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.