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First-time home buyers | Questions
for Repeat/Experienced Buyers | Questions
for Refinancers
What's possible?
We all have different goals. We'll qualify your needs,
finances and requirements (income and debt) to determine what
you can afford and see if it fits with your comfort level. If
you want to run some numbers for yourself check out Mortgage
Calculator for a generic estimate.
Do I need to put money down?
Maybe. Every situation is different. Some of our
loans require little to no money down. We'll explore your
capabilities and find a loan that works for you. A down
payment is only one consideration. We'll also need to
factor in closing costs and an escrow account for taxes and insurance.
Which loan will work for me?
Great question! It's hard to determine until we discuss
your goals, however, there are several factors to consider:
- Length of time in the home
- Amount
you can, or want, to put down
- Financing of the closing
costs
- Your comfort level
For information on the loan programs and rates available, just visit Loans
What are the tax benefits to owning a home?
Since we all have differing circumstances, we recommend that
you consult your tax specialist to fully answer this question. In
most cases, you can deduct the interest you pay on the loan and
some of the financing costs, like points.
How does the mortgage process work?
We've
made it simple to alleviate the anxiety that can come with purchasing
a home. Robyn will personally walk you through the process and
it starts with a phone call or e-mail to her. You can also move
this ahead by filing out the
Pre-Qualification
Application. This will save you time
and give Robyn information that will help her determine which
avenue to pursue next.
What happens after the loan is complete?
Congratulations!
You have a great home AND a mortgage company that continues to
work with you to answer questions that may arise after you move
in. We're always here to help,
call 816-881-8246 or contact Robyn by
e-mail.
What if my credit isn't perfect?
We
will still work with you to find a program that fits in your
lifestyle. So you're cleared to go back to the top and read "Which loan will work for me".
Life changes; expanding...downsizing...what's possible for
my next home?
As your goals change, so does your living arrangements. We'll
revisit your goals, finances, budget and determine what you want
and can afford.
Is the process similar for a second home?
Home, house-boat, mountain retreat or beachside condo; since
you're not using money gained from the sale of your first home,
you may want to consider more money down or expect a larger monthly
house payment. We'll work to find a creative and manageable
solution to help you meet your dreams.
What if I need non-traditional financing?
All of our customers have different life circumstances so we
have different loans to meet your needs.
What financing options do you have for building a new home?
Relax -
we'll make this one component in the building process that provides
a sense of comfort and control. You tell us what you need, we'll
look at your goals and capabilities and create a loan that works
for you. If you're working with
a builder; just picking out lighting, appliances, etc, a traditional
mortgage will work for you. If you are the builder,
you'll need a construction loan to pay the subcontractors during
the building process.
When is the best time to refinance?
It's
different for everyone and we'll help you determine if it's the
right time for you. To have an effect, you need to lower your
current mortgage loan rate by ½ percent. Maybe
it's just a matter of changing the length of your loan or receiving
cash from the equity in you house. We'll help you identify
your goals and find a solution that works for you. Want
to get an idea of the cost now? Run
the numbers on our calculator.
Can
I
Reduce my monthly payment? Can I Shorten the loan term? Can I Get cash for an upgrade
or addition to our home?
Possibly;
it comes back to your goals and your current financial situation.
We'll help you figure it out.
How much of my equity can I use?
We'll help you identify how much you need and what you can afford
to use. Up to 100% of the appraised value of your home
can be used for improvements, based on the value of the home
and what you currently owe, subject to applicable laws.
What are the costs associated w/ refinancing?
Closing costs, points and processing fees can apply. You
may have an option of rolling these into the loan to reduce your
out of pocket expense. We'll help you determine what solution
works best for you.
What if I don't have much equity in my home?
Up
to 90% loan-to-value (LTV) can be accessed with a new term and
rate. A reappraisal would be required. We'll
work with you to find out if this is your best option.
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