The mortgage or home loan products has changed and includes multiple vendors and many papers to complete. There are a few questions and answers below, to help.
What is the interest rate?
This is a normal question, but to really answer the question and give you a real number, we need loan amount, property value, credit score, type of loan, property address and with or without impounds.
People ask what is the rate for a $500,000 loan and we can give a rough rate, but all the above items will affect the rate.
The other aspect of rates is they change daily and often multiple times a day. The rate provided at noon, could easily be different at 1:00. This alone is a great reason to have a mortgage broker on your side.
Do I need 20% down to buy a home?
The answer is NO. This is such a common question and I wish I could let everyone know, that 3%, 5% down and sometimes lower, is available and it's really available and encouraged. The goal is to let folks who can't save 20% down, to get into a house and get the market moving.
If I have late payments can I refinance my mortgage?
Late payments on credit cards and maybe an auto loan generally don't have a huge impact on your credit, unless there is a real pattern or if there are many late payments.
As a broker, we can review your credit and get you the best deal for your situation. We have access to all kinds of loan products.