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Get a Home
Loan 1st Approval and
buy a home with no money down. Our mortgages allow you to buy
a home with no money down and often times $0 are needed when
you close your loan. Interest Only options are available and
allow you to keep more money in your pocket when you need it.
You can choose to pay principal and interest or pay only the
interest for the first 10 years of the loan.
You are about to make the most important
financial decision of your life. We created this page
to guide you through the process and make your experience
a smooth one. Below are 4 key steps to use as a guide:
Step 1 – Create a Checklist: Buying
a home is not only a place to live, but the place where your
family and your life will be shaped. Creating a checklist
with a rating scale of what you want in a home is essential
to your happiness. The number of bedrooms, bathrooms, size,
condition, neighborhood amenities, schools, and convenience
are only a few of the things you should consider. Click here
for full details (coming soon).
Step 2 – Understand the Loan Process: There
are various loan programs available to you and a Mortgage
Banker can help you get the right one. Talk to a mortgage
professional that understands your needs and is willing to
work with you to tailor a program to fit those needs. You
should begin to gather documents related to your income and
assets such as W2’s, bank statements, and brokerage
and retirement accounts. This information will help you qualify
for financing and can play a major role in determining your
interest rate and loan terms. Visit our What You Need To
Know section to learn more about closing costs and how to
understand and compare Good Faith Estimates.
Step 3 – Get Pre-approved: No
matter where you are in the buying process you should understand
your buying power. When you get pre-approved a lender commits
to specific mortgage terms, including the loan amount you
are qualified to borrow.
Having a pre-approved mortgage offers the
following key benefits:
- Helps you define your price range and
shop with confidence
- Demonstrates to sellers and real estate
brokers that you’re a serious buyer
- Gives you an advantage during negotiation
over buyers who haven't been pre-approved
- Speeds up the closing process when you
do find the home you are buying
Step 4 – Understand and Estimate
Your Monthly Payment: Your
monthly payment not only consists of your mortgage, but also
includes pro-rated property taxes, homeowner’s insurance
and/or homeowner’s association dues (HOA Dues). Depending
on your price range and where you are buying, property taxes
can range from $800 per year to several thousand dollars
and more. Generally, a homeowner’s insurance policy
will range between $700 and $1,500 or more depending on the
amount of coverage and any previous claims you may have had,
etc. If you are buying a condominium homeowner’s insurance
is usually included in the monthly HOA Dues.
Our Mortgage Bankers are available to answer
your questions and help guide you through this process, including
providing you with money saving tips related to homeowner’s
insurance.
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