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We offer many mortgage products with low down payment options and down payment assistance programs through local or state grants. Your down payment will affect your monthly payment, so the more money you are able to provide, the lower your house payment will be. A 20% down payment typically eliminates the need for private mortgage insurance (PMI).
No, but your credit score is a primary factor considered during the loan qualification process and the higher your score, the better.
Popular first-time homebuyer mortgage loans include programs offered by FHA, VA, USDA, Fannie Mae, and Freddie Mac with low down payment options. In addition, our Believable Banking Home Mortgage is available is select areas and is designed to promote homeownership and revitalize communities.
Earnest money is a deposit you pay to show good faith on a signed contract agreement to buy a home. The deposit is held by the seller or third party like a real estate agent or title company. If the home sale is closed the earnest money may be applied to closing costs or the down payment. If the contract is terminated for a permissible reason, the earnest money is returned to the buyer. If the buyer does not perform in good faith, the earnest money may be forfeited and paid out to the seller.
Your debt-to-income ratio is all your monthly debt payments divided by your gross monthly income. This number is one way we measure your ability to manage the monthly payments to repay the money you plan to borrow.
The loan-to-value (LTV) ratio is a measure comparing the amount of your mortgage with the appraised value of the property. The higher your down payment, the lower your LTV ratio.
An interest rate is the monthly cost you pay on the unpaid balance of your mortgage. An annual percentage rate (APR) includes both your interest rate and any additional costs or prepaid finance charges such as points, origination fees, private mortgage insurance, and underwriting and processing fees (your actual fees may not include all of the items above).
Points and lender credits let you make tradeoffs in how you pay for your mortgage and closing costs. Points, also known as discount points, lower your interest rate in exchange for paying for an upfront fee. Lender credits lower your closing costs in exchange for accepting a higher interest rate.
Homeowner's insurance protects your property against disaster and liability. This insurance protects your investment in your property. You are required to be insured against unexpected hazards and personal liability claims. Prepayment of the first year's homeowner's insurance will be part of your closing costs. Your ongoing insurance premiums will become part of your monthly mortgage payment.
Mortgage insurance is a protection in the event you fall behind on your payments. If you have a conventional loan and your down payment is less than 20 percent, you will most likely have private mortgage insurance (PMI). Mortgage insurance also is typically required on FHA and USDA loans.
Title insurance provides protection if someone sues and says they have a claim against the home from before you purchased it.
An escrow account is set up by your mortgage lender to pay certain property-related expenses, like property taxes and homeowner’s insurance. A portion of your monthly payment goes into the account. If your mortgage doesn’t have an escrow account, you pay the property-related expenses directly.
Your payoff amount is how much you will actually have to pay to satisfy the terms of your mortgage loan and completely pay off your debt. Your payoff amount is different from your current balance. Your current balance might not reflect how much you actually have to pay to completely satisfy the loan. Your payoff amount also includes the payment of any interest you owe through the day you intend to pay off your loan. The payoff amount may also include other fees you have incurred and have not yet paid.
Mortgage closing costs are all of the costs you will pay at closing. This includes origination charges, appraisal fees, credit report costs, title insurance fees, and any other fees required by your lender or paid as part of a real estate mortgage transaction. We provide a summary of these costs to you in the Loan Estimate.