• How to Qualify for a Mortgage

    Establish Credit, Set a Budget and Save

  • Planning ahead is a key step in ensuring a good home-buying experience and learning how to qualify for a mortgage.

    Since most prospective homeowners use a mortgage to buy a home, it's important to consider the three main areas lenders consider before they see you as a qualified mortgage borrower:

    Credit

    Housing payment history, credit card and installment debt payment history and credit score are all taken into consideration in reviewing your loan application. A history of regular, on-time payments demonstrates creditworthiness to a lender.

    Capacity

    Your ability to make monthly mortgage payments is determined by the amount of your total debt weighed against your income. Funds from sources such as bank accounts, stocks, bonds, mutual funds, or gifts from family members are taken into consideration when exploring your capacity to afford a down payment and closing costs.

    Collateral

    To secure repayment of the mortgage to your lender, the property you purchase will be used as collateral. The property and its value must be acceptable to the lender.

    If you're ready to maximize your home-buying potential, choose from one of our easy prequalification methods:

    Have questions first? Call us toll-free at 1.888.321.FUND. One of our experienced loan consultants will be happy to answer any questions you may have about qualifying for a mortgage so that you can make the best decision to fit your unique financial situation.

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  • Important Disclosures

    It is important to know that with Adjustable-Rate Mortgages, your payment and rate may increase significantly over time.

    Not all applicants will qualify for financing. Mortgage rates and terms are subject to change without notice.

    Mortgages with LTVs higher than 80% with no PMI may generally have a higher interest rate and/or fees than other mortgages. This may result in a loan without mortgage insurance being more costly for a borrower who intends to remain in the property for a longer period of time. A borrower who intends to remain in the property for a shorter period of time may find that the extra interest cost is lower than the amount of PMI payments for that period of time.

    Mortgage escrow accounts are created so that you can pay your yearly property taxes, homeowner’s insurance and mortgage insurance in monthly installments throughout the year, rather than all at once. When these bills are due, we disburse the funds from your escrow account to pay the taxes and insurance in a lump sum. If there is a requirement for a mortgage escrow account at closing, it will be required to be maintained for five (5) years after closing.

    The rates displayed may require the establishment of an escrow account upon closing. If you choose to pay taxes and insurance separately, you will be responsible for timely payments, which may be substantial.

  • Home Loan Products

    Jumbo Loans

    Purchase your dream home with a jumbo loan up to $5 million. Benefits include customized home loan decision making. Loan Products include fixed-rate and adjustable-rate mortgages (ARMs) with an initial fixed-rate period offering either amortizing or interest only payment options.

    Learn More

    Adjustable-Rate Mortgage

    Purchase your new home with a competitive introductory rate on an adjustable-rate mortgage (ARM) with an initial fixed-rate period. Benefits include competitive rates and low payments for an initial fixed-rate period. Initial interest-only payment options are available for jumbo loans.

    Learn More

    Fixed Rate

    Secure a competitive fixed-rate mortgage on your new home. Available on conforming and jumbo loan balances. Benefits include competitive rates, predictable monthly payments and protection from interest rate fluctuations. There are a wide selection of repayment terms available including 30, 25, 20, 15 and 10 year options.

    Learn More