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Frequently Asked Questions
... we have the answers...

How do I know if I qualify for a home loan?
Your best option is a home loan pre approval — an evaluation of your credit worthiness based on your income, assets, debts and past credit use.

Which loan is best for me?
We will help you choose the best home loan for your needs based on a few key factors. Get started today!

How do I determine the amount of my down payment?
The most important factor in determining the size of your down payment is the amount of cash immediately available to you. Most home loan programs have minimum down payment requirements based on the amount you need to borrow compared to the actual value of the home. This amount is commonly known as the loan-to-value ratio or LTV for short.

When is PMI required?
Lenders often require mortgage insurance for loans when the down payment is less than 20% of the sales price. PMI may also be tax deductible.

What Tax benefits do I receive with Home Ownership?
You are eligible for a tax deduction when owning a home. All borrowers’ mortgage interest and property tax payments are tax deductible. Your rent payment is not!

Is it easier to get approved for a FHA loan based on my credit?
It is easier to qualify for a FHA loan than a traditional conventional loan.

How important is your credit?
Along with your income, assets and debts, your history of credit management is an important factor when applying for a home loan

What is homeowner's insurance?
Homeowner's insurance protects your property against disaster and liability. This insurance protects you and the lender's investment in your property. You are required to be insured against unexpected hazards and personal liability claims.

What is FHA Mortgage Insurance (MIP)?

Mortgage insurance is a policy that protects lenders against losses that result from defaults on home mortgages. FHA requirements include mortgage insurance primarily for borrowers making a down payment of less than 20 percent. It is required by the Federal Housing Administration to obtain a FHA mortgage or HECM reverse mortgage.

What is a Residential Purchase Agreement?

Also known as Contract to Purchase Real Estate, it is a binding agreement (among two or more parties) to purchase real estate. It binds the buyer to buy at a set price and the seller to sell to the buyer, all of which is to be transacted within a specified time.

Who is a Listing Agent?

A listing agent works on behalf of the seller to market the property so as to attract potential buyers. Also, the listing agent is referred to as a seller’s agent.

Who is a Selling Agent?

A selling agent has an agreement with buyer to work for their best interest in a real estate transaction. Also, the selling agent is referred to as a buyer’s agent

What is a fixed rate mortgage?

A fixed rate mortgage is a home loan with steady (fixed) mortgage rate and monthly payments that do not change throughout the life of the loan.

What is the adjustable rate mortgage?

An (A.R.M.) adjustable rate mortgage is a mortgage loan whose interest rate can adjust based on an index. The monthly payments made by you may change during the term of your mortgage loan with the changing interest rate.
What is a Reverse Mortgage?
Reverse mortgages are designed for homeowners 62 years of age or older, to convert part of their homes equity into tax-free income. You continue to own your home and remain on the property’s title.

Are there any restrictions on how I can use the money?

There are no restrictions on how you use the reverse mortgage proceeds. You can use the money any way you wish!

To learn more, contact your mortgage professional.
Get started today!

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