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CHECK YOUR BUYING POWER

Buying a home is one of the biggest investments most of us will make in our lifetime. Not surprisingly, the path to homeownership can be fraught with anxiety, doubt and uncertainty. To help overcome these challenges and help you be "in the know", we have provided the answers to some of the most frequently asked questions from borrowers navigating the loan process.

While credit plays an important role in determining how much you will qualify for, it is certainly not the only factor. Indeed your mortgage decision will be based on many factors to include your annual household income, current savings, debt, how much down payment you are able to come up with, whether or not you are a military veteran etc. In addition, there are several programs specifically designed to help clients with limited credit. To know for certain, don't sweat it. Just reach out to one of our Mortgage Originators, and we will help put you on the path to home ownership.
For most homeowners, a mortgage payment is typically made up of the following four components: principal, interest, taxes and insurance. The Principal portion of your payment is the amount that pays down your outstanding loan amount. The Interest is the cost of borrowing money. Additionally, some loan programs will require a Private Mortgage Insurance. When required, this will be included in your monthly mortgage payment amount.
Rates vary depending on an individual's situation, your credit score and the overall climate of the economy. For a better idea of what your rate looks like, please contact one of our loan originators for a free consultation.
Your buying power depends on many factors to include your financial profile (credit score, employment status, etc), the market where you are looking to buy your home, how much down payment you can come up with and other factors.

Please contact one of our loan originators for a free consultation or feel free to use our mortgage calculators to get a ballpark idea of how much home you can afford.
PMI (Private Mortgage Insurance) is designed to protect lenders against loss in the event that a borrower defaults and the home goes into foreclosure. It is usually required when you have a conventional loan and your down payment is less than 20% and/or your equity is less than 20%.
The Conditional Pre-Qualification process is quick and relies only on the information the borrower provides to the lender. This process does not involve neither credit checks nor a full financial analysis by the lender, and is usually a first step to get a general feel of how much a borrower might be able to afford. It is not binding as it precedes income verification and other critical steps in the loan approval process.

The Conditional Pre-Approval process, on the other hand, takes longer and is the formal process wherein all disclosures are made, the borrower provides all required documentation, the lender performs credit checks, income verification and other qualifying steps to confirm credit-worthiness, and then pre-approves the borrower for a specified loan amount.
The process of Conditional Pre-Qualification takes mere moments. Please click here to get in touch with a Mortgage Originator to start the process.
We recommend you get a Conditional Pre-Approval (or a Conditional Pre-Qualification at the very least) so you can start looking for your new home with confidence.