Mortgage Resource Center

Below are some common questions about home mortgages. 

Question: How do I know if I can get a loan?

Answer: If the amount you can afford is significantly less than the cost of homes that interest you, then you might want to wait awhile longer and save up your money. But before you give up, why don't you contact me? I may be able to help you evaluate your loan potential and find something that fits your budget. I know about many kinds of mortgages the lenders are offering and I can help you choose a lender with a program that might be right for you. Another good idea is to get pre-qualified for a loan. That means you go to a lender and apply for a mortgage before you actually start looking for a home. Then you will know exactly how much you can afford to spend, and it will speed the process once you do find the home of your dreams.

Question: How much money will I have to come up with to buy a home?

Answer: The amount of money required to purchase a home depends on a number of factors, including the cost of the house and the type of mortgage you get. In general, you need to come up with enough money to cover three costs: earnest money, down payment and closing costs. When you make an offer on a home, your real estate broker will put your earnest money into an escrow account. If the offer is accepted, your earnest money will be applied to the down payment or closing costs. If your offer is not accepted, your money will be returned to you.

Question: How often do mortgage interest rates change?

Answer: Due to market fluctuations, interest rates are subject to change daily. Many lenders will allow you to lock and/or float the interest rate once you have been approved for a loan. Check with your lender about any interest rate protection they may offer.

Question: I have poor credit, and I don't have much for a down-payment, can I become a homebuyer?

Answer: Yes, there are many programs available that may allow you to buy a home. You may be a good candidate for one of the federal mortgage programs that are available. A good place for you to start is by contacting one of the HUD-funded housing counseling agencies. They can help you sort through your options. In addition, contact your local government to see if there are any local homeownership programs that might work for you. You can also contact me at (888) 288-5693 and I can put into contact with several mortgage brokers that may be able to assist you.