Mortgages

If you are buying a house and need a mortgage, we have put together a comprehensive list of items you should consider while making your decision. This information will help you learn about different loan options and help you choose a loan that meets your specific needs. It will also help you choose the term of your mortgage and determine which type of lender will work best for you. Finally, we will give you details about the prequalification process and make you aware of what closing costs to expect. With this information, we hope to help you find the most cost effective mortgage package for your needs.

Do you know if you are you eligible for a VA loan? Millions of Americans qualify for them, but are not aware of it. Find out if you are eligible for a VA Loan.

1) Types of Loans Many factors determine what type of loan you should apply for, including the value of the property, the amount of your down payment, and your credit score. [More info on Loan Types]
2) Types of Properties If you are buying a home, or refinancing, your mortgage will be affected by the type of property you have. You may get a better rate if it is your first home, a different rate if you currently own another home, and an even higher rate if you are buying investment property. [More info on Property Types]
3) Loan Term You will need to decide whether you would like a fixed-rate mortgage or an adjustable rate mortgage (ARM). If you feel the current rates are low and you plan to stay in your house for a long time, you may want to consider a fixed-rate loan. If you think current rates are high and you plan on selling your home soon, you may want to consider an adjustable rate loan. The link below will provide you with more detailed info on the types of loans available. [More info on Loan Term]
4) Lenders When applying for a mortgage, you can apply through a bank, a savings and loan, or a mortgage broker. [More info on Mortgage Lenders]
5) LTV (Loan to Value) The amount of down payment you make, determines the Loan-to-Value Ratio (LVT). This is the ratio of the amount of your mortgage divided by the value of your property [More info on Loan-To-Value]
7) Buy-Downs/Discount Points If you plan to stay in your property for a while, you may want to consider paying points to buy down your interest rate. [More info on Buy-Downs/Discount Points]
8) Closing Costs Be sure to consider closing costs when purchasing your mortgage. You may find a lender with a cheaper rate, but this doesn't necessarily mean the loan will be cheaper. [More info on Closing Costs]

To begin, learn about Loan Types

Is your home the largest purchase you will ever make? No. Contrary to common belief, your home is not the largest purchase you will ever make. Your mortgage is the largest purchase you will make. You may pay as much as 3 times the value of your home for your mortgage. Be sure to educate yourself.

Learn all about Mortgages:

Loan Types > Property Types > Loan Term > Mortgage Lenders > Loan-To-Value > Prequalification > Buy-Downs/Discount Points > Closing Costs

To get additional information and advice about mortgages, feel free to call 800-930-9201. A specialist will help answer all of your questions. We are also your best online source for information on home equity loans and VA Loans
If you have questions or would like help with your mortgage, you can call us at 800-930-9201.

"James Chapman was more than helpful in securing our loan. He was very knowledgeable and an excellent source for any questions we had. I would recommend him to anyone looking for a loan officer who knows what they are doing. My experience with James was one that I will use to compare all future transactions. James took time out of his day to make sure that we completely understood everything."

-L. Serna
Las Cruces, NM
United States Army
Equal Opportunity Lender
Equal Opportunity Lender
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