Friendly and attentive people
Hunter N Oct 04, 2021
Team was timely with all requests and provided easy tools to get to all information.
Thomas P Oct 01, 2021
Simple paperwork…the notary came to our house.
Joe E Sep 27, 2021
All the process quick and easy especially with the app.
Jose G Aug 27, 2021
Abed K Aug 27, 2021
We were down to the wire on closing and they made sure everything was done so that we could close. They are patient and supportive with client question and needs.
Stacy F Aug 06, 2021
Michael and his team were very responsive every step of the way. They made this process very easy for my clients and I.
Brandon M Jul 23, 2021
The support and commitment dedicated to me in the mortgage process from start to finish was top notch. Any questions that I had were answered promptly and all the intricacies of the loan process were explained thoroughly. This was my first mortgage experience and I am happy to have had this team on my side!
Ryan O Jul 23, 2021
Jeremy D Jul 22, 2021
Patient and intelligent service.
Ellenie B Jul 14, 2021
Michael and his team did a great job with our mortgage. He always made himself available when we had questions. He and his team made the transaction seamless.
Matthew M Jun 20, 2021
Michael and his team were very helpful from start to finish. I appreciated the prompt communication and professionalism throughout the entire process. I always felt like my client and I had someone in our corner who is willing to go the extra mile to ensure success. Michael and his team made us feel like we were all on the same side and we were in this together. It gave us great confidence and resulted in a happy client with a new home and a satisfied agent with peace of mind!
Michael C Jun 11, 2021
Michael and his team were in great communication with us even before we decided to fund with him. I could reach him or someone on his team day or night and even through txt with simple questions late at night. Great job guys!
Pamela W Jun 07, 2021
Ease of the whole process...
Christopher S May 24, 2021
The BEST! I love working with Michael and the Fooshee Team. They always take great care of me and my clients!
Ali V May 14, 2021
Michael Fooshee & his team are the Best. I highly recommend their services for their honesty & integrity. Excellent service.
Vinayak R Apr 28, 2021
Timely response to all questions and getting loan processed
Lisa C Apr 17, 2021
Michael and his team have been instrumental to making our home purchase completely seamless.
I will absolutely use their service on my next home purchase and I cannot say enough good things about them.
Sebastien A Mar 26, 2021
Quick and painless! Highly recommend the Verity Mortgage Team!
Heather M Mar 22, 2021
The team was very knowledgeable and very prompt with their response. They were there to help every step of the way.
Nicholas B Mar 21, 2021
Your staff’s direction and availability. The closing office kept going on about how good it was working with your staff. 5 star all the way.
Barry C Mar 16, 2021
The efficiency of the process was great. Everyone was so professional.
Carol W Mar 10, 2021
The process was so easy and the team was great to work with!
Lori K Mar 09, 2021
Michael was a helpful and clear with explaining everything. The team Kim and Kendra were quick in their replies and also helpful with all my questions as a first time homebuyer.
Samantha B Feb 26, 2021
Michael and the whole team made my first time home buying experience so great! He went above and beyond for me and the whole process was truly enjoyable! He was always in contact and answered all my questions. Micheal is the best!!
Julie E Feb 10, 2021
Ease of the electronic process. Quickness of the process.
Sandra W Feb 06, 2021
Great experience with Mike and crew.
Michael W Feb 05, 2021
Michael and his team knocked it out of the park AGAIN! His communication and attention to detail were top notch... always quick to respond in the scenario that he wasn’t able to pick up the phone right away. Did a great job communicating with all parties and keeping the buyer informed and at ease every step of the way!!!
Stephen C Jan 21, 2021
Verity was very professional and performed very well for us. Our timeline to obtain the financing was shorter than normal and Verity came through with flying colors.
Richard R Jan 19, 2021
This was actually very pleasant experience. We were well informed of every step in the process and all the staff was very friendly.
James B Jan 04, 2021
Fast and efficient! Great job!
Simon K Jan 04, 2021
Good follow up.
Charles J Jan 03, 2021
Speed of process
Anthony B Dec 02, 2020
A very smooth and easy experience. Michael and his team always professional and going extra mile to make sure customers know that they are doing and getting into. Thank you guys so much.
Justin C Dec 02, 2020
Estoy muy agradecida con toda la ayuda y las facilidades que me dieron. De verdad muchas gracias. Dios los bendiga. Gracias a su apoyo pude tener mi hogar algo que yo veía tan lejano gracias a ustedes y a Dios lo logré. Gracias!!!
Brenda R Nov 30, 2020
Michael provided great service and communication. Will certainly use him again.
Jacob B Nov 09, 2020
This group was extremely helpful as we purchased our first home! Would recommend to anyone!
Sarah G Nov 08, 2020
Thanks Mike! Thanks for getting this closed so fast.
Michael W Nov 06, 2020
Great rate. Great service. Great accountability.
Laura H Nov 06, 2020
Process was super easy and communication was great.
Christopher N Nov 06, 2020
Everything went smoothly
Jarrod Y Nov 06, 2020
Everyone was excellent!!
Jorge C Nov 04, 2020
The team did a great job communicating throughout the entire process. They were fast to respond to questions and took the time to explain the entire process. Very happy!
Doug W Nov 04, 2020
I am so excited to be in our new home. Michael’s team was excellent in every aspect.
Communication. Professional in every way. Paid attention to every detail. Understanding of our sometimes confusion in the process.
We recommend Michael and his excellent team without reservation.
Nicci W Oct 16, 2020
Thorough and proactive management of the mortgage process. Pleasant customer service from everyone on the Fooshee team.
Christopher L Oct 14, 2020
Procedure went very well even though I’m outside the country and in no time. Great job Mike Fooshee.
Hani A Oct 05, 2020
Great experience with Michael Fooshee and Verity Mortgage.
Kyle J Oct 01, 2020
Michael and his team are the best of the best! I know that they will be responsive to me and my clients. They work hard to meet timelines and are in constant communication with me throughout the process. I love working with Michael.
Ali V Sep 28, 2020
Ease of access to secure sites; clarity on documents needed; personnel extremely professional and wonderful to deal with. They were accessible and knowledgeable.
Jan B Sep 17, 2020
Thank you for all your hard work and making the file run seamless.
DeWayne S Sep 14, 2020
Open and most careful attention to clients needs and questions
Ralph S Sep 14, 2020
Michael and his whole team were above and beyond fantastic! From offer to close they were always available and attentive for myself and my clients!!!!
Stephen C Sep 13, 2020
Michael made it incredibly easy to get a refi done and got it done quickly!
Joe R Sep 06, 2020
Everyone with this group is so communicative and helpful! I cannot imagine a better experience.
Jessica B Aug 19, 2020
Very pleased with the team! Awesome communication and very detailed! Thank you for everything.
Jocelyn M Aug 14, 2020
Did a great job with buyers and great interest rates. thanks.
Lyne S Aug 13, 2020
Thank you Michael & Team!
Brian M Aug 10, 2020
The whole Fooshee team gave my husband and me the time and attention we needed while making such a big financial decision as purchasing our first home.
Lindsey R Aug 10, 2020
Michael and his staff were very efficient and timely in meeting my clients needs from start to finish. It was a great transaction!
Tric S Aug 09, 2020
Even with Covid slowing the process down the Fooshee group stayed the course and pushed through to the end to meet our deadline. Appreciate everything they do.
Thomas P Aug 07, 2020
Michael and his team went above and beyond to ensure a smooth transaction!
Erin B Jul 31, 2020
This company made our closing happen in 22 days!!
They were fantastic with communicating with us!
April B Jul 30, 2020
Mike was the best! Absolutely wonderful to work with!
Brett D Jul 30, 2020
Michael is always available no matter how many times you ask the same question in different ways! Knowing we always could expect an answer right away gave us great peace of mind.
Claudia B Jul 27, 2020
Thank you for such a wonderful experience! It was great to work with Teresa and the rest of the team who helped us through this process.
Bless you and peace be with you
Wesley B Jul 27, 2020
Communication and friendly
Perry R Jul 21, 2020
Great people and outstanding service to get refinance completed quickly!
Adam P Jul 16, 2020
Very happy with the whole team and process.
Miranda D Jul 16, 2020
Everybody on your team was terrific to work with. Everything was treated with a sense of urgency and even responded to emails over the weekend. Thank you very much for the wonderfully smooth experience. We are very happy with results and will be promoting your services to everyone we know.
Stephen W Jul 06, 2020
Communication channels were fantastic. All the people I interacted with were knowledgeable and helpful.
Paul A Jul 04, 2020
Michael and his team made the process of refinancing easy. It was a pleasure working with them.
David B Jul 01, 2020
Michale Fooshee and his team are very efficient and quick to get things done!
Charles E Jun 30, 2020
ease of transaction
Kimberly A Jun 29, 2020
Another closing... another great experience with Michael and team. Job well done and we are very satisfied customers
Jason S Jun 26, 2020
Michael and his team are very professional & knowledgeable. They responded to all of my questions in a timely manner and were proactive with requests for necessary information.
Brandon M Jun 19, 2020
Michael and his team provided detailed information throughout the process. Always quick with responses to questions and made sure our refinance continued moving forward towards a very quick closing.
Skyler D Jun 13, 2020
The process was seamless and quick which made the whole thing enjoyable !
Brittany T Jun 11, 2020
Wonderful experience from start to close. Great team to work with.
Tyler T Jun 04, 2020
Never quit attitude!
Gregory S Jun 02, 2020
This was my first time ever buying a home. Michael and his team made the process so easy for me. They answered all my questions and never made me feel like my questions were stupid. They really took the time to help me understand everything I asked them. They didn’t make me feel like just another number. They were very dedicated to helping me get approved. Thanks guys!!!
Nikeshia P May 26, 2020
I was in an unique buying situation and my Loan Officer Audrey was AMAZING. No question was stupid and she was always available to answer my questions. I would recommend anyone and everyone to this company.
Cailey G May 26, 2020
Michael was very helpful and he answered all of my emails.
Brenda Q May 24, 2020
The staff at Verity Mortgage was extremely professional and took care of my needs promptly while providing feedback along the way. They did a great job.
Somchai S May 22, 2020
Chelsie M May 22, 2020
It was painless.
Roberto Q May 21, 2020
Michael and his team were excellent throughout our entire home buying process. We had to delay our close and Michael’s team kept communication open and helped reduce the stress of the unknown in buying a home. Thank you for everything!
Michael N May 18, 2020
Excellent communication and got it done quick!
Sheri K May 14, 2020
The team was great and made the refinance process super easy! Thanks for making it such a smooth process!
Lori K May 10, 2020
I was proccupied most of the way through the process an the entire team was very patient and willing to ask twice for data and they were very helpful with explainations
Russell B May 07, 2020
Everyone is so nice and understanding
Laura M May 07, 2020
Michael and his team were extremely easy to work with and they paid close attention to detail. A very professional team!
Clay P Apr 28, 2020
Was very patient and informative with the whole process. Enjoyed working with Michael as well as Teresa and Audrey on his team during our refinance.
James D Apr 23, 2020
Fast response and very helpful. Michael and Teresa were great throughout the whole process and really on top of it.
Charles M Apr 21, 2020
I think the communication was really good. I always knew what was going on.
Keith H Apr 21, 2020
Very easy to work with and quick to answer any questions with the process!
Elizabeth G Apr 17, 2020
Michael and is staff is so kind and very willing to go the extra mile to help their clients make it to closing.
Julee M Mar 21, 2020
The team went above and beyond for us as we were in the process of buying our first home. They got it done quickly and efficiently for us under our circumstances. Audrey and Teresa were phenomenal!! I would highly recommend them to anyone!
Ashley B Mar 18, 2020
Very quick and painless!!
Lane M Mar 18, 2020
Michael and his team went above and beyond AGAIN to help my out of state buyers buy their first investment property in Prosper! It was a REO property and we had to close remotely and they were able to get it done early and communication was amazing! My client is already looking for their next property with Michael and his team funding that one as well!!!
Stephen C Mar 18, 2020
Michael and his team are top notch. I have used them a few times now and the service is always prompt and professional.
Wayne U Mar 15, 2020
Teresa was great and very detail orientedSuper fast and get my loan done thank you guys very much
James M Mar 02, 2020
Both Sam and Michael make a dynamic duo and the constant communication and availability will forever continue to earn my business and trust!
Jennifer K Feb 15, 2020
We are first time homeowners and had a REALLY great experience.
Mickow M Feb 05, 2020
The process was very easy from start to close. Michael’s team was very polite and professional through the whole process. Any questions I had they were always available to talk with me and answer any questions I had. Their customer service was top notch and I highly recommend them to anyone looking to refi or purchasing a home.
Justin R Jan 27, 2020
It was great working with Michael and his team and would highly recommend them to any friend! They got me an excellent interest rate and provided great communication during every step of the process.
Lisa C Jan 06, 2020
This was such a great company to work with! Our entire loan process was extremely smooth and we always felt well taken care!!
Merissa R Dec 20, 2019
Mike always does the best job and handles all the heavy lifting. It’s as seamless as it gets. Thanks my man
Corey S Dec 09, 2019
Great job all around
Daniel C Dec 05, 2019
Amazing communication from start to finish. Efficient and professional. Highly recommend!
Thani B Nov 14, 2019
Just the ease of things....
Tracy R Nov 11, 2019
Everyone kept us in the loop and communicated through the whole process!
Sandra P Oct 28, 2019
Everyone was so nice...very personable and knowledgeable. Buying a house was contingent on mine in Austin selling. My buyer gave us some surprises and changes. Everybody on the Dallas end was very accommodating. As of yesterdat I am in my new house that I love!! Thank you for all you did to help me!
Shirley A Oct 27, 2019
This process was extremely easy and pleasant
Patrick G Oct 07, 2019
Quick and easy
Charles C Oct 02, 2019
Incredible and genuine service. Absolutely made purchasing a home an easier and more pleasant process.
Caleb F Sep 30, 2019
Michael and his team were super helpful and knowledgeable! Everyone was super friendly and super prompt. Would highly recommend!
Kalina F Sep 29, 2019
The communication throughout the whole process was superb. I have bought two houses through this group and would do it again! Seamless processing and great customer service! Way to go!
Brandon T Sep 09, 2019
We appreciate the entire team and the effort that went in to making this a painless process. There was one challenge right after closing and Audrey worked with us to ensure it was resolved. I might add that it was late on a Friday and she didn’t hesitate. The follow up and communication were wonderful!
Kari U Sep 03, 2019
Great people and company to get the job done right!
Taylor B Aug 30, 2019
Communication was great which is super important to me. Michael called me literally within 10 seconds of emailing him.
Miles M Aug 29, 2019
Michael and his team were very professional during the complete process.
Stephen D Aug 19, 2019
Cathy T Aug 17, 2019
Friendly and timely communication throughout the process.
Susan H Aug 10, 2019
Quick process. Went the extra mile to fund the loan on a late Friday afternoon.
Sandra W Aug 06, 2019
Everyone we had contact with was so friendly and helpful. We couldn’t have asked for better communication throughout our home buying process!
Heather S Aug 01, 2019
Matthew B Jul 14, 2019
All of our questions were answered immediately and it made a stressful process as smooth as possible!
Jennifer E Jul 08, 2019
Made the whole approval process easy. Very communicative and helpful team.
Hyang S Jul 06, 2019
Very straightforward and did what you said you would do. Great experience!
Michael S Jun 28, 2019
Michael and his team were great to work with. Response time was excellent and the entire process was seamless. I did not think it would be so hassle free to refi.
David B Jun 26, 2019
Michael & his team gave us excellent customer service! They made it clear that they would help us every step of the way. This process was so easy and fast! We will definitely use them again.
Rene H Jun 25, 2019
Prompt responses when questions were asked. Walked through numbers with me on the phone.
Brandon S Jun 03, 2019
Michael did a great job throughout the entire transaction. He kept us all updated with every step which my seller appreciated as well. Thank you.
Thomas C Jun 01, 2019
Great lines of communication and quick turn around for questions.
Jamie G May 11, 2019
Talented and driven. Would recommend others.
Gary B Apr 25, 2019
Michael vowed to take care of us from the beginning and he did! He and his team were on top of everything from start to finish! Thanks Michael!
Heather B Apr 19, 2019
We have used Michael for several transactions and he always takes good care of us!
Priscilla B Apr 18, 2019
Super easy process from start to finish! Everyone was helpful and most importantly they listened to our concerns throughout the loan process.
Juan B Apr 15, 2019
Very supportive throughout the entire process. Took care of things for me that they didn’t have to before I even asked.
Tanner I Apr 04, 2019
Everyone I spoke to was very courteous and professional. Also Lera was so patient with this senior adult concerning all the docu sign transactions.
Ila P Feb 01, 2019
All communication was quick and any questions i had were answered
Neena C Dec 03, 2018
The team was easy to work with.
Long C Oct 23, 2018
Great communication and speed. This was our first refinance and they held our hand through the process and let us know everything that was going to happen and how to best prepare to make it successful. Everything went really well.
Rand M Sep 10, 2018
Very professional and made communication easily and got answers in a timely matter
Argueta E Aug 16, 2018
Lewandowski K Jul 09, 2018
Doing a loan with Michael was easy like Sunday morning!
Swick J Jun 29, 2018
The team work between the different persons involved to get us to closing was awsome.
Evivie P May 31, 2018
Fooshee and his team were amazing!! Great communication and made everything so easy!! Loving our new house. Thank you.
Ehrhart T May 27, 2018
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.
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.