Benefits of Home Ownership

First, you’ll complete our online application!

The application will ask you questions about the home and your finances and takes less than 20 minutes to complete. As soon as you’ve finished the application we’ll review your request for instant approval. If your application is approved online, we’ll ask you for a deposit to cover the cost of the appraisal on your home so that we can begin to process your request immediately. This deposit will be credited towards your closing fees at closing.
After completing your application, a Loan Officer will contact you to introduce himself or herself and to answer any questions you may have. Your Loan Officer is a mortgage expert and will provide help and guidance along the way. If your request wasn’t approved online, he or she will ask you for any information required to make a decision about your loan.
If you are purchasing a new home, the Loan Officer will also contact the Real Estate Broker or the seller so that they’ll know whom to contact with questions.

We’ll send you an application package and prepare your loan for closing.

The application package will be sent to you and will contain papers for you to sign and a list of items we’ll need to verify the information you provided about your finances during the online application.

We’ll order the appraisal from a licensed appraiser who is familiar with home values in your area. Depending on your finances and the loan amount requested, different types of appraisals are used. Sometimes the appraiser will need to view the home. Sometimes they are able to do their evaluation from the street.

Title insurance will be necessary. If you’re purchasing a home, we’ll work with the real estate broker or seller to ensure the title work is ordered as soon as possible. If you are refinancing we’ll take care of ordering the title work for you. We’ll use the title insurance to confirm the legal status of your property and to prepare the closing documents.
We’ll contact you to coordinate your closing date.

After we received the application package back from you and the appraisal and title work, we’ll contact you to schedule your loan closing. If you are purchasing a home, we’ll also schedule the closing with the real estate broker and the seller.

The closing will take place at the office of a title company or attorney in your area who will act as our agent. A few days before closing, your Loan Officer will contact you to walk through the final information so that there won’t be any surprises at closing.

That’s all there is to it! You’re on your way to the most convenient home loan ever!

An adjustable rate mortgage, or an “ARM” as they are commonly called, is a loan type that offers a lower initial interest rate than most fixed rate loans. The trade off is that the interest rate can change periodically, usually in relation to an index, and the monthly payment will go up or down accordingly. 

Against the advantage of the lower payment at the beginning of the loan, you should weigh the risk that an increase in interest rates would lead to higher monthly payments in the future. 

For many people in a variety of situations, an ARM is the right mortgage choice, particularly if your income is likely to increase in the future or if you only plan on being in the home for three to five years. 

Yes, applying for a mortgage loan before you find a home may be the best thing you could do! If you apply for your mortgage now, we’ll issue an approval subject to you finding the perfect home. We’ll issue a pre-approval letter online instantly. You can use the pre-approval letter to assure real estate brokers and sellers that you are a qualified buyer. Having a pre-approval for a mortgage may give more weight to any offer to purchase that you make.

When you find the perfect home, you’ll simply call your Loan Officer to complete your application. You’ll have an opportunity to lock in our great rates and fees then and we’ll complete the processing of your request.

Whether you’re purchasing or refinancing, we’re certain you’ll find our service amazing!

If you’ll be purchasing but haven’t found the perfect home yet, complete our application and we’ll issue an approval for a mortgage loan now with no obligation!

A 15-year fixed rate mortgage gives you the ability to own your home free and clear in 15 years. And while the monthly payments are somewhat higher than a 30-year loan, the interest rate on the 15-year mortgage is usually a little lower. You’ll also pay less than half of the total interest cost of the traditional 30-year mortgage. 

However, if you can’t afford the higher monthly payment of a 15-year mortgage, don’t feel alone. Many borrowers find the higher payment out of reach and choose a 30-year mortgage. It still makes sense to use a 30-year mortgage for most people. 

Who should consider a 15-year mortgage?

The 15-year fixed rate mortgage is most popular among young homebuyers with sufficient income to meet the higher monthly payments to pay off the house before their children start college. They own more of their home faster with this kind of mortgage, and can begin to consider the cost of higher education for their children without having a mortgage payment to make as well. Other homebuyers, who are more established in their careers, have higher higher incomes, and whose desire is to own their homes before they retire, may also prefer this mortgage. 

Advantages and Disadvantages of a 15-year mortgage

The 15-year fixed rate mortgage offers two big advantages for most borrowers:

• You own your home in half the time it would take with a traditional 30-year mortgage
• You save more than half the amount of interest of a 30-year mortgage. Lenders usually offer this mortgage at a slightly lower interest rate than with 30-year loans. 

Disadvantages of a 15-year fixed rate mortgage:

• The monthly payments are roughly 10 to 15% higher per month than a 30-year loan
• Because you’ll pay less in interest on the 15-year mortgage, you won’t have the maximum mortgage interest tax deduction possible.