demand loan officer will pull your credit report and evaluate your financial documents. With this information, you and your loan officer will be able to discuss the best home financing options to help you achieve your financial and homeownership goals.
- Once you are pre-qualified, you will receive a pre-qualification letter to inform your real estate professional and the seller of the property that you’re a preferred and serious potential buyer. This will give more weight to any offer you extend on a property as well as allow you to relax and enjoy the process of looking for your new home.
The typical documents you’ll need are those that verify your income, employment, and assets.
According to the Consumer Financial Protection Bureau (CFPB): “The interest rate is the cost of borrowing money expressed as a percentage rate. It does not reflect fees or any other charges you may have to pay for the loan.
On the other hand the Annual Percentage Rate (APR) is a broader measure of cost to you of borrowing money. The APR reflects not only the interest rate but also the points, broker fees, and certain other charges that you must pay to get the loan, including certain of your closing costs. For that reason, you will see the APR is usually higher than your intere
Interest rates change daily. When you are ready to move forward you can lock in your interest rate for up to 180 days (additional restrictions and fees may apply for lock terms in excess of 90 days). This guarantees your rate for the entire lock period.
The Loan Estimate (LE) will be provided to you within three business days of receiving your application. It tells you important details about the loan you have requested including the estimated interest rate, monthly payment, and total closing costs for the loan.
You will receive a copy of your appraisal a minimum of three days prior to your closing. However, you may obtain a copy of your credit report through the credit bureaus.
Loan-to-value ratio is called LTV. You can calculate this amount by dividing your current loan amount by the total value of your home. For example, if your home is worth $220,000 and you owe $160,000, your LTV is 73%.
YES! If you have credit problems, no worries, there are options and solutions for borrowers with credit problems. Don’t let previous problems discourage you from getting a fresh start.