A fixed-rate mortgage has a constant interest rate and monthly payments that stay the same throughout the loan term. An adjustable-rate mortgage (ARM) has an interest rate that can change periodically, typically after an initial fixed period, which means your monthly payments can go up or down.

The typical old way of banking is a down payment of 20% of the home’s purchase price.

Common day, you can qualify with as little as 0% down. We see minimum requirements range from 3%-5%.

Some loans, like VA and USDA loans, may offer zero-down payment options for qualified buyers.

PMI is insurance that protects the lender if you default on the loan. You may need PMI if your down payment is less than 20% of the home’s purchase price. Additionally, not all loan types have the ability to remove PMI after 20% of the loan is paid. Please inquire with your loan officer.

Closing costs are fees associated with processing the mortgage and closing the home purchase. They typically range from 2% to 5% of the home’s purchase price and can include appraisal fees, title insurance, and attorney fees

Lenders generally recommend that your total monthly mortgage payment (including taxes and insurance) shouldn’t exceed 28% to 31% of your gross monthly income. Tools like mortgage calculators and pre-approval can also give you a clear idea of what you can afford. Apply Online with us today and have your answer Tomorow.

Pre-qualification is an estimate of what you may be able to borrow based on self-reported financial information. Pre-approval is a more detailed process where the lender verifies your financial information, giving you a clearer picture of your borrowing power.

The BRRR method (Buy, Rehab, Rent, Refinance) is a real estate investment strategy. After rehabbing and renting out a property, investors often refinance it to recover their initial investment, allowing them to reinvest in new properties. Mortgages play a key role in both the purchase and refinance stages.

Your credit score, the size of your down payment, the type of loan, the loan term, and current market conditions all influence your mortgage interest rate. A higher credit score and larger down payment generally lead to lower interest rates.

Yes, most mortgages allow you to pay off the loan early without penalties, though some may have prepayment penalties. Paying off your mortgage early can save you money on interest over the life of the loan. Please be advised, that as a mortgage broker, we are attesting to the servicer that you will make your first 6 payments. We are able to offer huge rate discounts due to these arrangements. By paying off your loan early, we are required to pay the entire commission back. If you plan to sell or pay off within 6 months, please note that a broker’s agreement will be required with an invoice of 3% of your loan amount.

Refinancing involves replacing your current mortgage with a new one, typically to secure a lower interest rate, change your loan term, or cash out home equity. Consider refinancing if interest rates drop, your credit improves, or you want to lower your monthly payments.