How do I get started with purchasing a new home?
Getting a mortgage pre-qualification will not only help you shop with confidence; it will also help you understand how much home you can afford. No matter if you are a first-time or repeat homebuyer, take the first step and get prequalified by a Keystone Alliance Mortgage loan officer. We will talk with you talk about your goals and dreams for a new home, and then we’ll work together to secure the loan that helps you achieve that goal. Our team is dedicated to assisting you through the entire loan application process, so you can start shopping sooner and close faster.
What documents will I need?
Any documents that can help verify employment, income and assets will be helpful, including pay stubs from the last two months, W-2 forms for the past two years, Federal tax returns past two years, bank statements for the past two or three months, and information about any other current debt, such as auto loans, student loans, and credit cards.
Bank Statements: Acceptable Forms Of Documentation
How does credit score affect my ability to qualify?
Your credit score has a big impact on your ability to qualify for a loan. Credit scores are determined by payment history, amounts owed, length of credit history, new credit accounts, and types of credit used. The higher the score, the more likely it is that you can get the loan you need at the best interest rate. We will help you determine what the impact of your credit score might have on a loan application.
What does the typical purchase process look like?
Individual circumstances can influence the process of buying a home. We want to make the home loan process as simple for you as possible. Here is a simple process you would follow. (1) contact and chat with one of our loan officers to find out if you prequalify, (2) get a loan preapproval, (3) perform an appraisal on your new home, (4) complete final underwriting, and (5) close at escrow.
Download Our: Loan Process Flow Chart
How much do I need for a down payment?
When it comes to a down payment, there’s no standard amount that applies to every situation. On the contrary, there are many considerations that could require anywhere from zero down to 20 percent of the purchase price down—or possibly even more. First-time homebuyers often have a different set of down payment options than repeat buyers.
What is the difference between the interest rate and APR?
Borrowing money for a principal loan from a lender comes at a cost that is expressed as an interest rate. An annual percentage rate (APR) factors in more than just the principal and includes lender points, closing costs, private mortgage insurance (PMI), and other charges.
What does it mean to refinance a home loan?
Refinancing is simply replacing the loan you have with another loan that may have better terms like a lower interest rate or lower monthly payments. You can also refinance to remove private mortgage insurance (PMI) from your mortgage.
Are there any benefits to refinancing?
Yes, there are. Refinancing could help you turn a high-interest rate into a lower one and, consequently, make lower monthly mortgage payments.
Is there a good time to refinance my loan?
Perhaps, if one or more of the following conditions are present:
- Interest rates are two or more points below your current rate.
- The market value of your home has significantly appreciated.
- Your current 30-year loan is less than 10 years old.
What is involved in the refinance process?
The refinance loan process is similar to a traditional mortgage process but has fewer steps. Essentially, one of our loan officers will listen to your goals and then help you find the right loan solution to achieve those goals. Your loan application and home appraisal will land on the desk of an underwriter for approval. With the underwriter’s approval, you’ll close on your refinanced loan.
What is a cash-out refinance loan?
With a cash-out refinance, you can borrow additional money to pay off debt on other loans with higher interest rates, such as credit cards or car loans. Remember that interest rates on most refinance and home loans are tax-deductible (consult a tax professional).
Speaking to a loan officer can help answer these questions and more. If you are considering a home mortgage loan be sure you have all the information you need to make an informed decision. If you would like to know more, start by answering a few questions to help us determine if you qualify.