Andrew Saunders, Mortgage Analyst Nmls#1879462

04/25/2023

04/25/2023

5 Often Asked Questions About Mortgages

1. Do I need to put a 20% down payment to buy a home?
No, we have programs that allow you to buy a home with just 3% down or less.

2. What is PMI?
Private Mortgage Insurance. If you put less than 20% down on a financing of a new mortgage, the lender charges a monthly insurance premium to your monthly payment until you have paid off 20% of the mortgage (at which point the mortgage insurance is removed. The great news is we have programs to help eliminate the monthly mortgage insurance which will help reduce your monthly obligations and save you thousands over the lifetime of your mortgage.

3. Do you offer any first time home buyer programs?
Yes, we have special ‘first time’ home buyer programs which allow for as little as a 3% down payment, or possible no down payment, letting new buyers keep more money in their pockets to help settle into their new home.

4. What do I have to do to get a pre‐approval?
Speak with your Mortgage Analyst, begin an application which includes a review of your credit, and provide income and assets information to help determine which program you qualify for and which are best for you and your family. To help make the application quicker, it’s helpful to provide a photo ID as well as these financial documents: 2 years of tax returns, W2s, paystubs and bank statements.

5. What different programs do you offer? How do I know what fits best for me?
We offer a variety of programs such as USDA, FHA, Conventional, Home Ready and Home Possible, and VA. The USDA mortgage program is specially-designed for rural areas and lower income families and allows buyers to purchase a home with no money down and has special income requirements. The FHA mortgage option is a great first-time home buyer program for families needing income and credit flexibility. Conventional programs including Home Ready and Home Possible are uniquely customized for families which higher credit scores and allows for only a 3% down payment while providing the benefit of reduced closing costs and monthly mortgage insurance (or even an option to completely remove the monthly mortgage insurance premium). VA loans are available for all veterans and provides no money down and reduce closing costs programs, making it easier for veterans to transition into a home for themselves and their family. Speak with one of our experienced and licensed Mortgage Analysts today and they can help you identify which program is best- suited for you and your family.

03/31/2020

A home’s assessed value and its market value can seem similar, in reality these two values are often quite different and have different uses.

03/27/2020

Buying a home isn't something you should even consider doing if you don't make a number of financial moves FIRST.

03/25/2020

Your FICO credit score may soon be changing, but if you see a dip in the next year, it's probably not because of an existing mortgage or a high student loan balance. It's more likely based on your payment habits.

02/28/2020

Whether you're planning to sell your home and buy a new one or stay put and consider refinancing, you should know these conditions.

What's the outlook?

02/25/2020

Learn the three most important things you can do to make the most of your money. Begin to build wealth now using these three steps.

02/12/2020

https://apnews.com/113798c6074483ff2eae59f2065a3244

WASHINGTON (AP) — U.S. home prices rose at a faster pace in November than the previous month as lower mortgage rates and a sharp drop in available properties have pushed would-be buyers to bid up...

02/10/2020

Some food for thought

Every month, you are ether paying your own mortgage, or your landlord's mortgage. RENTING = throwing your money away. PURCHASING = investing in one of the greatest assets available. If you need someone to guide you through the financing process- I'm your guy! I provide top notch customer service and professional advice on lending options. I can work with credit scores as low as 500 AND have no down payment loan options available. Message me directly to learn more.

02/10/2020

Learn about the process of closing your home loan: what happens, who’s there and what to bring.

02/06/2020

If you've been thinking of refinancing your mortgage, read this first.