He was very helpful with helping me understand things
Patrick H Dec 05, 2021
The team was always pleasant and helpful.
Marjorie H Dec 03, 2021
Gary was very responsive and always available when we had questions. He made the home buying process very easy and was wonderful to work with!
Alexandra V Nov 30, 2021
Gary and his team are amazing. He got me a great rate and made the process as easy as possible.
Michael S Nov 15, 2021
Both Gary and Tyanna were great. Always available and encouraging. Worked very hard day and night to make our dream of buying a 2nd home come true.
Alison M Nov 05, 2021
Gary and his team are extremely professional and are able to treat you like family as well...
Nicole K Oct 23, 2021
The willingness to help us with a complicated loan package.
Darrell W Oct 23, 2021
It is my first experience of buying a house and it’s all with a pleasure to have you have helped and good explaining.
Boe M Oct 18, 2021
Gary was awesome. Communication was great and just an all around great guy to work with
Cain F Oct 16, 2021
The constant communication and great customer service made it an easy process to own a home.
Kandyz P Oct 14, 2021
You kept is updated along the way.
Duane W Oct 07, 2021
Great customer service and very prompt responses
Joshua J Oct 07, 2021
Gary was great 👍
Brandon O Sep 04, 2021
The process was much quicker than expected and Gary kept us informed during the entire process. The Verity App also made it very easy to complete the initial application.
Bryan F Sep 04, 2021
Friendly attitude and prompt responses.
Roger G Sep 01, 2021
Gary was great to work with and helped us out very much
Austin B Aug 08, 2021
Gary and Tyanna are the best mortgage brokers I have ever done business with. They make the process so easy and I love the technology they use to simplify the document signing.
Lawrence P Aug 04, 2021
Gary was a pleasure to work with. He was always available to answer our questions and made us feel like we were a priority client.
Shauna S Jul 29, 2021
He is efficient and knowledgeable.
Tammy S Jul 29, 2021
Great experience overall.
Craig S Jul 26, 2021
Gary exceeds expectations every time.
Norris T Jul 26, 2021
Thanks for a smooth transaction Gary!
(John) K Jul 20, 2021
Gary very professional service and did a fantastic job for me….
Penny G Jul 20, 2021
Gary and his team were very communicative and great to work with!
Somer S Jul 20, 2021
Great service very easy to work with. Thanks
Donna M Jul 02, 2021
You were always keeping me updated on our status with paperwork and calling me to check up and let me know what I needed to do next
Joshua L Jun 27, 2021
Gary and his staff always kept us in the loop and walked us through every step with grace and friendliness.
Austin H Jun 15, 2021
Gary and his team did a great job! We closed a week and a half earlier than expected and experienced no problems.
James W Jun 11, 2021
Everything went so smooth because of Gary! So thankful!
Ryanne S Jun 11, 2021
Gary and his team are amazing. Their customer service is phenomenal and the turn around time on communication is unbelievable. I would recommend Gary to anyone and he is a very trustworthy person who has patience to explain whatever your concerns are and looks out for your best interest on the house buying journey. Thank you Gary and Tyanna.
Cherita W Jun 08, 2021
Gary did a great job communicating with my client and explaining everything to her every step of the way.
Natalie E Jun 05, 2021
Gary made the process very easy and fast!
Billie W Jun 04, 2021
Very easy and streamlined process.
Benjamen P Jun 04, 2021
Very pleased and easy going without a lot of stress.
Kim S Jun 02, 2021
Gary always treats my clients very well and keeps them informed throughout the process.
Stacy M May 20, 2021
Gary and his whole staff were absolutely fantastic from beginning to end with our mortgage. I can not recommend them enough to people.
Terry L May 14, 2021
Absolutely a wonder loan processing experience. Would refer to to anyone in need of a loan for their homebuying experience.
Sultan M May 14, 2021
Gary and his team are amazing. They were always available for questions and I never walked away without understanding next steps. Highly recommend anyone to use them and my experience was seamless.
Candace F May 07, 2021
Service and communication was exceptional!
Gary was very knowledgeable and efficient.
I am referring all my friends to Gary and Verity Mortgage.
Angela L May 01, 2021
The process with Gary and his team was outstanding! They were so quick & efficient. I couldn’t believe how easy the process was with them. I will recommend them to anyone I know who is looking to buy or refinance.
Jennifer D Apr 06, 2021
Gary always answered his phone when I would call and always would take care of the issues. Great to work with.
Michael B Apr 06, 2021
My questions were always answered quickly. I was never talked down to. Took great care to try to do everything in a timely manner. Very kind and helpful.
Paul K Mar 30, 2021
great job Gary. we had great experience for our first loan.. looking forward to work with you for many more loans.. hope the great job continues
CHANDRA S Mar 19, 2021
Gary was very quick and easy to work with. We really liked his flexibility to work with us at the time that worked best for us.
Reema L Mar 18, 2021
He made it easy
Bradley S Mar 18, 2021
Gary is very efficient & responsive in all parts of the transaction from beginning to end.
Norris T Mar 15, 2021
Gary was always incredibly responsive. Good information and fast return around times.
George K Mar 09, 2021
Gary is kind and always willing to go the extra mile to get things done!
Elizabeth C Feb 22, 2021
Very professional and so helpful. We were very pleased
Tony B Feb 22, 2021
Always answered any questions I had with detail and research to back his answers. Always kind and pleasant to work with. I have worked with previously and always have the same pleasant results.
Phillip G Feb 07, 2021
Gary and his team made both the purchase and refinance extremely easy.
Brian K Feb 06, 2021
Gary was great to work with. Made everything quick and easy!
Eric A Jan 29, 2021
He keeps you informed thruout the process and does very well in doing better at getting the job completed timely.
Harry K Jan 29, 2021
Gary and his team made this a easy process. I was always informed on what was going on and they took the time to explain everything that was happening.
Brandon R Jan 12, 2021
Everything was done in a timely manor with communication along the way. All in the midst of the COVID pandemic.
Warren A Jan 07, 2021
Gary and his team were great to work with !
Adam B Jan 05, 2021
Gary and his team stayed in communication every step of the way and delivered what they promised. My refinance closed when expected. It was a great experience.
Pamela R Jan 03, 2021
Gary & his team worked patiently and diligently on my case and pulled the docs with an tight deadline in spite of the holidays slowdown
Somit J Dec 31, 2020
The service was great and the staff was wonderful and he kept us informed of everything.i would highly recommend him and his staff for all your home loan needs.thanks again
Greg T Dec 16, 2020
Gary did a great job for a client of mine who just purchased a manufactured home in Putnamville. He was able to complete the loan transaction after we went through a couple of other lenders which had denied the loan. The communication was great throughout the process and I would recommend Gary for all of your lending needs.
Michael C Dec 08, 2020
Gary was very supportive through the process. Always staying in touch and being informative in a timely manner. He was very polite.
Bambi H Dec 05, 2020
Gary always goes above and beyond to answer questions or give any information no matter the time or day. Gary and verity mortgage have you covered from A to Z
Adam C Dec 05, 2020
Gary helped my wife and I get the house of our dreams. The seller was not the easiest person to work with and he did an amazing job with it
David D Nov 07, 2020
They were very persistent to get me approved for my loan.. I appreciate them
Devita R Nov 06, 2020
Gary was smooth man! Got me from point A to point B with ease! Now I’m a homeowner!
Devin N Oct 17, 2020
Gary’s team was amazing! This is my second time using him and it was great as expected. Tyanna does a great job and is so pleasant to talk to. Thanks for all your help.
Karen G Oct 16, 2020
Gary was awesome to work with every step of the way.
Alexis G Oct 16, 2020
Gary worked very hard to get our mortgage push you he worked day and night was awesome help on the phone he is highly recommended for me and my wife I’m sure glad that we found him and we’ve been using them over and over and over again we buy more houses thank you so much Gary for the great experience and you made it as painless as possible
Wayne W Oct 13, 2020
Absolutely incredible service and communication from beginning of the process through closing.
Brent R Oct 13, 2020
Gary worked very hard to close my refinance under a difficult situation. He was great to work with!
Heather M Oct 05, 2020
I was able to go on vacation and still close on the day I was supposed to!
Katelyn K Oct 04, 2020
Gary went above and beyond to help me refinance my home. He had the answer for all my questions at a promptly manner. Gary had even made a trip to my home on a Saturday to pick up paperwork that was needed to proceed with my file. Gary and his team at Verity 𝘔𝘰𝘳𝘵𝘨𝘢𝘨𝘦 are great people and I would definitely recommend you to give Gary and his team a call if your ever in need of buying a new house or refinancing your home .
Jennifer A Oct 02, 2020
The kindness and professional way you handle the procedure
Joseph F Oct 01, 2020
Gary takes time to listen to his clients.
He is clear on his explanations and keeps the updated throughout the process.
Kristen O Sep 21, 2020
Great to work with. Very professional and closed on time!
Deborah I Sep 14, 2020
Great communication thru out the entire process.
Harry A Sep 13, 2020
Gary made everything so easy and did all of the work for us. Hes easy to talk to and always available to answer questions and has a great personality. i would highly recommend him to friends and family. Keep up the good work Gary!!
Margaret O Sep 02, 2020
Gary is someone who truly provides excellent customer service!!
Kelly W Aug 25, 2020
Gary was extremely helpful and knowledgeable while helping us refinance our home. The level of care and service we received was beyond anything that could be expected. We will be customers for life.
Heather B Aug 10, 2020
Gary and his team went above and beyond to make sure my loan was ready for our family to close on our new home.
Eric T Jul 20, 2020
He made everything smooth and easy since we are repeat clients.
Nathan H Jul 20, 2020
Gary was great. Made the whole process smooth and easy. Highly recommend.
Zachary K Jul 13, 2020
On top of things and very polite.
Christopher S Jul 09, 2020
Gary and team made my first time home buying experience wonderful! Thank you all for your hard work.
Lauren R Jul 09, 2020
The experience was great and questions were answered as well as brought a calmness to the whole experience and was able to reassure me when I had more questions about purchasing or not as so many things were happening so fast and Gary was able to talk me down without any pressure while also fully answering questions.
Taylor P Jun 24, 2020
Always responded quickly. Very friendly and very helpful. Explained everything so we could understand.
Paul K Jun 11, 2020
Top notch service all the way through the process! Communication was great and I had absolutely no worries that my client was in good hands. We even closed early! Thank you!
Loree M Jun 11, 2020
Gary and his team are simply the best
Tony R Jun 09, 2020
Gary was responsive and dedicated to having an on time successful transaction.
Don W Jun 01, 2020
Gary was super friendly and helpful throughout the whole process! I’m so happy he was able to help me purchase my first home!
Ashley R May 21, 2020
I had a great experience working with you guys!
Deonta L May 09, 2020
We recommend Gary and his team to everyone!
Thomas F Apr 23, 2020
Gary and Tyanna were great. Start to finish they made getting a mortgage as painless as possible for two first time homebuyers. They were so patient and kind with all of our questions.
Claire W Apr 18, 2020
My first bank messed everything up and Gary stepped in and cleaned up the mess and got me my house in time. Thank you very much. You all are the best.
Brian G Mar 30, 2020
Very nice does everything you need
Justin T Mar 29, 2020
Gary is great. Takes the time to really explain the process and is patient with you when you may take some time to decide. I would recommend him highly.
Nicholas K Mar 22, 2020
This is the third time I’ve worked with Gary. He makes the whole process very smooth.
Lauren G Mar 06, 2020
Everything was perfect.
Raymond S Mar 03, 2020
Excellent communication during the process.
Steven S Mar 02, 2020
Gary helped me understand the process at each step. Very informative and knowledgeable. Will be referring my family and friends to him when their time comes to buy a new home.
Jennifer D Feb 20, 2020
My refinance was done in a timely manner.
Shirley B Feb 13, 2020
Fast friendly service..... great experience
Albert R Feb 08, 2020
Thanks Gary 🙂 you made our first time home buying process easy.
Salma A Jan 31, 2020
Gary did a great job get this loan done. He was I constant communication with us. He made our part of the process very easy. He bbn is very polite and pleasant to talk to. His support staff were equally pleasant to talk to and very helpful. Gary even answered his phone and talk to us on a Friday evening while he was on vacation.
Ronald T Jan 29, 2020
Gary and his team are the best
Tony R Jan 29, 2020
Gary and his staff talked to me about everything I had questions about and let me get my questions asked without trying to rush me and offered suggestions. They made it an overall positive experience.
Rebecca B Jan 27, 2020
Gary did a great job! All was done correctly and on time.
Don W Dec 05, 2019
Gary and his team was awesome they worked fast and were very professional. I highly recommend them.
Amanda F Dec 05, 2019
Gary does a fantastic job for my clients. He stays in constant contact with me. If you need a lender Gary is your guy!
Kristie B Dec 03, 2019
Gary is a wonderful communicator. He is very thorough throughout the process and successfully gets my clients to the closing table.
Susie E Nov 18, 2019
Gary kept me informed the entire process and was able to meet deadlines. Given that this transaction was difficult on many levels Gary was able to seal the deal.
Irene H Oct 28, 2019
The communication back and forth and i was guided the whole way through each and every process.
Kyla A Oct 26, 2019
My experience was great!
Heather Z Oct 21, 2019
The service was great and Gary and his staff DoD an outstanding job and commuted with us on every situation that came up and were very pleasant to deal with and talk to.I would recommend this company to any body that is going to buy a house they are so great.
Gregory T Oct 02, 2019
Gary Tedrow is great becouse he did good job since 2009 when we buy the first house . there fore he is our best friiend.
Mehret S Oct 01, 2019
Thanks to Gary and his team awesome job
David R Sep 18, 2019
When everything got messed up with home loan studio and our account got moved to Gary and his team he really went out of his way to make everything work for us.
Andrew B Sep 12, 2019
Gary is very friendly and easy to get along with. He always goes that extra mile for his customers. I will definitely be sticking with Gary Tedrow from now on.
Matthew C Sep 10, 2019
Very knowledgeable. Went over and above for me! Always answered the phone or responded very quickly!
Devon M Sep 09, 2019
Gary and his team was prompt and courteous and made the mortgage process a piece of cake.
George S Sep 06, 2019
RJ N Sep 03, 2019
Best mortgage broker around ! So patient and understanding! I never had to ask any questions because he explained everything from start to finish!
Casey S Sep 02, 2019
Gary was not the initial loan officer on my deal. He went above and beyond and made sure everything was taken care of. He kept everyone informed and made contact to make a very hard deal get funded.
Chris S Aug 29, 2019
Gary Tedrow was referred to me by my best friend and the experience of refinancing didn’t disappoint. Very good communication and I knew exactly what documents was asked of me to provide. Being able to photograph them to the app made it a lot less hectic than it could have been. Highly recommend.
Audrey S Aug 29, 2019
Gary is alway thoughtful and respectful with clients. He give them the most accurate information which reduces stress in the home buying process.
Tammy S Aug 08, 2019
Just the overall service from the realtor to the lender and his colleagues it was very simple and easy due to all of you thanks so much!!!
Thomas B Aug 01, 2019
Gary was the most down to earth and friendly person. He was so knowledgeble and was happy to answer all of our newbie questions and was very quick to reply through the whole process. We are amazed at how simple and easy Gary and his team made this process and they went the extra mile to make sure we got into our dream home. Knowing Gary had our backs was very reassuring. I will recomend him to all friends and family and strangers. I would never make a big purchase again without him in our corner
Heather S Jul 20, 2019
Gary and his team were able to help me work through Veterans Affairs issues. That in itself is an amazing task to pull off.
Nicole K Jul 06, 2019
Gary and Tyanna were great to work with! I would definitely recommend them.
Angella A Jul 04, 2019
Gary was a professional who listened to our needs. His communication with us throughout the process went above and beyond! I would not hesitate to recommend Gary for those looking for their next house or refinance.
David N Jul 03, 2019
He is very kind and considerate. Carries out business in a professional and dependable manner. Could ask for a better partner with which to work.
Susan C Jul 02, 2019
Great job keeping me informed along the way! Gary and his team are top notch.
Brian L Jun 30, 2019
I cannot express how pleasant Verity Mortgage was to work with. Gary and his team truly made my first home buying express stress free and enjoyable. He had my information in order and I was pre approved for my loan within hours. His team responded to any questions or concerns I had immediately. Gary kept me updated throughout my entire home buying process. I also found the Verity Mortgage app very user friendly. I would highly recommend Gary as a lender to anyone.
Ashley R Jun 23, 2019
Gary is very thorough and a great communicator. Does great work for his clients.
Susie E Jun 03, 2019
All the support!
Judie G May 30, 2019
Gary always answered our questions quickly and was always super friendly. We were new to this whole experience and he made it so much easier and stress free. Definitely couldn’t have asked for a better lender!!
Michael S May 17, 2019
Gary and Tyanna were both very kind to us and so helpful. Every time we didn’t understand something Gary would bring us in and sit us down and make sure we would understand everything.
Devan B May 07, 2019
Gary was extremely helpful throughout the process and was always available to answer questions. He was a pleasure to work with and I would highly recommend him!
Leanne V May 06, 2019
Service was excellent as well as communication.
Valentin M May 06, 2019
knowledgeable and dedicated
Harold J May 03, 2019
Gary was always there to answer any questions he always called back in a timely matter if he did not answer. We were pleased to have Gary take care of us like family
Phillip B Apr 22, 2019
We had started another company but quickly switched once speaking to Gary. He took the time to understand our family and to educate us on the process to make sure the best decision was made and we understood it! This was really appreciated and we quickly sent family his way!
Alison H Apr 01, 2019
I felt that Gary and Tyanna were dedicated to trying to assist me. Very nice.
Martha E Nov 19, 2018
Gary made the experience great. He took time to come to my home and answer questions and pick up papers that could have been done via snail mail. It is the personal touch that makes the difference.
Wyatt L Sep 13, 2018
From the beginning to the end Gary was there to help. He informed me on how the process would look and unfold. He answered all my questions and was there help at any time. I would definitely recommend Gary to my family and friends.
Mehringer A Aug 31, 2018
Gary is making the Mortgage Market Great Again!!!
Grubbs D Aug 31, 2018
GARY made it an easy process.
Beeler B Aug 30, 2018
Everything was very simple and straight forward with the documents I needed to provide.
Guest L Jul 23, 2018
Good service. No hassles.
Edmonds G Jul 16, 2018
Completed in a timely manner. Willingness to go above & beyond.
Beikman S May 25, 2018
Gary was very easy to work with and keep in great contact the entire process.
Bonesteel C Apr 06, 2018
Honest and efficient
Ross A Apr 04, 2018
Gary was an absolute pleasure to work with. He always responded very quickly and worked hard for us! I will recommend him to anyone looking for a wonderful and diligent mortgage rep!
Gonzalez K Mar 21, 2018
Gary and his staff went above an beyond with excellent customer service.
Staff was very friendly and great to work with. I would suggest that anyone looking to refinance or buying a home to contact Gary. When closing they came to us and worked with our schedule. Five star company with great staff and excellent to work with!
McNeeley M Feb 06, 2018
They worked very hard to make everything happen.
Foster T Jan 11, 2018
They are great at explaining things.
Cody G Sep 21, 2017
We want to make your home financing as easy as it can be. With Verity Mortgage, you can relax while we handle the details.
You can get a loan before you even select a home. A Verity home mortgage specialist can perform a pre-qualification or pre-approval so that you'll have a good idea of how much you can afford. Once you've found a home, and a seller has accepted your offer, you are ready to move to the Application process.
- You will know the loan amount you qualify for so that you know what home price range to shop
- Save time to narrow the list of homes to ones that fit your price range
- Discover any credit challenges early in the process we can resolve them at the beginning of the process
- Confidently make an offer as soon as you find your dream house
- Sellers will consider your offer more strongly with a prequalification letter over one that is not
- Your agent will ask for this as it improves your chances of getting the house you want
There are no fees or costs to getting pre-qualified, but it is a vital step in the home buying process. Call us today!
Prequalification: This is an overview of your credit profile that is an important step to writing offers for new homes and one we highly recommend. It just means that you have not submitted the documentation that will be required to verify your income, financial statements showing enough assets to close and you have not yet met the underwriting guidelines of the program you are going to select once you find the home of your dreams.
Preapproval: If you have a little more time at the beginning of the process, we always recommend getting Preapproved. A preapproval is the start of the formal application process before you find the property and is more thorough review of your financial position and ability to qualify for a home.
Why get Preapproved for a Mortgage?
- You’ll be able to move faster to find the house you want
- Most of the paperwork will be out of the way so you can close your loan faster
- You will be able to move to the top of the offer stack as your income, assets, and ability to buy has been verified
- Sellers know you will be less likely to have a delay in closing
- In competitive markets, this is another feather in your cap
Buying a house is one of the biggest decisions you will make in your lifetime. Our goal is to make the process as smooth and hassle-free as we can. Understanding the process will give you the knowledge you need to get started.
- Step in Getting Prequalified or Preapproved
You can get a loan before you even select a home. One of our home loan experts can perform a pre-qualification or pre-approval so that you’ll have a good idea of how much you can afford. Once you’ve found a home, and a seller has accepted your offer, you are ready to move to the Application process.
Once you’ve selected a home, your home specialist completes the mortgage application, gathers information about the property you want to buy, and collects personal information, such as income, assets, and employment history. For a complete list of information that you need to provide, see the Application checklist.
Once your application is complete, a loan processor reviews your file and verifies your information. We order a credit report to determine your credit history and credit score. We also order an appraisal of the property.
An underwriter reviews your file and determines whether your loan will be granted and issues the loan approval. The underwriter may request additional information during this review process.
Once the loan is approved, the closing process begins. Our closing department prepares closing documents and sends closing instructions to the title agent. The title agent is responsible for examining the title of the property and working with you for an acceptable closing date. At the closing, you’ll sign papers, pay closing costs, and finalize the transaction. Now it’s time to move into your new home.
Lower Payments*. Consolidate Debt. Pull Cash Out.
*By refinancing your existing loan, the total finance charges may be higher over the life of the loan.
First, start by asking yourself one of these questions.
Has your income increased? Do you need to consolidate debt? Has the equity in your home increased? Do you need money for a major expense? Has your credit rating improved?
If the answer is yes to any of these questions than we encourage you to call one of our home loan experts to give you a refinance evaluation. It costs nothing but could save you thousands of dollars in interest, pay off high balance credit cards, or help pay for college or unexpected expenses.
Knowing your options is the most import part of the refinance decision so Call us today!
As you pay down your mortgage or as home values increase over time, a cash-out refinance allows you to use a portion of your equity and turn it into cash. The great news is you can use that cash however you want. Home improvements, unexpected expenses, college tuition or just to check a destination off your bucket list.
When is the best time to turn that equity into your house and use it as you see fit? That answer is up to you and can be used to fit your current needs.
Some of the more chosen reasons for utilizing a cash-out refinance are to:
- Remodel of you home
- Pay off high-interest credit cards or auto loans, neither of which is tax deductible like mortgage interest
- Help with life events like a growing family
- Bucket List Reduction
- Elimination of student debt
A renovation loan will let you do almost anything with your home. Some loans are used on smaller projects like ordinary repairs or cosmetic updates. These types of renovations loans typically don’t have minimum loan requirements for the repairs or upgrades you want to make to your home. These loans are limited to non-structural repairs with maximum loan amounts around $30,000.
With these types of loan, you can improve things like:
- Repairing or replacing your roof and gutters
- Redesigning your kitchen or bath
- Landscaping or adding a deck
- Buying new appliances
- Getting new windows, doors or floors
- Making your home energy efficient
- Upgrading plumbing, electrical, heating or cooling systems
- Ask a home loan expert (bolded and hyperlinked to find a loan officer)
Need to do more extensive renovation? We got you covered!
We have other programs that are specifically intended to make major repairs or changes to your home. These will have a minimum loan amount but the good news is you can borrow up to the value of your property plus repairs/renovation. Here are some examples:
- Room additions or adding a second floor
- Major remodeling that requires structural work
- Foundation or other structural repairs
- Projects over six months
You don’t have to settle for a house that only has half of the items on your wish list. With renovation loan you can buy in the perfect neighborhood and then get all the items on your list without coming out of pocket. This loan allows you to combine the purchase price of the home and the cost of repairs and upgrades into a single mortgage. No second lien at a higher interest rate required. Other benefits include:
- Get a home in a great location below market price
- Getting a bargain on a home allows you to move to a higher priced area of town
- Get more bang for the buck with a larger home
- Opens up your search area
- Your home fits your taste and family requirements
A remodeling home loan allows you to make your current home into your home for the future. These types of loans allow you to roll the costs of the work you do into one new mortgage. No second lien required, most likely at a higher interest rate. Since this is a refinance, you can also capitalize on lower interest rates, move to a shorter loan term and possibly lower payments.
A fixed-rate mortgage offers an interest rate that is steady throughout the life of the loan. Fixed-rate mortgages offer the security of always knowing exactly what your monthly loan payment will be. The interest on ARMs can fluctuate (up or down) periodically. The interest rate on ARMs offers an opportunity to save on interest costs. However, you are protected from rates getting too high, because a safe ARM has annual and lifetime rate caps, which limit how high your rate may go.
This a decision you must make. Here is one way of looking at the question: If you can afford the payment and are comfortable with all the other terms, it makes sense to go ahead and firm it up IN WRITING. Do not be overly concerned if rates fall after you lock. If your objective is to purchase the property, you have eliminated one uncertainty. If you are refinancing, locking the rate guarantees that you will reduce your monthly payments or be able to obtain cash you need for home improvements or other worthwhile goals.
You can lock your rate at application, while your loan is being processed and approved, or any time shortly before closing.
Verity Mortgage offers lock periods up to six months on some loan programs.
PMI is required for conventional loans with a down payment of less than 20th of the value of the home. You can avoid paying PMI by making a down payment of 20 or more of the value of the property you want to buy.
PMI will be automatically terminated when the loan-to-value ration is scheduled to reach 78 assuming all payments are current. Borrowers can request cancellation of PMI when the loan reaches 78 assuming all payments are current. Borrowers can request cancellation of PMI when the loan reaches an 80 loan-to-value ratio, assuming the loan is current.
How do I know whether the house is in a flood zone, and if so, how can I determine my insurance premium?
Verity will order a flood certification before loan closing, as required by federal law. However, if you would like to find out if the property you are purchasing is in a flood zone, you can contact your insurance agent or check the local library for updated flood maps. FEMA determines flood risk by comparing your lowest floor level to flood levels from the past 100 years. FEMA bases flood insurance premiums on this information. You may need to get a slab elevation if you are unable to obtain this information from the seller or your local permit office
Annual Percentage Rate (APR) is a calculated interest rate that reflects the overall cost of a loan on an annual basis. APR includes interest payments, origination fees, discount points, and other specific costs of getting a loan and is, therefore, usually higher than the interest rate. APR can be useful for comparing different types of loans. However, while all lenders are required to calculate APR based on guidelines provided by the Truth in Lending Act, not all lenders include the same costs in the calculation. This can make it difficult to compare the APR for loan programs from different leaders.
Points, also known as “discount”, are funds paid at closing so that you can get a lower interest rate for the life of the loan. For example, you may be quoted a rate of 7.375 with 0 points or 7.000 with 1 point. One point is equal to 1 of the mortgage amount.
Closing costs are expenses paid, by both buyers and sellers, at the closing meeting. Closing costs include pre-paid taxes and insurance, discount points, origination fees, title insurance, and other fees that may apply to your loan.
Pre-paid items are hazard/homeowners insurance, taxes, and pre-paid interest. Most insurance is paid in advance, so you will be required to pay for your homeowner’s and flood (if required) insurance policy for the first year in advance. Also, the lender will require you to make a deposit of up to 2 months of payments in order to establish an escrow account.
Many loan programs require that the lender pay the taxes and insurance on behalf of the borrower. Your loan officer can determine if the option to pay taxes and insurance yourself is available on the loan program that is best for you.
MORTGAGE PAYMENT CALCULATOR
Estimate your monthly mortgage payment using the calculator below. Simply enter the purchase price of the home, loan term, and details about the home loan. Please note that escrow for taxes and insurance is not required for loans with down payments of less than 20 percent. Some of this information may be difficult to determine on your own; please contact a mortgage specialist to review the most accurate monthly mortgage payment for the area you are purchasing.
Types of Loans
Streamline 203K: This is for projects where total renovations do not exceed $35,000. It is more for minor changes like upgrading HVAC, paint, fixing or replacing roofs, patios, septic systems or remodeling a kitchen. It does not allow for structural changes like foundation work.
Full 203K: This for projects that need to be more expansive in nature and may go over $35,000 in total renovations. It can be used for all the repairs from a streamline, but you can also make structural changes and reconstruction, repair or replace plumbing or use it to improve energy conservation, safety or disabled accessibility.
This is a great option when buying a home that needs a little TLC or you want to make your current home into your forever home.
What can a Homestyle Renovation help with?
- In-ground pools
- Interior and exterior upgrades
- Kitchen or bathroom upgrade
Program Flexibility: Conventional loans allow for different terms and down payment. Meaning you can customize your down payment, whether you have a first and a second or if you want to do one loan with Mortgage Insurance.
Program Flexibility: Conventional loans allow for different terms and down payment. Meaning you can customize your down payment, whether you have a first and a second or if you want to do one loan with Mortgage Insurance.
Loan Limits: Conventional loans are capped at a maximum loan amount of $453,100 for single-family homes unless the property resides in a High-Cost Area of the United States.
Second Liens Permitted: Another difference between conventional loans and the other programs is the ability to add a second lien to assist with down payment requirements. This also is a good option when buying a higher price house and need to go above the maximum financing amount in a non-High-Cost Areas.
Loan Limits: Loan amounts starting at $548,250 or $822,375 for home loans in high-cost areas of the U.S and loan amounts to $3,000,000 and above
A VA home loan is a great benefit to military personnel during and after their service. Thank you for your service and sacrifice for our country.
No Down Payment: A VA home loan comes with 100% financing. Contact one of our home loan experts for more details.No Mortgage Insurance: Unlike USDA a VA home loan does not have monthly or annually mortgage insurance.
Certificate of Eligibility Required: In an effort to make sure we use your Veteran Benefits properly borrowers must obtain a Certificate of Eligibility . The VA Benefits portal will be able to help you find this information or contact us and we can assist you in getting the info.
Low Down Payment: FHA loans are great for first time home buyers or home buyers that are working with limited down payment. A down of 3.5% is all that is required and can be a gift from a relative.
Flexible Income Requirements: The original goal in 1934 for FHA loans was to make home ownership possible. One way the program does that is by allowing for more flexible income and credit guidelines.
Loan Limits: FHA does have different maximum loan sizes by area. To learn more click on here to see what the Loan Limits are in your city.
No Down Payment: The USDA loan comes with 100% financing. A down payment is not required which can be an obstacle to homeownership.
Low Monthly Mortgage Insurance: The upfront insurance rate on a USDA is generally lower than VA or FHA. It also has one of the lowest annual mortgage insurance fees. Other good news is the upfront fee can be rolled into the loan, eliminating an out of pocket expense at closing.
Only available in certain geographic areas: To get a USDA loan, the property you buy has to be in a USDA designated rural area, but that does not mean it is necessarily farmed land. Over 90% of the U.S. is eligible, which includes small town and suburbs. The USDA Mortgage Eligible Map will show you all the areas where you can use this loan.
Income Limits: The USDA loan was originally designed for low to moderate-income families. The guidelines for USDA define income level as being 115% of the area’s median income. This income amount if very different in different parts of the country and can be very different in certain areas of a state. Please contact one of our home loan experts to learn more.
- Fixed Rate and Adjustable Rate
- FHA, VA, and USDA Loans
- Jumbo and Conforming Loans
- Conventional Financing
- Renovation Loans
Special Programs for Non-traditional borrowers also available
100% YES! This one decision will make the home buyer process go much more smoothly. The pre-qualification process is simple:
- Gather your personal financial information such as bank statements, W-2 forms and paycheck stubs, and meet with your Loan Officer.
- We will pull your credit report and evaluate your financial documents. With this information, you and the loan officer are able to discuss the best home financing options that will help you achieve your financial and homeownership goals.
- Once you are prequalified, we will give you a prequalification letter to inform your real estate professional and the seller of the property that you’re a preferred and serious potential buyer. This will give more weight to any offer you extend on a property as well as allow you to relax and enjoy the process of looking for your new home.
- How long will you live in this home? Several years, or just a few?
- Do you anticipate your income or finances to significantlychange over the next few years? Do you anticipate significant changes to your income or finances over the next few years?
- Are you either comfortable or uncomfortable with an adjusting monthly mortgage payment? Have you considered an adjusting monthly mortgage payment?
- Do you plan to be out of mortgage debt by, for example, when your children start college or when you retire?
Based on your answers, your home loan expert can discuss different home loan programs that will suit you financially and help you reach life’s milestones.
An FHA loan, on the other hand, is guaranteed by the Federal Housing Administration. FHA is a government agency that works with approved lenders like us.
Typically, origination points are applied and disclosed at the time of locking in an interest rate. On the other hand, discount points can be added at the time of lock or later in the process if you choose to pay to reduce your interest rate.
Origination fees are the fees required to originate the loan. They can include processing fees, underwriting fees, administrative fees, and several others. One of our Loan Officer can give you a complete breakdown of these fees as they vary from state to state.