Mortgage Loan Center

How you finance your home is as important as the home you choose. Our trusted network of mortgage brokers and lenders work with us to secure the best financing possible on your new home.

What is a Mortgage?

Pre-Qualifying for Mortgage

Pre-Approval for Mortgage

How Much Can You Afford?

Home Down Payment

Mortgage Qualifying

Closing Costs

1st Time Home Loans

Mortgage Calculator

What is a Home Mortgage?

A mortgage loan is a long-term loan for which the house and land you are buying are used as collateral. If you aren't able to meet the terms of your mortgage, the bank or lending agency can take your house. It's important when you are shopping for a loan to make sure that you balance the kind of house you want against the mortgage payment you can afford.

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Why pre-qualify before you shop for a home?

Many buyers apply for a loan and obtain approval before they find the home they want to buy. Why?

Pre-qualifying for your mortgage loan first will help you in the following ways:

1. When you get pre-qualified for a mortgage loan prior to finding your home you usually can lock in your interest rate for a period of time. This will let you know what the payments will be on any home for which you wish to make and offer.

2. Since you'll know your pre-qualification amount you will save time considering only the homes that fit your budget.

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Why get pre-approval for your home loan beforehand?

Pre-approval will help you in the following ways:

1. When you get approved before you shop for a home it is as though you are a cash buyer which makes your offer more competitive. Also, a seller that knows your home mortgage financing is pre-approved may be more willing to make concessions you require.

2. Getting pre-approval before finding your new home will allow you to select the best loan package without being under pressure.

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How much home can you afford?

When considering how much home you can afford, there are three key factors to consider:
Home Down Payment: Most loans today require a 3.5 to 5% downpayment depending upon the terms of the mortgage loan. If you make a 20-25% down payment, you may be eligible for special fast-track programs and can possibly eliminate mortgage insurance.
Mortgage Qualifying: Some mortgage loans allow no more than 28 percent of your monthly household income should go to housing (that's paying the mortgage, taxes, insurance, etc.) and no more than 36 percent of your income should go to all debt. To figure out how much that limit is for you, add up your annual income and multiply by either .28 or .36, then divide by 12 to see how much you have to spend each month.
Closing Costs: You will be required to pay fees for loan processing and other closing costs. These fees must be paid in full at the final settlement, unless you are able to include them in your financing. Typically, total closing costs will range between 2.5% of your mortgage loan.

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First Time Home Loans

The main difference between first-time home mortgage loans for houses is the amount of interest charged and how long the loan lasts. Most mortgages have 15 or 30-year terms, and the payment will include money for the principal, interest, taxes and insurance (unless your lender does not require taxes and insurance to be paid in escrow, where the money is held until the payment is due).

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