Mortgage Information
Questions for
first-time home buyers:
Questions for repeat/experienced
buyers:
Questions
for refinancers:
Questions for Repeat/Experienced Buyers:
I want to move up to a better home. What can I afford?
Each buyer is unique and I'll help you find out just what you can afford. You already know that monthly income and financial obligations are most important in determining your price range. It's simple to make an estimate: just run the numbers for yourself using this Affordability Calculator.
I'm buying a second home. Is it a different process?
No. Whether you need to be near the water or in the mountains, a vacation home offers an opportunity for fun and relaxation and it can be just as easy to obtain a mortgage. But keep in mind you'll need to identify sources for your down payment, since you're not selling your current house and using the proceeds, and you'll need to expect a larger monthly obligation for housing expenses. I'll work with you to create a customized loan program with the best combination of rate, points, and closing costs for your needs. I call it a personalized rate because no two are alike!
What about my less-than-perfect credit report?
Our special solutions program can help: There are loan options ideal for those who have a few "dings" on their credit report. I try to work with every customer to develop an individual mortgage program - I call it your personalized rate, because no two are alike. So I try to develop a custom program based on your credit worthiness.
Will I need an appraisal on my new home?
Not necessarily. You may qualify for a more streamlined loan process. I can look at your credit history and consult a property assessment model to determine if we can complete your loan application without an appraisal.
Do I have to pay Private Mortgage Insurance (PMI)?
Loan programs for down payments of 20% or less do not require you to purchase Private Mortgage Insurance (PMI). Instead, there is a Low Down Payment Rate Adjustment that is added to the interest rate. In most cases, it will cost less than PMI and, if you itemize deductions on your taxes, this may provide you with an additional tax deduction opportunity. Please consult your tax advisor.
What if I don't sell my current house?
You may qualify for a new loan without even selling your current home. I'll help you determine what might work for you. It's simple to run the numbers for yourself on this handy Affordability Calculator. You may also want to discuss a bridge loan give me call.
What if I'm building a home?
If you are working with a builder within a sub-division or development and just making carpeting, lighting and appliance selections for a brand-new home, you can probably obtain a standard mortgage loan. But if you're hiring contractors, electricians, plumbers, and painters, you probably need a construction loan, which provides funds to pay subcontractors as work progresses. For more information on construction loans, just give me a call.