As a Mortgage Broker we provide our clients with a larger portfolio of products vs a direct lender or bank. We work hard to help our clients choose the best product and rate for their individual needs.
If you want to own a home, the first step is to apply. We will take a deep dive into your credit report and guide you through what it will take to get you to where you need to be.
A Loan Estimate is a three-page document that you receive after applying for a mortgage. The Loan Estimate provides you with the estimated interest rate, monthly payment, and total closing costs for the loan. It also gives you information about the estimated costs of taxes and insurance.
The Annual Percentage Rate is the cost you pay each year to borrow money, including fees, expressed as a percentage. The APR is a broader measure of the cost to you of borrowing money since it reflects not only the interest rate but also the fees that you have to pay to get the loan.
Mortgage interest rates can change daily, sometimes hourly. A lock-in or rate lock on a mortgage loan means that your interest rate won't change between the offer and closing; if you close within the specified time frame and there are no changes to your application. This provides great peace of mind for our clients.
Private Mortgage Insurance (also referred to as PMI), is a type of mortgage insurance you might be required to pay for if you have a conventional loan. Like other kinds of mortgage insurance, PMI protects the lender if you stop making payments on your loan.
Your down payment is the percentage of the purchase price you pay out of pocket when your loan closes. Closing costs are the fees and charges outside of your down payment. EX: property taxes, PMI, homeowners’ insurance, origination fees etc.
A Closing Disclosure is a five-page document that provides final details about your mortgage loan. It includes the loan terms, your projected monthly payments, and how much you will pay in fees and other costs to get your mortgage (closing costs).
A mortgage payment is made up of four components: principal, interest, taxes, and insurance.
Expected out of pocket cost before closing include your home inspection and appraisal fees.