top of page
  • What are the benefits in working with a Mortgage Broker?
    Working with a mortgage broker can offer several benefits, particularly for those who are navigating the complex process of securing a mortgage. Here are some key advantages: 1. **Access to Multiple Lenders**: Mortgage brokers have relationships with multiple lenders, giving borrowers access to a wide range of loan products and rates. This can increase the chances of finding a mortgage that fits specific financial situations and goals. 2. **Expert Advice and Guidance**: Brokers are knowledgeable about the mortgage industry and can provide expert advice. They help borrowers understand different loan options, terms, and conditions, making it easier to make informed decisions. 3. **Time and Effort Savings**: Mortgage brokers handle much of the legwork involved in finding and securing a mortgage, including paperwork, communication with lenders, and negotiating terms. This saves borrowers a significant amount of time and effort. 4. **Potential Cost Savings**: Brokers can often secure better rates and terms than borrowers might be able to find on their own, potentially leading to cost savings over the life of the loan. They can also advise on fees and other costs to avoid. 5. **Credit Issues Assistance**: Brokers can help borrowers with less-than-perfect credit find lenders who are willing to work with them. They can also provide advice on improving credit scores to qualify for better rates in the future. 6. **Customized Loan Solutions**: Brokers can tailor mortgage solutions to fit individual needs, whether it’s a first-time homebuyer, someone looking to refinance, or an investor. They can offer specialized loan products that might not be available through traditional banks. 7. **Negotiation Power**: With their industry knowledge and lender relationships, brokers can often negotiate better terms and conditions on behalf of the borrower, ensuring more favorable loan agreements. 8. **Streamlined Application Process**: Brokers can simplify the mortgage application process by helping with documentation and ensuring that all required information is accurately and promptly submitted to lenders. 9. **Flexibility and Availability**: Mortgage brokers often have more flexible hours than traditional bank loan officers, making it easier to communicate and meet outside of regular business hours. 10. **Support Throughout the Process**: A broker provides ongoing support and updates throughout the mortgage process, from pre-approval to closing, helping to resolve any issues that may arise and ensuring a smoother transaction. Overall, working with a mortgage broker can provide a more personalized, efficient, and potentially cost-effective mortgage experience.
  • What is the minimum credit score required for a mortgage loan?
    The minimum credit score required to be approved for a mortgage can vary depending on the type of loan and the lender's specific criteria. Here are some general guidelines: 1. **Conventional Loans**: Typically, a minimum credit score of 620 is required for conventional loans, which are not insured by the federal government. Some lenders might have higher requirements, around 640 to 700, depending on other factors like the down payment and debt-to-income ratio. 2. **FHA Loans**: For loans insured by the Federal Housing Administration (FHA), the minimum credit score is usually 580 for borrowers who can make a down payment of at least 3.5%. If the down payment is lower, the required minimum credit score might be higher, around 500 to 579, but with a 10% down payment. 3. **VA Loans**: Veterans Affairs (VA) loans, which are available to eligible veterans and active-duty service members, generally do not have a specified minimum credit score. However, many lenders prefer a minimum score of 620 to 640. 4. **USDA Loans**: The United States Department of Agriculture (USDA) loans, aimed at rural property buyers, usually require a minimum credit score of 640, though this can vary by lender. Lenders also consider other factors such as income, employment history, and debt-to-income ratio. Higher credit scores generally lead to better interest rates and terms. It's advisable to check with specific lenders to understand their requirements, as they can differ.
  • What is Down Payment Assistance and what does it involve?
    Down payment assistance (DPA) refers to programs designed to help homebuyers cover the initial down payment &/or closing cost required to purchase a home. These programs can be a crucial resource, especially for first-time homebuyers or those who may not have enough savings for a down payment. Here's an overview of how down payment assistance works and the types available: Types of Down Payment Assistance Grants These are funds provided to the homebuyer that do not need to be repaid. Offered by federal, state, and local government agencies, as well as non-profit organizations. **Pros: No repayment required, effectively reducing the total upfront cost. Loans (Forgivable and Non-forgivable) Forgivable Loans are typically forgiven if the borrower stays in the home for a specified period, often 5 to 10 years. Non-forgivable Loans must be repaid over time, but often come with favorable terms and lower interest rates. Both these loans are provided by government agencies, non-profits, and some financial institutions. **Pros: Can cover significant portions of the down payment; forgivable loans can become grants if conditions are met. Deferred Payment Loans These loans do not require repayment until the homeowner sells the home, refinances the mortgage, or pays off the first mortgage. Commonly offered by government agencies and non-profit organizations. **Pros: No immediate repayment burden; can be managed over the long term.
  • What are Down Payment Assistance (DPA) Eligibility Requirements?
    Eligibility for down payment assistance programs varies by program but commonly includes: Income Limits: Many programs have income caps, targeting low- to moderate-income households. First-Time Homebuyer Status: Some programs are exclusively for first-time homebuyers, though definitions can vary (e.g., not owning a home in the past three years). Home Purchase Price Limits: The property must often fall below a certain price threshold. Credit Requirements: Minimum credit scores may be required, though these can be lower than traditional loan requirements. Location Restrictions: Some programs are limited to specific geographic areas, such as certain states, cities, or neighborhoods.
  • What are some Benefits of Down Payment Assistance (DPA)?
    Benefits of Down Payment Assistance Reduced Upfront Costs: Helps lower the barrier to homeownership by reducing the amount of money needed upfront. Increased Buying Power: Enables buyers to purchase homes they might not otherwise afford. Financial Security: Helps preserve the buyer’s savings for other expenses and emergencies. Homeownership Access: Makes homeownership accessible to a broader range of people, including those with lower incomes. Down payment assistance can significantly ease the financial burden of purchasing a home, making it an attractive option for eligible homebuyers.
  • How do we choose the right type of mortgage loan for you?
    Depending on your credit and finances, more than one type of mortgage could make sense for you. Likewise, you might be able to strike some loan types off your list immediately. You can’t get a VA loan, for example, if you or your spouse haven’t served in the military. Some items &/or questions we consider when choosing your loan product: Your credit score – Which loan types do you qualify for from a credit standpoint Your anticipated down payment – Is a low- or no-down payment loan needed. Is down payment assistance needed. Will you be using gift funds from family or friends. Your debt and income – After debt payments, is your monthly income sufficient to cover a mortgage Your appetite for risk – Do you need a stable monthly payment. Do you expect to earn more money in the future Your future plans – Do you plan to move in the short term. Do you want to pay off your mortgage sooner than 30 years.
  • How do I add a new question & answer?
    To add a new FAQ follow these steps: 1. Manage FAQs from your site dashboard or in the Editor 2. Add a new question & answer 3. Assign your FAQ to a category 4. Save and publish. You can always come back and edit your FAQs.
  • Can I insert an image, video, or GIF in my FAQ?
    Yes. To add media follow these steps: 1. Manage FAQs from your site dashboard or in the Editor 2. Create a new FAQ or edit an existing one 3. From the answer text box click on the video, image or GIF icon 4. Add media from your library and save.
  • How do I edit or remove the 'Frequently Asked Questions' title?
    You can edit the title from the FAQ 'Settings' tab in the Editor. To remove the title from your mobile app go to the 'Site & App' tab in your Owner's app and customize.
bottom of page