It can be a huge step to buy a new house or refinance your current mortgage loan. You can count on us to lead you to the loan program that's right for you. We have a team of professionals who are eager to help you with this important financial commitment. For guidance in choosing the perfect program for your situation, you can contact us at (408) 540-0200.
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Make no mistake, there's a lot to do when you get a mortgage.
You wouldn't be looking up loan information if you could get a loan in one day with a simple application.
But First Funding does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
This is a function of a couple things.
How much of a monthly payment can you afford?
What is the maximum you can borrow from a lender, given your income and credit history?
Use the calculators on our website to determine your monthly payment amount.
You wouldn't be looking up loan information if you could get a loan in one day with a simple application.
But First Funding does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
This is a function of a couple things.
How much of a monthly payment can you afford?
What is the maximum you can borrow from a lender, given your income and credit history?
Use the calculators on our website to determine your monthly payment amount.
Anything you submit over our website is 100 percent, fully secure.
And we never, ever share it with anyone except by permission -- that is, if you're giving us information you want us to use to get you the best loan, we use that information to tell mortgage lenders about you and convince them to loan you money.
In turn, those mortgage lenders are bound by federal law to keep your information secure.
Here is a list of the information mortgage lenders will use to consider your loan application.
Current balance sheet and profit and loss statement if more than two months into the new fiscal year, signed by CPA.
And we never, ever share it with anyone except by permission -- that is, if you're giving us information you want us to use to get you the best loan, we use that information to tell mortgage lenders about you and convince them to loan you money.
In turn, those mortgage lenders are bound by federal law to keep your information secure.
Here is a list of the information mortgage lenders will use to consider your loan application.
Current balance sheet and profit and loss statement if more than two months into the new fiscal year, signed by CPA.
Are you pre-qualified or pre-approved for a loan?
Before you begin to shop for a new home, you should set up a time to meet with me so we can figure out how much you can afford.
This will put you in a better position as a buyer.
That's when it is important to understand the distinction between being pre-qualified for a loan and pre-approved for a loan.
The difference between the two terms will be crucial when you decide to make an offer on a house.
To get pre-qualified for a loan, I will collect information about your debt, income, and assets.
Before you begin to shop for a new home, you should set up a time to meet with me so we can figure out how much you can afford.
This will put you in a better position as a buyer.
That's when it is important to understand the distinction between being pre-qualified for a loan and pre-approved for a loan.
The difference between the two terms will be crucial when you decide to make an offer on a house.
To get pre-qualified for a loan, I will collect information about your debt, income, and assets.
You'll see an interest rate and an Annual Percentage Rate (A.P.R.) for each mortgage loan you see advertised.
The easy answer to "why" is that federal law requires the lender to tell you both.
The A.P.R. is a tool for comparing different loans, which will include different interest rates but also different points and other terms.
The A.P.R. is designed to represent the "true cost of a loan" to the borrower, expressed in the form of a yearly rate.
This way, lenders can't "hide" fees and upfront costs behind low advertised rates.
The easy answer to "why" is that federal law requires the lender to tell you both.
The A.P.R. is a tool for comparing different loans, which will include different interest rates but also different points and other terms.
The A.P.R. is designed to represent the "true cost of a loan" to the borrower, expressed in the form of a yearly rate.
This way, lenders can't "hide" fees and upfront costs behind low advertised rates.
A rate "lock" or "commitment" is a promise from the lender to set a specific interest rate and a specific number of points for you for a specified period of time while your application is processed.
This saves you from getting through your whole application process and learning at the end that your interest rate has gotten higher.
Although there are several lengths of rate lock periods (from 15 to 60 days), the longer spans are generally more expensive.
The lender can agree to lock in an interest rate and points for a longer span of time, such as sixty days, but in exchange, the rate (and sometimes points) will be higher than that of a rate lock of a shorter period.
This saves you from getting through your whole application process and learning at the end that your interest rate has gotten higher.
Although there are several lengths of rate lock periods (from 15 to 60 days), the longer spans are generally more expensive.
The lender can agree to lock in an interest rate and points for a longer span of time, such as sixty days, but in exchange, the rate (and sometimes points) will be higher than that of a rate lock of a shorter period.
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