Shopping for a mortgage isn't just about getting the lowest rate, but we're really good at doing just that
Sure getting the lowest possible mortgage rate is always our main objective, but there are many other variables to the process that can make or break your home loan experience. We go above and beyond to get you the best rate, as fast as possible.
Finally — you can get world class service before, during, and after your loan closes
It's no secret — buying a home or refinancing a loan can be stressful. All of the paperwork and documentation makes you feel like the process will never end. It's why we make the process of applying for a new loan as simple as possible for each borrower, from beginning to end.
Curious about our process? It's really easy!
We do all of the heavy lifting for you, all we need is some basic information to get started 🙂
Start Online
Enter some basic info on our website.
We Shop For You
We shop mortgage rates for you.
Loan Approval
We get you to closing faster than ever.
People often ask, "Why are you different or better than other loan officers?"
It's simple — our people. Our people, processes, and our personality. Our team cares, and we go the extra mile every day. We won't rest until every client has had a truly amazing experience with us.
Have questions about the mortgage process?
Get answers to some frequently asked questions below.
· Step 1 – Determine Budget
· Step 2 – Work with a mortgage broker to get pre-approved
· Step 3 – Work with a Real Estate Agent to find the right neighborhood and home that fits your needs
· Step 4 – Make an offer
· Step 5 – Once the offer is accepted get a Home Inspection
· Step 6 – An Appraisal is Completed
· Step 7 – Final Walkthrough
· Step 8- Close on Your New Home
A pre-qualification is just your mortgage adviser’s estimate on your ability to buy a home. It’s based on your credit score and some other self-reported details. A pre-qual may give you a good idea on which loan program fits you best, and maybe even how much you’ll qualify for.
The pre-approval officially confirms how much you’re able to borrow. Your income and asset documents go through a more formal review. After getting pre-approved, you’re able to take a more serious look at buying a house. If you’re not able to get pre-approved, your adviser will be able to offer some helpful tips on raising your credit score, lowering your debt, or working through any other financial obstacles preventing you from buying a home.
It depends on your short term and long term financial goals. You have to see if homeownership fits within your financial situation, lifestyle, and personal goals. Both provide you with a roof over your head. Renting is a flexible option with predictable monthly expenses. Homeownership brings a sense of stability, pride of ownership, along with tax deductions and the opportunity to increase equity.
There is no single best answer to this question. The answer will depend on you. You need to weight the benefits and costs of each option based on your income, savings, and how you live.
There are three big components to qualifying for a mortgage:
- Credit score. Each loan program has a minimum credit score requirement in order to qualify. Higher credit scores can allow you to qualify for lower interest rates, too.
- Assets. Some loan programs require you to make a down payment of a certain amount. Closing costs will need to be covered. Some programs also may require you to have a certain amount of months of reserves.
- Debt-to-income ratio (DTI). Your debts should only make up a certain percentage of your income, because you’re about to incur a large and important debt by purchasing a home.
Your mortgage adviser will be able to provide you the best personalized advice, but here are some basic pointers:
- Never, ever miss a payment
- Keep your credit utilization below 30%, if possible
- Don’t let you balances exceed the credit limits
- Don’t close old accounts
- Don’t open new accounts
NO! There are loan options available that allow for 3.5% or even zero down. A 20% down payment will reduce your monthly payments and the total amount of interest you pay over the life of the loan, but it’s definitely not required for all borrowers.
The more you put towards the down payment the more options you will have. Having less than 20% will require mortgage insurance in most cases but it is still an option. Make sure you review the best scenarios that fit your needs today.
First you’ll need to understand what you need in a home. Write down those requirements and then share that information with your real estate agent. There’s the home items you need like bedrooms and bathrooms but also think of the nightborhood.
Location is key. Is the home near places families need convenient access to such as grocery stores, schools, shops, etc? Is it a safe place for families? How much has the area’s population grown over the last few years?
Lenders may have their fees structured or named differently from one another, but you should generally expect these: - Origination fee - Office admin fees - Document preparation fees - Application fee - Appraisal fee - Lender-required home inspections (roof, sewage, pest) - Credit report fee
After applying, you can ask your adviser for a sample closing sheet with fees included.
Rates fluctuate daily, and no one can predict an exact time to lock the lowest possible rate. If you’re comfortable with the monthly payment at a certain rate, you should go ahead and lock. Your mortgage adviser will help explain more about rate locks as you reach that point in the process.
Online lenders have their merits, but when it comes to personalized service and speed to respond, an experienced local mortgage adviser can’t be replaced. If you have a trickier financial situation, an online lender’s algorithm may turn you down without exploring every avenue to make your dream of homeownership a reality. Sometimes, the opposite happens with online-only lenders - borrowers will get approved even when they shouldn’t be.
A mortgage broker is different from other banks, credit unions, or large lenders because they can offer more loan programs to fit your needs as well as very competitive interest rates. Mortgage brokers do not have as much overhead costs as larger lenders so they are able to pass on the cost savings to you.
By definition, an escrow is a bond, deed, or other document kept safe by a third party and taking effect only when a specified condition has been fulfilled. In the mortgage space, we use escrow accounts for two different purposes. The first time you use an escrow account is after an offer is accepted. You put cash into an escrow account to prove you’re serious about the purchase. Your money is kept safe in escrow, and then it’s released to the home seller when your loan funds. The second time you’ll use an escrow account is for the payment of taxes and insurance after you purchase the home. Each month, you’ll pay a portion of your annual property taxes and homeowners insurance into the account. When taxes and insurance are due, your mortgage company will draw funds out of the account and pay them for you.
You may need one depending on the loan program you’re qualifying for and the loan to value. Consult with your loan officer to find out more.
It’s simple! Apply on our website here: https://timarrington.floify.com/apply-now
If you have questions prior to applying, let me help you get them answered by booking an appointment with me where we will spend time going over your questions: https://secure.getmissioncontrol.com/widget/booking/nijdNjXvRox64cANnyGT
