frequently asked questions About mortgages & Mortgage Lending

Before you start shopping for a new home, it's a good idea to determine how much a house payment will be (including taxes, insurance and HOA dues if required) you can comfortably afford. In addition, the amount of cash you have available for closing will be important in determining a sales price and loan amount you can qualify for.

Most mortgage borrowers will find it helpful to consider these 4 basic financial indicators before making a new home purchase:

1. Monthly Income
2. Available Funds for Down Payment
3. Monthly Expenses
4. Credit Score

It's also important to get pre-qualified by a Residential Mortgage Loan Originator. This can help strengthen your offer to the seller by documenting that you are, in fact, a "Qualified Buyer."

Experienced mortgage experts  like Your King Team at Brighton Bank will be able to offer you many loan options and assist you in finding the best interest rate available.
 
Apply Now to check your eligibility and get Pre-Qualified. There is no cost or obligation in doing so.

If you don't have the money for a down payment don't worry, you may still be able to purchase a home! Your King Team at Brighton Bank has 100% gift options available.

The gift must be from a down payment assistance program or a relative / significant other. There are strict requirements to gift funds so be sure to discuss this with Your King Team.

‍Contact us to go over all your mortgage options.

A credit report is a current and historical record of your credit activities and employment. It also shows action taken against you because of unpaid accounts, bankruptcy, judgments, liens filed against you plus former addresses and employers.

Here are the 3 major credit score bureaus that lenders pay to obtain your credit information.

• Equifax: 1-800-685-1111 or www.equifax.com
• Experian: 1-888-397-3742 or www.experian.com
• Trans Union Corporation: 1-800-888-4213 or www.TransUnion.com

You too can obtain a copy of your credit report. Visit www.AnnualCreditReport.com for information on how to obtain a free copy.

The truth is your real estate agent may be able to negotiate the best deal on a home for you.

Today, real estate agents request a Pre-Qualification letter from an experienced lender like Brighton Bank to attach to an offer on a home. This allows your real estate agent to demonstrate that you are a fully qualified and capable borrower. This will strongly influence the seller and may make the difference between the seller accepting your offer or someone else's -- even if your offer is better!

If you are unsure which Real Estate Agent to pick feel free to browse some of the recommended real estate agents recommended by Your King Team at Brighton Bank.

• Pre-Qualification: Your mortgage loan originator reviews your Credit, Income and Asset documents, should you choose to provide them, for a solid mortgage Pre-Qualification & letter.
• Your loan originator also assists you in selecting & locking-in the best loan program & interest rate for you. This single decision could potentially save you thousands of dollars throughout the term of your loan.
• Your originator will provide you with a clear & concise Loan Estimate of settlement charges to be expected at closing and review the initial and final Loan Estimate with you prior to closing.
• They will keep you informed of your loan status throughout the entire process.
• Your King Team will also keep your Real Estate Agent & the Listing Agent informed of your loan progress. NOTE: your personal information is always kept confidential between you, Your King Team, Brighton Bank and our investors; only the progress of your loan is shared.
• And most importantly, your loan originator makes sure your loan closes on-time!

If you are thinking of purchasing or refinancing a home but are unsure of what you need to do, here are 5 basic but important homebuying tasks for all types of mortgage borrowers.

1. Make sure you are Pre-Qualified as early as possible. This will put the power of financing behind you so you can concentrate on selecting your home. Listing real estate agents will not accept an offer without being Pre-Qualified. See our Loan Document Checklist for documents required to send to your loan officer for Pre-Qualification letter should you choose to provide them. Be sure to send all pages of the documents even if they are blank.
2. Provide documentation requested by your Loan Officer / Loan Processor as soon as possible. By doing so, many of the details are taken care of early in the process so you can comfortably concentrate on any last-minute details that require your attention regarding your new home purchase.
3. Select your Homeowners Insurance Agent and relay their contact information to your loan processor as soon as possible.
4. Wire funds for closing to the title company 24 hours prior to closing. The title company will send you wire instructions through a secure site. CAUTION: do not forward unsecured wire information via email.
5. All borrowers must bring their driver’s licenses to closing.

Please contact us if you have any questions or apply now if you are ready to get started.

PMI means Private Mortgage Insurance and it primarily protects the lender should the borrower stop making payments on a conventional loan. FHA loans require MIP - Mortgage Insurance Premium. and VA required a VA funding fee. These are all types of insurance that are not to your benefit but many be required.

The benefit of this type of insurance gives homebuyers the ability to purchase a home without saving 20 percent down for a down payment.

For more details please visit our What is PMI page.