Here are answers to some commonly asked questions. If you have questions that aren’t listed please visit our contact page and ask us anything!
Should I talk with a Loan Officer before looking at homes?
Yes! There are many reasons why you should get pre-approved before looking at homes. A pre-approval can help guide you in determining how much you can afford, what costs are associated with buying a home, and the process/timeline for purchasing.
Do I have to put 20% down to buy a house?
There are many loan programs available today that require less than 5% down. Having a conversation with our Loan Officer will allow us to narrow down which options would be best for you.
What is Private Mortgage Insurance (PMI)?
Private Mortgage Insurance policies are designed to protect a lender from a borrower’s default on a mortgage. Most lenders require PMI when a borrower makes less than a 20% down payment. Premiums can vary in price and are typically for the life of the loan. Refinancing is often a common way to eliminate PMI.
What are the benefits of using a mortgage broker like First Down Mortgage, LLC - NMLS 1920842?
o If your application involves challenges, a good broker can help since they have access to many lenders, not just one. Lending guidelines can vary bank to bank.
o Banks often have a centralized call center that processes mortgage applications, which can lead to barriers and lags in communication. With First Down Mortgage, you have a dedicated mortgage professional that is your point of contact from start to finish.
o By having a variety of lenders and their suite of loan products to choose from, a borrower can capitalize on locating the loan with the best rate and terms for their situation.