Before approaching a lender for a loan, you should assess how much money you can borrow. Especially when it comes to buying a home, it’s wise to understand your budget and determine the amount of property you can afford. To do this, we ask some simple questions in order to estimate your spending capability according to standard lender criteria.

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There is a vast range of home loan options available for different goals, financial situations and preferences. It is important to understand the pros and cons of each before making a decision – whether it’s to buy or refinance your house. Generally speaking, there are two main types of home loans which suit different needs.

Fixed Rate Mortgage

Opting for a fixed-rate mortgage is ideal when you want to secure consistent monthly payments and an unchanging interest rate over the course of 15 or 30 years. This gives borrowers the reassurance that they’ll never be faced with rising costs without any warning.

• Aim to stay in the same place for more than 7 years

• Enjoy The consistency of a fixed principal/interest payment

• Want to avoid taking the chance of future monthly payment increases

• Think your income and spending will remain constant.

Adjustable Rate Mortgage

Adjustable Rate Mortgages (ARMs), like fixed rate mortgages, typically have terms of 15 or 30 years. However, the loan’s interest rate may fluctuate during those years. Monthly payments can rise or fall. You would choose this type of loan if you:

• Aim to stay in your home for less than five years.

• Are you okay with your monthly payment changing on a regular basis? (up or down).

• At ease with the possibility of future payment increases.

• Apply for a loan and get approved quickly. We make sure you have all the info you need to complete the application.

• Start the loaning process to get the funds you need with minimal hassle.

• Close your loan in no time! Our efficient team of experts ensure a smooth and stress-free conclusion to your loan journey.

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• Although lenders stay true to government-mandated standards, loan approval guidelines vary depending on the terms of each loan. In general, approval is based on two factors: your ability and willingness to repay the loan, as well as the property’s value.

  We will begin the loan approval process as soon as we receive your loan application. Your loan processor will double-check all of the information you’ve provided. If any discrepancies are discovered, either the processor or your loan officer will investigate to resolve them. This data set includes:

   

  Check for Income/Employment

  Is your income sufficient to cover your monthly obligations? Industry standards are used to assess your income and debts.

  Check Your Credit

  What is your ability to repay debts when they become due? The type and terms of previous loans are determined by reviewing your credit report. Any payment lapses or delays are taken into account and must be explained.

  Asset Assessment

  Do you have the funds to make the down payment and cover the closing costs?

  Appraisal of Real Estate

  Is there enough value in the property? To determine market value, the property is appraised. The evaluation is influenced by location and zoning.

  Additional documentation

  Additional documentation may be required in some cases before making a final decision on your loan approval.

To increase your chances of loan approval, do the following:

1. Completely fill out your loan application. You can speed up the process by using our online forms.

2. Respond quickly to any requests for additional documentation, especially if your rate is locked or your loan is due to close on a specific date.

3. Do not transfer money into or out of your bank accounts unless you have a paper trail. Please prepare a gift letter and contact us if you receive money from friends, family, or other relatives.

4. Make no major purchases until your loan is paid off. Purchases increase your debts and may have an adverse effect on your current application.

5. Avoid leaving town around the closing date of your loan. If you intend to be out of town, you should consider signing a Power of Attorney.

    

• You are now ready to sign the final loan documents after your loan has been approved. You must review the documents before signing to ensure that the interest rate and loan terms are as stated. Also, double-check that the name and address on the loan documents are correct. The signing is usually done in front of a notary public.

  There are also fees associated with obtaining a mortgage and transferring property ownership that must be paid at closing. Bring a cashiers check for the down payment and, if applicable, closing costs. Personal checks are not usually accepted. You will also need to provide proof of your homeowner’s insurance policy, as well as any other requirements, such as flood insurance, as well as proof of payment.

  Normally, your loan will close shortly after you sign the loan documents. Federal law requires that you have three days to review the documents on owner-occupied refinance loan transactions before the loan transaction can close.