FAQsQ: If I previously owned a home can I qualify for 1st Time Home Buyers Programs? A: Per Mortgage guidelines, a First-time home buyer is (1) someone who has not every owned a home or (2) someone that previously owned a home but have not owned one for the last 3 years. This is important because numerous options are available to the First-time home buyers. Several programs offer flexibility with down payment and qualifying standards. My team will help you to avoid the many pitfalls and restrictions that may come into play. Q: How much will it cost me to close the loan? Q: How much is my application fee and is it an additional expense? Q: Do you provide credit counseling? A: Yes, Call me and I can refer someone. Q: How do I know how much house I can afford? A: An old rule-of-thumb stated that you generally can purchase a home with a price of two or three times your annual gross household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. Give us a call, and we can help you determine exactly how much you can afford. Q: What is the difference between a fixed-rate loan and an adjustable-rate loan? A: With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan will likely change. There are advantages and disadvantages to each type of mortgage, and the best way to select a loan product is by talking to us. Q: How is an index and margin used in an ARM? A: An index is an economic indicator that lenders use to set the interest rate for an ARM. Generally the interest rate that you pay is a combination of the index rate and a pre-specified margin. Three commonly used indices are the One-Year Treasury Bill, the Cost of Funds of the 11th District Federal Home Loan Bank (COFI), and the London InterBank Offering Rate (LIBOR). Q: How do I know which type of mortgage is best for me? A: There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture and how long you intend to keep your house. Liberty Mortgage Lending II can help you evaluate your choices and help you make the most appropriate decision. Q: What does my mortgage payment include? A: For most homeowners, the monthly mortgage payments include three separate parts:
A: The amount of cash that is necessary depends on a number of items. Generally speaking, though, you will need to supply:
Q: Am I really eligible for $8,000 first-time homebuyer credit? |
|
Confidence!
Whether you are looking to buy, refinance or receive equity from you home, my team has the perfect mortgage loan for any stage of your life. We are mortgage experts and work to understand your unique financial goals and help you make an informed decision about choosing a mortgage that fits your lifestyle. My mission is to carefully guide you through the entire mortgage loan process, so that you feel confident as you make choices about the many options available for your financing strategy.
|
|
