Yes, applying for a mortgage loan before you find a home may be the best thing you could do!  If you apply for your mortgage now, we will evaluate your loan application and if pre-qualified, we will issue a pre-qualification letter. You can use the pre-qualification letter to assure real estate brokers and sellers that you are a qualified buyer. Being pre-qualified for a mortgage may give you more bargaining power to use when making an offer to purchase a home.

Once you find the home you would like to purchase, you will simply call your Loan Officer and we will complete the processing of your request.

There is no cost or obligation associated with completing an application online.

A credit score is one of the pieces of information that we may use to evaluate your application. Credit scores are based on information collected by credit bureaus and information reported each month by your creditors about the balances you owe and the timing of your payments. A credit score is a compilation of all this information converted into a number that helps a lender to determine the likelihood that you will repay the loan as agreed. 

An abundance of credit inquiries can sometimes affect your credit scores since it may indicate that your use of credit is increasing. However, the data used to calculate your credit score does not include any mortgage or auto loan credit inquiries that are made within the 30 days prior to the score being calculated. In addition, all mortgage inquiries made in any 14-day period are always considered one inquiry. Do not limit your mortgage shopping for fear of the effect on your credit score.

You will need to contact your Loan Officer to lock your interest rate.

VA loans are loans guaranteed and administered by the Department of Veterans Affairs and are offered as a benefit to qualified individuals who have served in the armed forces. VA loans do not generally require a down payment. If you are a qualified veteran and wish to purchase a home with little or no down payment, a VA loan may be your best bet. If you have funds that you wish to use for a down payment, it is wise to compare Conventional loans with VA loans to determine which financing type is best for you.

The VA charges a Funding Fee to most veterans who obtain a VA mortgage loan to help sustain the VA home loan program. The VA Funding Fee varies depending on your military classification, whether or not you have obtained a VA loan before, and the amount of down payment you are making. Veterans receiving VA disability are exempt from paying this fee.

In most cases, the VA Funding Fee is financed rather than being paid in cash at closing.

FHA loans are mortgages issued by government-approved lenders and insured and administered by the U.S. Department of Housing and Urban Development HUD. FHA mortgage loans generally require a lower down payment and have less stringent qualification requirements than conventional loans. Any borrower of legal age is eligible to apply for a FHA mortgage loan regardless of income level, including non-U.S. citizens. However, FHA does limit the maximum amount an individual can borrow under this program based on the location of the property.

If you are looking for a loan that requires a lower down payment, you should compare both Conventional and FHA loan types to determine which financing type is best for you.

FHA charges an Upfront Mortgage Insurance Premium (Upfront MIP) for all FHA purchase transactions to financially support the FHA program. Although the Upfront MIP can be paid in cash at closing, it is generally financed so that the cash required at closing is as reasonable as possible.

In addition to the Upfront MIP, Monthly Mortgage Insurance may also be required and included in the total payment.  

If you will not be able to attend the loan closing, contact your Loan Officer to discuss other options.  

Automated monthly payments are available. Please contact your Loan Officer to discuss your options.