Our In-house Mortgage Company Makes the Loan Process Simple & Stress Free!
Choose from our excellent variety of loan programs. We offer loan programs for every need, including low downpayment FHA loans, loans for second homes and investment properties and more. Loans are available for purchasing a home, refinancing and refinancing with cash options.
Get a quick loan approval decision at no cost. Whether purchasing or refinancing, get pre-approved in as little as 45 minutes before you commit to anything or pay any fees.
Enjoy our hassle-free application process. We have reduced questions and documentation by half. Often times we will only require a single pay stub and W-2 form. In some cases, we have even done away with costly appraisals. And, as always, your mortgage consultant is available to assist you along the way.
Keep tabs on your loan status online or via e-mail. Our document imaging system makes it easy for you to fax or e-mail loan documents and keep you up-to-date on the processing of your loan.
Guaranteed closing costs. Say good by to surprise costs at closing. Once you’ve locked in your interest rate, we guarantee your lender fees won’t change. Period.
What You Should Know About Interest Rates... Should You 'Buy Down' Your Interest Rate?
If you are purchasing a new home or considering refinancing your current home, a common consideration is whether or not to “buy down” the interest rate. Buying down the rate means paying points to the lender at closing.
Generally it’s a mistake to buy down the rate. You may plan to be in the home for ten years, but if interest rates drop in a year or two you’ll probably want to refinance. When you refinance you’ll start over with a new loan and all that money you paid upfront will be wasted.
You can determine the break-even point of paying points by dividing the extra cost by the monthly savings. For example, assume you could get a rate of 6% with no points, or a rate of 5.5% with 1.5 points, on a $300,000 loan. It would cost you an extra $4500 upfront to get the 5.5% rate. The payment at 6% would be $1798 and the payment at 5.5% would be $1703. Take the $4500 and divite it by the $95 monthly savings and you'll see that it will take 47 months just to recoup your extra expense.
To Lock or Not? How to Do It Right...
Borrowers always wonder if they should lock-in interest rates when they first apply for a loan; or should they wait and see where the market goes? There is no sure answer because either choice involves some risk.
The bottom line is that if you are buying a house and cannot afford a higher payment then you should lock in at the time you sign a contract to buy the home. Sure, rates might drop 1/8 percent, but what if they go up a ½ percent and you can no longer qualify to buy the home?