Loan FAQs

From a financial standpoint, most people can afford to purchase a home valued at two to three times your annual household income. When you meet with a loan officer they will take into account your employment history, credit history, current savings and debts and how much of a downpayment you are prepared to make. During the home buying or refinancing process your Loan Officer will walk you through the steps, help you understand the different loan options that are available to you, and help you determine how much house you can afford. Speak with a loan officer today to get started!

To understand which type of mortgage is best for you, it is important to consider a variety of factors including the current state of your finances, how much you’d like to pay on your mortgage, and how long you intend to keep your home. Our loan officers would love to get to know you and help you explore all of your options. Give us a call today!

Mortgage payments generally include:

• the Principal, or the amount you will repay monthly on the amount you borrowed
• Interest, or the amount you will pay the lender for lending you money to purchase your home
• Taxes and Insurance, the money that is saved in your escrow account to pay for home insurance and property taxes

The difference between a fixed-rate loan and an adjustable-rate loan is the amount of interest that is paid through the life of the loan. With a fixed-rate loan the interest rate stays the same throughout the life of the loan. The interest on an adjustable-rate loan can fluctuate throughout the life of the loan. If you’d like to hear more about the difference between these loans, give our Loan Officers a call today!