When financing a home, it’s important to consider the following:
- What is your credit score?
- How much of a down payment can you afford??
- What is your income to debt ratio?
- Where is your future home located?
Gather the following documents to ensure a smooth application process:
- Asset Information
- Proof of Recent Income
- Tax Returns
- Driver’s License
We help get you approved for the perfect loan. This is what we look for:
- Salaried employment or income for the last 2 years
- Assets that cover 5% of the sales price
- Your debt-to-income ratio
- Your credit score and history
A “fixed-rate” mortgage refers to a product that offers an interest rate that won’t change for the life of your loan. A conventional loan is a great option for people who plan on living in their home for many years and want to know what their monthly payments will be for the duration of the loan.
On the other hand, adjustable-rate mortgages (ARMs) offer a lower interest rate for a short term during the first few years of the term—usually from 3 to 10 years, after which the interest rate can change. If you intend to own your home for a short period, you could save money with an ARM at today’s low rates. If you plan to stay in your home longer, a fixed rate may be your best option