My credit is not great, can I still get a loan?
Yes, since I have about 30 different lenders to shop around to, I have several that can work with tough credit scores.
What if I don't have much money for a down payment?
I have several loan programs that are okay with very low down payments. Call or Text today to talk about your situation with me.
Can I pay off my car and credit cards with a cash-out refinance?
You can spend it on home improvements, debt consolidation or other financial needs. You must have equity built up in your house to use a cash-out refinance.
How much of a loan can I get approved for?
The loan amount you qualify for will depend on a combination of your monthly income and monthly debts. Lenders look at the ratio of your housing payment over monthly income, as well as all of your monthly debts plus your housing payment over your monthly income. These are your housing ratio (front-end ratio) and debt ratio (back-end ratio). Other factors will include your credit score and down payment.
What documents do I need to apply for a mortgage?
What are the closing costs?
Items like appraisal fees, attorney fees, title insurance fees, pre-paid interest and documentation fees are all part of your closing costs. These items are usually different for each customer due to differences in the type of mortgage, the property location and other factors. You will receive a good faith estimate of your closing costs in advance of your closing date for your review.
What is PMI?
PMI or Mortgage Insurance protects the lender against losses that can occur when a borrower defaults on a mortgage. Private Mortgage Insurance is provided by a private mortgage insurance company to protect lenders against loss if a borrower defaults. Private Mortgage Insurance is generally required for a loan with an initial loan to value (LTV) percentage in excess of 80%. In most cases, this will mean that you will have to pay Private Mortgage Insurance if your down payment is less than 20% of the value of the home you are purchasing or refinancing. The cost of the mortgage insurance is typically added to the monthly mortgage payment.
What is mortgage amortization?
Amortization is the process of paying down your loan balance and interest with a fixed monthly payment. So, over the life of your loan you make the same monthly payments and part of it goes towards loan principal and part goes towards your interest. As time goes on more and more of your monthly payment goes towards paying down your principal and the interest payment goes down each month.
