Mike & team were prompt and responsive!
Benjamin F Dec 01, 2021
Second time using Mike and team. Will continue to do so for future investment properties
Craig C Nov 10, 2021
Mike has been our broker for years. Makes the process as easy as he can. Very knowledgeable.
Amanda P Oct 01, 2021
Made the process very easy.
Markos P Oct 01, 2021
You were always there when I needed to ask you a question and I really appreciate what you’ve done for me and Morgann to thank you so much
Victor H Sep 27, 2021
Overall experience with Verity Mortgage exceeded our expectations. Any questions or concerns in regards to our loan process was handled in the quickest and upmost professional manner. My wife and I will recommend Verity Mortgage to family and friends.
Jose A Sep 04, 2021
Mike and his team work hard to effectively communicate the best options for you. They work in a timely manner to ensure you can get the best deal possible.
James G Jul 29, 2021
Morgan was a difference maker. Mike you have a great team and great communication. I most appreciate the timely response and follow up to ALL questions.
Lyndon N Jul 23, 2021
Mike is always professional and timely! Always great to work with!
Lisa O Jul 03, 2021
Mike is awesome.
Jacob S Jun 24, 2021
Mike & his team were able to explain what I need to provide & when I needed to provide it. Mike made sure to call whenever he had questions & provided advise as needed. I will always turn to Mike first when applying for a mortgage.
Kendra O Jun 24, 2021
Working with mike and his team made the process so much easier and smoother ! They were very knowledgeable and had great communication! Would definitely recommend mike to EVERYONE!!
Emily H Jun 22, 2021
Mike and his team were very thorough and kept me up to date throughout the entire process which I truly appreciated! I would work with them again in a heartbeat!
Elizabeth M Jun 11, 2021
Mike is a Pro! Everything about his service is top notch. I would recommend him to anyone.
Joseph C Jun 10, 2021
All staff very responsive to questions. Mike laid out everything up front of required costs at closing. No surprises!
Anita K Jun 07, 2021
Team was very responsive and informative
Seon E Jun 07, 2021
Your customer service was unparalleled!
James J Jun 07, 2021
The team responded in a timely and helpful way at every turn.
Angela W Jun 06, 2021
Always a pleasure
Bobby B Jun 05, 2021
Mike and his team had great communication and were very informative and transparent throughout the entire process. It was such a wonderful experience!
Kathryn B May 25, 2021
My favorite lender to work with! Always keep us updated and make sure all transactions run smooth.
Guadalupe F May 23, 2021
Mike and his team are fantastic at communicating effectively and efficiently. They made us feel supported and like part of the family. We appreciate everything!!
Dianna V May 14, 2021
Jennifer B May 07, 2021
Mike was on the ball the whole time. Funded on time with no hassle. Great to work with!
Michael K May 05, 2021
Mike and his team were extremely professional and the level of communication was unmatched. Both the listing agent and I were kept in the loop every step of the way. Excellent experience!
Hannah B May 04, 2021
Great experience! Mike & his team are amazing!
Olivia C Apr 15, 2021
Mike is great to work with!
Myles P Apr 12, 2021
Great people to work with. They quickly answered all our questions. They made the process very easy. Would gladly recommend them everyone.
Ismael M Mar 10, 2021
Communication was great and timely.
Kristofor C Mar 09, 2021
Friendly staff & the process was much easier than I thought & read about.
Shalvi S Feb 25, 2021
Mike kept everyone informed on things that were going on every step of the way! He always explained everything and got things done in a very timely manor! I have nothing but great things to say!
Hayley F Feb 25, 2021
Did a great job got us in our new house fast it took 1 month to the date from start to finish
Mark S Feb 25, 2021
Communication & everything was as important to your team as it was to us. Helped made the transaction go extremely smooth.
William J Feb 10, 2021
Great communication and always available to take our calls. We highly recommend Mike and his team.
Terri S Feb 04, 2021
Very helpful and easy process to refinance
Sergio G Feb 02, 2021
Communication and the process was great!
Conrad J Jan 16, 2021
Very helpful and always there when we needed him. Already recommended others to do business here. My fiance and i are very grateful
Zachary B Jan 15, 2021
Everything was easy from the very beginning. Mike and his team were punctual and thorough when answering any questions that I had throughout the home buying process.
Kaleb L Jan 12, 2021
Always on top of things and willing to explain the financing terms.
Chris H Dec 30, 2020
Closed 2 weeks early! Great communication and easy to reach. Fabulous experience.
Erin B Dec 30, 2020
Very personalized and quick response experience. The texting factor is huge for me and i imagine most others under 45!
Jennifer G Dec 30, 2020
Seamless and fast! Mike was on top of it! Escrow closed earlier than expected. Very good experience!
David R Dec 30, 2020
Michael was very professional and so thorough explaining the loan process!
Valvina R Dec 21, 2020
Mike and his entire team were wonderful to work with. They kept us in either loop on everything. Very personable to work with. HIGHLY recommend!!
Curtis M Dec 17, 2020
Mike was awesome! Very communicative. Quick and smooth close. I would definitely recommend and use Mike Mills again! Thanks Mike!
Faith S Dec 15, 2020
Super quick responses. Friendly. Very informative.
Amanda P Dec 14, 2020
Mike was great through the whole process
Markos P Dec 14, 2020
The process was quick and easy!
Jennifer K Dec 05, 2020
Mike Mills and his Team are true professionals and easy to work with. They kept us informed through the entire refinance process and were available for answers to all of our questions.
Gregory B Dec 02, 2020
I’ve heard a lot about the process of refinancing our home. We had zero problems. If I would’ve known it was this easy I would’ve done it earlier. Thanks for everything.
Eric K Dec 02, 2020
Our refinance was super easy! Loved working with Mike and Noemi!! They were a pleasure to work with. We were well informed and they kept us on track with each step of the process!!
Janet B Dec 01, 2020
The application process was very easy. Was able to provide financial documents online. Was kept informed either by email or phone. Everyone was very helpful at all times. Best loan process we have ever had out of the 5 homes we have purchased. I highly recommend this company.
Kerry J Nov 06, 2020
Everyone was friendly and supportive. I got responses every time I called or texted.
Natalie P Nov 03, 2020
This is my 2nd transaction with Mike. Everything went as smooth as it should.
David W Oct 26, 2020
Mike was great stepping in and helping us out after another agent was not very responsive. Mike made the process smooth.
Marco J Oct 19, 2020
Mike is great to work with! He is patient and knowledeable and always willing to answer all of my questions.
Kelly K Oct 04, 2020
When no one else could help me Mike could! He was the 3rd loan officer I had. Him and his team did an amazing job and I am now a first time home owner. I have already referred 2 friends.
Sarah S Sep 25, 2020
Mike and Noemi were very professional and worked very hard to get my loan closed on time!
Phillip R Sep 17, 2020
Mike and his team were great to work with. Great communication through the entire process. Would highly recommend!
Mackenzie F Sep 15, 2020
What an absolutely smooth process to refinance our house! It only took 3 weeks from start to signing papers and we got a lower rate than we expected! Overall a great experience with Mike and his entire team at Verity Mortgage! Thanks so much for the easiest mortgage transaction imaginable and from out of state as well!!
Phillip A Sep 13, 2020
Mike was easy to talk with and always straight forward with information.
Alan B Sep 07, 2020
Mike was very professional and communicated really well when needed.
Justin B Sep 02, 2020
Everyone is so nice and easy to work with! Communication is great and they make you feel like family!
Kathryn B Aug 27, 2020
We had amazing service. We were first time home buyers. Mike was very helpful in telling us what we needed to do. He helped make our dreams come true in owning our first home.
Nathan B Aug 23, 2020
Mike and his entire team are always amazing. I can text or email anytime I want with any questions and get an immediate response. They are always so eager and willing to help.
Nicole R Aug 17, 2020
He was highly recommended by our neighbor and he did not disappoint us. It was a very smooth process and painless.
Julio C Aug 11, 2020
Mike is a great lender. He is informative and made the home buying process enjoyable. OJ
Shelton B Aug 11, 2020
He is very efficient and great and communicating!
Kristen H Aug 10, 2020
Mike and Amber made everything so smooth and easy. Everything ran on schedule just as they told me.
Natasha B Aug 10, 2020
Mike made the process really easy to understand and provided plenty of documentation. I always felt like I could trust where he was coming from.
Samantha O Aug 09, 2020
The speed at which it got done and the communication. Even the items that were a pain were made easy by the communication.
Pacer B Aug 09, 2020
Easy transaction. Kept me informed all the way through. Piece of cake!
Donna N Aug 09, 2020
Dixon H Aug 07, 2020
Made my loan top priority. He was always reachable to answer my questions and explained the process of my loan with great expertise. I would highly recommend Mike and his group.
Francis F Oct 24, 2019
It was a smooth process. Mike’s team made me feel quite comfortable throughout the process.
Joseph C Oct 14, 2019
Loan was approved and ready for closing well before the closing date.
John P Oct 07, 2019
A pleasure to work with!!!
Roy K Oct 06, 2019
Everyone was wonderful and very patient with us. Very helpful.
Valerie M Oct 03, 2019
Fast courteous and informative.No problems at all.
Tommy M Oct 02, 2019
Flawless!! Mike and his team explained the process from start to finish and were always available to answer any questions. The communication was impeccable and no question was went unanswered. I will highly recommend them to friends and family looking to purchase a home.
Bryan M Oct 01, 2019
First time we bought this house they did a loan process and we were thankful for helping us get the house and after 3 years they helped us refinance our house and it was very quick and easy.Thank you to mike and his team and I highly recommend it!.
Sergei E Aug 27, 2019
Mike and Amber were awesome! This is my 2nd time using Mike and he makes everything so easy and clear. Because of him you will have forever customers! I have recommended him to many of my friends in the past
Sarah R Aug 22, 2019
Working hard and very good personality and very good customer service.
Sam A Aug 04, 2019
Mike and Amber were awesome!! They made the transaction easy and smooth!! Special thanks to Amber for her prompt responses to the queries!!
Prerna R Aug 04, 2019
Mike Mills is not only extremely knowledgeable but he can also communicate the process and details so that all parties can understand and make appropriate decisions from the information. His support staff is both efficient and friendly. Thanks!!
Mary A Jul 23, 2019
I’m a new home owner and didn’t know how or what to do. Milk and Amber guided through the process with ease. What a great team. Thank you so much.
Teresa C Jul 17, 2019
Mike and his team never disappoint. As a Realtor I know my clients are in good hands when Mike is involved. The team at Verity are professional and efficient. Thanks again for another successful closing. If my clients are happy...I’m happy. Thanks Mike!
Sarah P Jul 13, 2019
I really appreciated Mike and his team keeping both me as the buyer’s agent and the listing agent in the loop on the loan progress and appraisal.
Susan M Jul 03, 2019
They were great from start to finish. Very friendly and always willing to do what is best for the customer. Great company and Mike is a great individual.
Adam L Jun 28, 2019
Mike and his team was very informative and available any time for any questions we had. He worked at a very quick pace and was very straight forward with us on what we needed to do. He made our home buying experience very positive. We would recommend Mike and his team to anyone in the market for purchasing a home.
Dustin W Jun 24, 2019
Did a great job
Chance M Jun 13, 2019
Mike and his staff keep you informed every step of the way. They are always ahead of the game anticipating questions and problems before they arise. Great service and very professional.
Karen P May 28, 2019
Always there to answer any questions and made my first home buying experience less stressful!
Erin F May 22, 2019
Mike and Amber make a great team. Always available and got process done in record time!
David W May 21, 2019
Exceptional service and communication! I would highly recommend Mike to anyone looking to buy or refinance a home!
Rachael R May 06, 2019
he was there for me every step of the way. would get the answers I needed very promptly. he showed me how easy it can be with the right professional on board. thank you mike mills.
Richard J Apr 16, 2019
MIle and AMber were on top of things and always got back to us no matter what time. I will be referring you to my clients and friends!
Lauren D Apr 02, 2019
Communication and timeliness were excellent! Questions answered immediately and they made the whole process very smooth and efficient.....painless!!
Thanks so much!
Danny M Apr 01, 2019
Thank you for all your hard work on getting us approved. Also for always giving us worst case.
Tammy D Mar 26, 2019
Amber was great to work with and always available
Thomas B Mar 14, 2019
Great communication. Prompt responses. Amber is fantastic! Thank you for all your help.
Luis L Mar 09, 2019
Mike and Amber were great! They made our home buying experience so easy!
Stephen G Feb 12, 2019
They worked fast and was able to get it all done in about a 2 week period time. Amazing job
Christopher S Feb 02, 2019
Mike is amazing. Everyone should use him!!!
Christopher H Feb 02, 2019
Mike Mills and his team from start to finish provided exceptional service at every stage of the process.
Alves K Jan 31, 2019
The communication and knowledge of the entire team was amazing. They made our first time home buying experience awesome! Thank you guys so much!
Matthew C Dec 08, 2018
We had a great experience!
Kendall R Nov 30, 2018
very informative. very nice. very fast. thank you and your staff.
Richard J Nov 29, 2018
The communication and diligence was amazing! Very impressed and the entire team was very personable and kind! Very satisfied!
Savannah J Nov 26, 2018
Mike was very personable. He explained everything we needed to know and what to expect.
Cathey R Sep 10, 2018
The team is awesome.
Rasnick S Aug 20, 2018
Mike Mills and team exceeded communication expectations through our refinance with Verity. The transparency and education around the process also lowered our anxieties. Thank you to Mike Mills and team for making our loan experience a very positive one!
Steve and Alison Withers
Withers S Aug 01, 2018
There is always beer in the fridge for band practice and all communication with Amber was to the point and effective. I wish I could do it again.
England K Jul 25, 2018
Thank you Mike Mills and team for making my loan processes very easy and simple with great communication and support on purchasing my first home!
Garlington M May 31, 2018
Thanks for all the help and keeping everything moving fast.
Kimbel R May 02, 2018
Thank you for making our refinance experience so smooth and painless. First time that has ever happened for us. Much appreciated.
Mike G Apr 27, 2018
Penny L Apr 19, 2018
Mike and the team were a pleasure to work with. Always available to answer any questions I had. They were very knowledgeable and helpful when it came to configuring my mortgage. I would rate my experience 10/10 and would definitely recommend!
Polly J Mar 02, 2018
Very efficient and friendly! Process was super easy!
Haley S Aug 05, 2017
It was plain and simple process and they have an amazing team to work with. They helped us every step of the way. Thanks again.
Adam F Jul 21, 2017
Mike Hoge the deal done and on time!
Steven S May 22, 2017
Great group of people.
Esther E May 22, 2017
The Mills team did a wonderful job of communicating and and answering any questions that we had. They were very responsive and efficient.
Lisa E May 20, 2017
Really made our first time buying a house seem much easier than we thought. Approval was especially simple
William M May 18, 2017
Mike was professional and timely.
Michael C May 15, 2017
Thank you Mike for all your help! We appreciate everything you have done for us!
noman b May 02, 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.