New Home Mortgage Loan
Need to refinance? click here.
New Home Mortgage Loan
What is the current mortgage rate? What can First Equity do for me? What is the difference between an Interest Only Mortgage, an FHA Mortgage, and an Adjustable Rate Mortgage? When buying a new home, your First Equity mortgage loan officer can help you answer all of these questions and more. This website will provide answers to most questions, but feel free to call us toll free (877) 356-8887, or fill out our no-obligation information request.
Whether you are purchasing your first home or you are a seasoned veteran, we can get you on the way to your new home mortgage loan and walk you through the following:
How Much House Can I Afford?
House hunting begins at home... with planning. Before you grab the road maps and hit the streets, you need to know how much house you can afford to buy. Knowing your affordable price range and new home mortgage limits will bring your house hunting into focus.
Do I qualify for a new home mortgage loan?
A house hunter's first step is to set a housing budget, then go shopping for the house (price) and payments (P.I.T.I) that fit the budget. Few things are more frustrating than looking at homes, falling in love with one, and then discovering that you can't afford that particular house. You can avoid this by getting pre-qualified, then pre-approved for your new home mortgage loan at First Equity. Contact us or click here to fill out a short form online for more information.
Even though there are many ways to qualify to buy a home, make sure the monthly payment makes sense for you. A current rule of thumb is that the monthly payment should not be more than 25-33% of gross monthly income.
You'll want to note the differences between being pre-qualified and pre-approved for your new home mortgage.
Pre-Qualification:
- Based on preliminary information regarding your income, debts and assets
- Information is usually provided verbally by the buyer(s)
- In-file credit report may or may not be reviewed
- Once a purchase agreement is executed, the buyer must complete a loan application
- No fee
Pre-Approval:
- Buyer provides documentation of income, debts and assets
- Loan application is completed
- Information is verified and loan is approved by underwriter
- No need to complete application once purchase agreement is executed (it's already done)
- Buyer makes a deposit on closing costs
- Buyer's loan is approved, subject only to home's appraisal
Find out more by clicking here or to start the pre-approval process for your new home mortgage loan, click here to fill out a short form online.
What is a credit score?
Savvy home buyers know the importance of credit. When you're in the process of looking for your new home, credit scoring can save a great deal of time and frustration. Your First Equity mortgage loan specialist will discuss your credit score and how it may affect your new home purchase.
Credit scores help determine the type and size mortgage loan for which you qualify for your new home. The score is basically a summary of your credit report, in the form of a numerical measurement that reflects your management of credit. Based on information compiled by credit bureaus, the score takes into consideration:
- The applicant's payment history
- The amount of credit the applicant has
- Information reported monthly by creditors
- Any serious past problems with debts (i.e., liens, bankruptcies, collections, judgments)
The credit scoring process converts these and other factors into a single number that aids in determining the likelihood an applicant will repay a loan on a timely basis, and this score helps determine what kind of new home mortgage loan you will qualify for.
Credit scores used in mortgage lending typically fall in the 300 to 900 range. Generally, the higher the score, the less risk of default the borrower presents to the lender and the better terms you will be offered for your new home mortgage. However, credit scoring is only one factor considered by a lender when evaluating and only after careful analysis of all the information collected from the applicant.
Even new home buyers who are already pre-qualified for a mortgage loan benefit from knowing their scores. While the pre-qualification measures debt and income ratios to "predict" the loan amount for which a person may qualify, the credit score provides a clear indication of the buyer's credit standing - a major factor during the final new home mortgage approval process. A low score may necessitate a decreased loan amount, a change in home mortgage type or possibly even denial of the loan altogether. We recommend that every new home buying prospect learn his/her credit score as the first step in the mortgage loan. Click here for more information.
Does First Equity have programs for all kinds of credit?
We have over 100 programs available for all kinds of buyers. First time home buyers, investors, those with little credit history, people with excellent credit, interest only programs, ARM's, fixed rates, etc. To learn more, click here. We will work hard for you to find the new home mortgage program that works best for your situation. You will have your own personal loan officer that will work with you from the start of your new home search all the way through to moving in. We have competitive rates for all kinds of credit situations, and at First Equity, we believe individuals with poor credit deserve to own their own home. Mortgage Bad Credit Rate
We believe that shopping for your new home should be fun, and that you should not have to worry about your new home mortgage loan. At First Equity, your loan officer will keep you informed each at each step in the mortgage loan process; you have no worries and no hassles. We take care of all of the red tape and paperwork. We make all of the phone calls and help clear up any roadblocks that may be in your path. Our goal is to make the new home mortgage loan process as smooth and effortless as can be for you. If possible, your loan officer will even be with you at the closing, just in case you have a last minute question.
How can I get started?
Simply call us toll free at (877) 356-8887 or take two minutes and click here to fill out a short form online, your personal loan officer will contact you to help you get started
Back to top
Back to Home page |
