Faqs

I am a first time homebuyer. I am concerned about how to qualify for a mortgage. In fact, I'm not looking forward to the process.

We know what you're talking about; we remember buying our first home and get flash backs about the anxiety about the mortgage process. First of all, relax about it. We're going to walk you through each step. First, we'll sit down with you and listen to your priorities. Is the size of the payment more or less important than the equity you build as you pay off your mortgage? Do you want to pay off your mortgage as quickly as possible or really don't care about that? We won't only ask you those type of questions, we'll outline for you the consequences of your options so that you can make a totally informed decision. And, if you are stretching to buy the house you want and your qualification is a little "iffy" let's discuss that and see if there's some way we can make things work for you.

How much money to I have to put down to qualify for a mortgage?

There is no fixed rule about how much money you have to put down. Generally, the more you put down on a mortgage, the less risk there is for the lender and therefore the better the rate. But we can help find you mortgages with attractive terms that require little or no down payment. Contact us and let's talk about your options.

Do you recommend a fixed or adjustable mortgage?

We recommend what works best for you. The answer to this particular question usually relates to how long you expect to stay in the house before selling or refinancing it. Adjustable rate mortgages make a great deal of sense especially if you aren't going to have the mortgage in place for a long time.

I do not have a very pretty credit record. In fact, my credit report shows some late payments. Realistically, what are my chances for getting a new mortgage or a home equity line?

In the final analysis, mortgages are approved based on the amount of risk the lender has to assume. There are risk-averse and risk-oriented lenders, and we can find loans that will meet your needs. The process starts with a call or email to us. We'll take the information you want to give us whenever you feel comfortable sharing it with us, but the more forthcoming you are from the start, the quicker we can hone-in on what will work for you and let you know what your options are.

What about my credit score? What does it need to be?

Again, there are no set rules, but obviously the better your credit score the more options you will be able to consider, and that will also include better rates. Nevertheless, we've helped people get mortgages who have faced difficult times in the past that hurt their credit rating. Let's see what we can do for you. We can work with factors other than the raw score you have. Do you have a good payment record? Will you start-out with some equity in the house? Is there a reason we can site to explain your score? We'll make your case as strongly as possible for the best option for you.

I'm not even certain what else I need to worry about things like pre-payment penalties. Can you help?

This is a great question. Too many people get approved for a mortgage or a loan and then fly-through the documentation and miss some important terms, some of which can cost you a lot of money. That's not Our Attitude. We'll highlight the important hidden issues for you so you won't face unexpected costs later on. That's the type of service that we think differentiates a highly professional local firm from the big mortgage companies that treat you like another number.

How much house can I qualify for?

In the final analysis, mortgages are approved based on the amount of risk the lender has to assume. There are risk-averse and risk-oriented lenders, and we can find loans that will meet your needs. The process starts with a call or email to us. We'll take the information you want to give us whenever you feel comfortable sharing it with us, but the more forthcoming you are from the start, the quicker we can hone-in on what will work for you and let you know what your options are.

How much down payment will be required?

There is no fixed rule about how much money you have to put down. Generally, the more you put down on a mortgage, the less risk there is for the lender and therefore the better the rate. But we can help find you mortgages with attractive terms that require little or no down payment. Contact us and let's talk about your options.

Can you refer a real estate agent to me?

Absolutely. We work with some of the leading real estate agents in the area and would be glad to provide you with names and contact information of agents we have a track record of providing smooth transactions.

If I refinance my mortgage, how much money can I save each month?

Answers to questions such as this one depend on so many variables. What kind of mortgage do you have right now at what terms? Do you want to convert some of the money you have established in equity in your home into cash that you can use for expenses or to consolidate debt? Are you interested perhaps in converting your 30-year mortgage into a 10-year mortgage so that you pay it off sooner? Once we understand what you want to do, we can help you pick the mortgage that meets those needs and then we can compare monthly payments for each of your options.

I have an Adjustable Rate Mortgage. I'm afraid the rates are about to increase on me. Can I replace it with a fixed mortgage?

That may make sense. But it may also make sense to keep what you have or to get a new ARM, or maybe even a second trust or home equity line. We'll tailor a solution to meet your needs and be in-synch with your expectations about how long you expect to stay in your house, what you think about interest rate, and other issues.