| Mortgage
Questions, Home Loan Questions, Refinance Questions. |
| Questions for first-time home buyers:
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| What can I afford to buy? |
| Do I have enough money to buy my first home? |
| What about my less-than-perfect credit report? |
| What's the best loan program for me? |
| What are the tax benefits to owning a home? |
| What do I need to know about the mortgage loan process? |
| What can I expect after I become a homeowner? |
| |
| Questions for Repeat/Experienced Buyers: |
| I want to move up to a better home. What can I afford? |
| I'm buying a second home. Is it a different process? |
| What about my less-than-perfect credit report? |
| Will I need an appraisal on my new home? |
| Do I have to pay Private Mortgage Insurance (PMI)? |
| What if I don't sell my current house? |
| What if I'm building a home? |
| |
| Questions for Refinancers: |
| Is now the time to refinance? |
| Is refinancing the best choice for my financial goals? |
| Can I reduce my monthly payment if I refinance? |
| Can I shorten the loan term if I refinance? |
| Can I refinance and use the cash for an addition to my home? |
| How much of my home equity can I use? |
| Can I still refinance even if I don't have much equity? |
| What will it cost me to refinance? |
| |
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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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!
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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