PURCHASE MORTGAGE

Purchasing a home is exciting regardless of whether you are buying your first home, your dream home, a vacation home, a rental property, or a retirement home.

However, if you plan to get a mortgage the process is the same regardless of what you are buying,

PURCHASE MORTGAGE

Purchasing a home is exciting regardless of whether you are buying your first home, your dream home, a vacation home, a rental property, or a retirement home.

However, if you plan to get a mortgage the process is the same regardless of what you are buying,

PRE-QUALIFICATION

Determine how much you can borrow on a mortgage. It also lets the seller know that you are a qualified buyer. It is during this phase that you determine the type of mortgage to obtain, the down payment requirements and your budget for monthly payments.

SHOP FOR A HOME WITH YOUR REALTOR

Once you have an accepted offer the mortgage approval process will start.

MORTGAGE APPROVAL

During this phase your file is sent to underwriting for review and approval. Any questions or concerns about your application or the process are addressed at this time.

CLOSING

You sign the paperwork and purchase the home.

INTEREST RATES

The interest rate on your mortgage is dependent upon many factors including your credit score (the higher the better), your down payment (the higher the better), the type of property, what the property will be used for and the type of mortgage, the current interest rate market and whether you choose to pay discount points or not.

We provide an analysis that can show the interest rate options that are available to you based on factors listed earlier, the mortgage product that best fits your situation and your unique circumstance and goals. This is part of our mortgage planning process. Starting with the pre-qualification stage, and throughout the entire process, we provide you with information on what interest rate to expect and what is going on in the market. Once you identify a property and have a signed contract to purchase, the interest rate can be locked at your request.

While the specific rate will depend on the variable outlined above, for planning purposes here are the national averages for interest rates published by Freddie Mac. Freddie Mac publishes these average rates on Thursday of each week. The rates reported by Freddie Mac assume no points, excellent credit and at least 20% down. Additionally, the rates may be up to a week behind current market rates.

MORTGAGE PRODUCTS AVAILABLE TO BUYERS

Conventional Mortgages
FHA Mortgages
VA Mortgages
Jumbo Mortgages

First Time Home Buyer
Down Payment Assistance
Non-QM Mortgages
Home Equity Lines of Credit

Reverse Mortgages
30-Year Mortgages
15-Year Mortgages
Pick-Your-Term
Adjustable Rate Mortgages

We provide information and options on the mortgage product available to you based on your unique circumstance and goals as part of our mortgage planning process.

MORTGAGE PRODUCTS AVAILABLE TO BUYERS

Conventional Mortgages
FHA Mortgages
VA Mortgages
Jumbo Mortgages
First Time Home Buyer
Down Payment Assistance
Non-QM Mortgages
Home Equity Lines of Credit
Reverse Mortgages
30-Year Mortgages
15-Year Mortgages
Pick-Your-Term
Adjustable Rate Mortgages

We provide information and options on the mortgage product available to you based on your unique circumstance and goals as part of our mortgage planning process.

DOWN PAYMENT REQUIREMENTS

Down payment requirements start at 0% and go up from there. The mortgage product, type of property and credit score will dictate the minimum down payment requirements. The most common types of mortgages have the following down payment requirements:

Conventional mortgages generally start at 5% (except for some first-time homebuyer or down payment assistance programs)
FHA mortgages start at 3.5% (except for down payment assistance programs)
VA mortgages start at 0%
Jumbo mortgages generally start at 10%

We provide information and options on the down payment requirements based on your unique circumstance and goals as part of our mortgage planning process.