A mortgage is a loan provided by a financial institution or lender to help individuals purchase a home. It is secured by the property being purchased, and the borrower repays the loan over a specified period, usually through monthly mortgage payments.

A home loan is another term for a mortgage. It refers to the loan obtained to finance the purchase of a home or property.

No!

Getting started before you find a home may be the best thing you can do!

Suppose you get started before you have a property to purchase. In that case, we can issue a pre-qualification subject to finding the perfect home,

which you can use to assure real estate brokers and sellers that you are a qualified buyer. Getting pre-qualified for a mortgage will even give more

weight to your purchase offer.

When you find the perfect home, call your Loan Originator and provide your signed purchase agreement to complete your application. You’ll then have an opportunity to lock in our great rates and fees, and we’ll complete the processing of your loan.

There are many advantages to homeownership:

A sound investment – When you carefully choose a home you can afford, the payoff can be significant. As a homeowner, instead of paying rent to a landlord, you are building equity in a place of your own each month when you make your mortgage payment. The more mortgage payments you make, the more equity you’ll have. And unlike most things you buy, a home can appreciate as time passes, building more equity.

Tax advantages – The mortgage interest and real estate taxes you pay are tax deductible which can reduce your tax bill.

Real estate is marketable.

You can make your own decisions about design and décor.

You can invest in upgrades that will not only bring you pleasure but can also add to the value of the property over time.

You have control over the piece of property.

You are not answering a landlord.

For your initial pre-qualification, we’ll ask questions about your income, assets, credit history, and employment.Once you start the application process, we’ll need to verify the information you gave us with specific documentation, such as your last two years of income tax returns, bank statements, pay stubs, and documents about other personally owned real estates. You’ll receive written notification of the required documentation needed to obtain final approval. In some cases, our Underwriting Department may request additional information.

Whether you’re purchasing or refinancing a home or other property, it’s a major investment. We’re here to help you find the financing that’s right for you to help you take the following steps.

Range of loan options to find financing that best fits your goals

We’ll work with you to consider your personal financial needs

Options for no closing costs, term lengths, and adjustable or fixed rates

We’ll determine your needs and help you understand your financing options. Speak with our experienced team to learn more about our loan programs.

You wouldn’t shop for a new car without knowing how much you can afford. Why would buying a home be any different?

Pre-Qualification Today = Less Stress House Shopping Tomorrow

Let’s face it. Adjusting to your new mortgage payment is one of the most stressful things about buying a home. Knowing your family’s financial boundaries before shopping for your new home can make the process go much more smoothly.

Your pre-qualification is an essential tool when house shopping because of it…

Determines what homes are in your price range

Assures real estate brokers and sellers that you are a qualified buyer

Can be used to your advantage in future negotiations

Lenders typically consider factors such as the borrower's credit score, employment history, income, debt-to-income ratio, and the appraised value of the property when evaluating a mortgage application.

A fixed-rate mortgage has an interest rate that remains constant throughout the loan term, providing predictable monthly payments. An adjustable-rate mortgage (ARM) has an interest rate that can change periodically, usually after an initial fixed-rate period, resulting in potential changes to the monthly payment.

Private mortgage insurance (PMI) is a type of insurance that protects the lender in case the borrower defaults on the loan. It is typically required when the down payment is less than 20% of the purchase price. Borrowers pay a monthly premium for PMI until they reach a certain level of equity in the property.

A pre-approval is an initial assessment by a lender that determines the maximum loan amount a borrower may be eligible for. It involves providing financial information to the lender, who then evaluates the borrower's creditworthiness and determines an estimated loan amount.

A down payment is the initial payment made by the borrower when purchasing a home. It is typically expressed as a percentage of the purchase price and is paid upfront, with the remaining amount financed through a mortgage loan.

A pre-approval is an initial assessment by a lender that determines the maximum loan amount a borrower may be eligible for. It involves providing financial information to the lender, who then evaluates the borrower's creditworthiness and determines an estimated loan amount.

Closing costs are fees and expenses associated with finalizing a mortgage loan and the home purchase transaction. They can include costs such as appraisal fees, loan origination fees, title insurance, attorney fees, and other miscellaneous expenses.

A mortgage term refers to the length of time over which the borrower agrees to repay the mortgage loan. Common mortgage terms are 15, 20, or 30 years, although other options may be available. The term affects the monthly payment amount and the total interest paid over the life of the loan.

Yes, mortgage refinancing allows borrowers to replace their current mortgage with a new loan. This can be done to secure a lower interest rate, change the loan term, switch from an adjustable-rate to a fixed-rate mortgage, or access equity in the property. Refinancing can help borrowers save money or achieve specific financial goals.