Questions for first-time home buyers:
What can I afford to buy?
Each buyer is unique — and we'll help you find out just what you can
afford. Your income and your debts will typically play the biggest roles
in determining your price range. It's simple to make an estimate, just
run the numbers for yourself using our Affordability Calculator.
Do I
have enough money to buy my first home?
We
offer a range of mortgage programs, and we'll help you determine which
can work for you — some of our loans require little money down. You'll
also need to consider closing costs and the escrow account for taxes and
insurance. But don't get overwhelmed: it's a snap to figure out how much
money you'll need, using our handy Affordability Calculator.
What
about my less-than-perfect credit report?
Our special solutions program can help:
We
offer loan options ideal for those who have a few "dings" on their
credit report.
We
try to work with every customer to develop an individual mortgage
program - we call it your personalized rate, because no two are alike.
So
we try to develop a custom program based on your credit worthiness.
What's
the best loan program for me?
That depends on a number of factors, including:
How long you'll stay in the home;
How much money you'll put down;
How you'll finance
the closing costs.
For information on the loan programs and rates available, just visit
Loan Programs.
What
are the tax benefits to owning a home?
You may be able to deduct the interest you pay on the mortgage loan and
some of the financing costs of the home, such as points. And your
property taxes could be deductible. You should consult your tax advisor
for more information. If you're renting right now, you may want to take
a look at our Rent vs. Buy Calculator.
What
do I need to know about the mortgage loan process?
Just this — you've come to the right place for a loan process that's
fast, clear, and even fun! We've worked hard to simplify the process and
provide the best loan experience anywhere, online or off. Too good to be
true? Not at all. Click here to find out How We Do It.
What
can I expect after I become a homeowner?
Besides unpacking boxes? You can expect that we'll continue to provide
first-rate support and service. Go online anytime to monitor your loan
activity, like principal, escrow, and taxes. And of course, we're always
here to help: contact us by email or by phone.
Questions for Repeat/Experienced Buyers:
I want
to move up to a better home. What can I afford?
Each buyer is unique — and we'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 our 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 we make
it 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. We'll work with you to create a
customized loan program with the best combination of rate, points, and
closing costs for your needs — we call it our personalized rate because
no two are alike!
What
about my less-than-perfect credit report?
Our special solutions program can help:
We
offer loan options ideal for those who have a few "dings" on their
credit report.
We
try to work with every customer to develop an individual mortgage
program - we call it your personalized rate, because no two are alike.
So
we 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. We
can look at your credit history and consult our property assessment
model to determine if we can complete your loan application without an
appraisal.
Do I
have to pay Private Mortgage Insurance (PMI)?
Private Mortgage Insurance is not required on our loan programs for down
payments of 20% or less, however beginning with your first payment we
will collect a monthly Low Down Payment Fee in lieu of PMI.
Once your loan reaches 78% of the original appraised value of the
property or sales price, whichever is less, this fee will no longer be
required.
What
if I don't sell my current house?
You may qualify for a new loan without even selling your current home.
We'll help you determine what might work for you. It's simple to run the
numbers for yourself on our handy Affordability Calculator. You may also
want to discuss a bridge loan — give us a call at 954-318-7800.
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.
Questions for Refinancers:
Is now
the time to refinance?
Each homeowner is unique — and we'll help you determine if it's the
right time for you to refinance. Effective refinancing typically means
lowering your current mortgage loan rate by at least one percent. You
might also want to consider changing the length of your loan or
receiving cash from the equity in your house. It's simple to see what
will work for you, just run the numbers for yourself using our Refinance
Calculator.
Is
refinancing the best choice for my financial goals?
If
you want to increase cash flow, refinancing to lower your monthly
payment could help. See what will work for you using our Refinance
Calculator.
Can I
reduce my monthly payment if I refinance?
Quite possibly. To get a good idea of what your new monthly payment
would be, use our Refinance Calculator.
Can I
shorten the loan term if I refinance?
Yes, as long as you qualify. For instance, you may be able to reduce
your mortgage loan term from 30 years to 15 years.
Can I
refinance and use the cash for an addition to my home?
Absolutely. Many people borrow against the equity in their homes to make
improvements.
How
much of my home equity can I use?
Up
to 90 percent of the appraised value of your home can be used to make
home improvements. The equity you can use is based on the value of the
home and what you currently owe, subject to applicable state laws.
Can I
still refinance even if I don't have much equity?
Yes, up to 90 percent loan-to-value (LTV) if you want to refinance your
house for a new rate and term. A reappraisal of your property may be
required.
What
will it cost me to refinance?
You will have closing costs associated with refinancing your loan,
including points and processing fees. You may have the option of rolling
these costs into the loan amount to reduce your cash out of pocket. To
evaluate your options, use our Refinance Calculator.