Frequently Asked Questions
Can I qualify for a loan?
Mortgage loan eligibility depends on a few different factors including your credit, your debt-to-income ratio, your employment, and more. The best way to find out if you can qualify, and for how much, is to complete a loan application and have a discussion with us.What factors effect my interest rate?
Your interest rate is impacted by several factors including your credit score, loan program, loan to value i.e. how much money you are putting down (loan product dependent), and your loan term (10, 20, 30 years).I have poor credit, can I buy a house?
Poor credit does not necessarily mean you will be unable to purchase a home. Brokers have access to programs that go down to 580, or lower on a case by case basis. Some programs, like the VA loan, are more lenient with credit scores. The best way to determine your eligibility is to submit an application for review by one of our Loan Officers.What is a mortgage broker?
A mortgage broker does not lend money directly to the borrower. They act as a middle man between the borrower and lender, and they have access to many different products and investors. When you apply for a loan with a broker, they will ‘shop’ for a loan product that best fits your needs. This is ideal as a borrower because it means competitive rates and more options, especially if you do not meet the credit or financial criteria required by your bank.Do you offer First Time Home Buyer Programs?
Yes, there are a number of first time home buyer programs that you may qualify for to decrease your down payment obligation, or allow you to borrow your down payment.How do Mortgage Loan Officers get paid?
Loan officers are paid by the lender at no direct cost to the borrower. Their commission is paid to them at the closing of the loan.How long does it take to buy a house?
The standard length is 30 days from the time you go under contract until the time you close on the loan. However, this time frame can be longer (for instance, if you are buying a new build or if the seller of your home needs longer than 30 days to turn the home over to you.) In some cases, you may be able to closer earlier than 30 days.How are closing costs calculated?
Closing costs are based on underwriting fees, title fees, escrow (taxes and insurance) and appraisal. The biggest portion of your closing costs are your escrow dues. These consist of 12 months of homeowners insurance up front, as well as money to start an escrow account so your taxes and insurance can be paid by your servicer for you every year. Title fees vary depending on the title company, but the underwriting fee is a fixed cost.How much money do I need to have saved to buy a home?
Some people believe that they need to have 20% of the purchase price of the home for a down payment, and for investment homes this is actually still true.However, if you are purchasing a primary home that you plan to live in, there are loan programs that range from 3.5% to 20% down. Veterans who qualify for a VA loan, and borrowers utilizing down payment assistance, can purchase a home with 0% down. You should expect to have funds saved for your closing costs, which vary (See Above).I can't qualify for my dream home, what should I do?
Real estate is one of the best financial investments you can make. If you qualify for a lower purchase amount, we recommend purchasing a home in your allotted budget. It may not be your dream home, but as your equity grows, that equity may give you the ability to afford a more expensive home.I have been turned down before, should I still try to buy a home?
Yes, we have programs that can suit almost any borrower. Even if you have been turned down in the past, we may have a program that fits your particular situation and/or help prepare you to purchase a home in the near future.Still Have Questions? We're Happy to Help!
Contact us today to get in touch with one of our licensed mortgage experts.
Affinity Mortgage Brokers is a premier mortgage broker headquartered in Colorado Springs and serving 8 states across the nation. We believe that relationships are always on the line and as such, we strive to deliver a superior experience every time.
We are veteran owned with 100+ years combined experience in the mortgage industry.
Affinity Mortgage Brokers
NMLS ID# 1062246
www.nmlsconsumeraccess.org
