On this page you will find frequently asked mortgage questions from some of our more curious homebuyers and mortgage borrowers.
If you are looking for more information about PMI or debt consolidation please consult the What is PMI & the Debt Consolidation FAQ's pages respectively.
Index & Quick Links:
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:
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.
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.
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.
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.