Is now a good time to buy a house?
One of the most popular frequently asked questions regarding mortgages. The answer to this question constantly changes. It’s based not just on the market and location but also on your unique situation. Before you decide if you’re ready to buy a house, ask yourself these questions:
• Have you saved money toward a down payment?
• Are you a veteran or eligible for other assistance?
• Is your income stable and your credit score high enough?
• Do you understand the responsibilities that come with homeownership?
How can I compare one mortgage loan to another? What should I look for?
You’ll find many different types of mortgage loans, especially at an independent mortgage lender like Prime, but most have the same essential components. To decide between loans, compare these factors:
• How much you are borrowing (in other words, the size of the loan)
• How long you have to repay the loan (the term of the loan)
• How much interest you’ll pay (the interest rate or Annual Percentage Rate)
• Whether the interest can change over the life of the loan (is it fixed or adjustable)
• Whether you have to pay for discount points
• How much you have to pay for closing costs and when you have to pay them
Do I have to work at the same job for two years before buying a house?
Mortgage questions like this one are based on outdated assumptions. While it used to be standard procedure for mortgage lenders to require two years of employment, it’s not always the case anymore. Lenders still want to verify a stable income. Still, there are other factors to review, such as your debt-to-income ratio. Compare the requirements of your bank’s mortgage department with an independent mortgage lender.
Are there additional costs besides the primary mortgage that I’ll have to budget for?
This vital question often gets overlooked. However, you do have other costs when buying a house. For example, mortgage lenders all require that you carry adequate homeowners insurance. And, of course, you need to determine how much property tax you will owe, which usually is paid monthly with your mortgage payment.
Is it better to get a fixed-rate mortgage or an adjustable-rate mortgage?
The most common mortgages have a set duration (say, 30 years) and a fixed rate (an interest rate that stays the same for the life of the loan). But before you play, follow the leader, sit down with an independent mortgage lender like Zachery Adam and his Team. The right mortgage loan for you depends on your financial resources and your ability to repay the loan faster. An adjustable-rate mortgage (ARM) can save money for some people, but they are not for everyone. Zachery will work with you to perfectly match your needs to the right mortgage.
Do I need a 20 percent down payment?
The above question is one of the most commonly frequently asked questions regarding mortgages. While banks often require a significant down payment when applying for a mortgage. Certain types of loans and specific government programs can reduce the amount you need (even to zero dollars down), especially if you’re a first-time homebuyer. However, having the down payment can ensure good terms for your mortgage loan. Talk to an independent mortgage lender before starting to look for a house.
How do I find out how much I can borrow?
For a quick estimate, check out our Mortgage Calculator. It gives you a rough idea of how much your mortgage payments will be for a specific amount that you borrow. You enter the cost of the house, interest rate, and the life of the loan. Of course, that assumes you know or can find these amounts. To better understand how much you can borrow, contact Zachery Adam of GoPrime Mortgage, Inc. He can get you pre-qualified or pre-approved for a loan, so you’ll have a better idea of how much house you can afford.
What’s the difference between getting pre-qualified and getting pre-approved?
What’s the difference between a loan’s APR and its interest rate?
The APR, which stands for the Annual Percentage Rate, refers to the total yearly cost to you, which encompasses the interest and fees you pay over the life of the loan. The interest rate is simply the interest percentage on the principal amount of money you are borrowing. So while the interest rate may seem enticing, the APR — what you pay — is always going to be more.
What do I need to apply for a mortgage loan?
You’ll have to supply financial documents that show your income, debts, and past payment history. Which specific paperwork you will need to provide depends on many factors. Check out the complete list on the Document Checklist page, but you likely won’t need everything. Speak to an independent mortgage lender for the documents that you will need for your specific case.
The best loan to fit your situation at GoPrime Mortgage
If you’re shopping for a house and mortgage today, you have more choices than ever before. Independent mortgage lenders like GoPrime Mortgage, Inc. provide a full range of loan products and competitive rates. The most effective independent mortgage lenders work with you to get the best loan to fit your situation. Learn more about your mortgage loan options; schedule a face-to-face consultation with Zachery Adam and Team with GoPrime Mortgage, Inc. today. There’s no obligation.
Getting approved for your first mortgage — or your fifth — is now more attainable than ever. That’s because you have more choices than ever before. The rise of independent mortgage lenders fills a growing need in every community in North Carolina.
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I am a first time home buyer.
GoPrime Mortgage, Inc.
Founded in 2005
Scan through the list above or search for a question similar to the one you have. If you don’t understand a term, check the Glossary. If you can’t find the answer you’re seeking on this Frequently Asked Questions regarding mortgages page, call Zachery and his Team at 828-348-1907 or send them your question. They will get an answer back to you.
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Be sure to check the Glossary for definitions of mortgage terms and concepts. Did we miss a question on our Frequently Asked Questions regarding Mortgages page? Call Zachery Adam and his Team at GoPrime Mortgage, Inc. . at 828-242-4780 or send him a message if you have mortgage questions not listed here. We could add your question to our Frequently Asked Questions regarding Mortgages.
Zack is happy to help get you into your new home.
Branch Manager, Loan Officer
"What we do is so far more important than lending and buying houses. We are in the business of facilitating dreams and honoring the start of a new home.”
"I enjoy working with clients new to the homebuying process. Remembering what it was like for my family, I will take my knowledge of the mortgage process and make it easier.”
"“I wake up every morning with incredible appreciation. I love what I do.” ”
Loan Officer Assistant
"My eventual goal is to become a loan officer. I love working within the community and being a part of the GoPrime Mortgage team.”