Simply apply online through our secure online system by clicking the apply now button. If you prefer to speak with a loan officer contact us at (800) 337-3328, Option 3, then Option 1.
P&I is the combined principal and interest you pay your lender each month. The principal amount repays a portion of the amount of money originally borrowed. The interest amount pays the monthly interest accumulated on your outstanding balance. Your total payment will typically include additional items, such as, real estate taxes and insurance premiums.
The origination charge is the amount charged for services performed on the initial loan application and loan processing. This includes all charges (other than discount points) that lenders and brokers involved in the transaction will receive for originating the loan. It includes any fees for application, processing, underwriting services, and payments from the lender for origination.
Points (sometimes referred to as discount points or mortgage points) are paid to the lender, usually at mortgage closing, in order to lower the interest rate. One point equals one percent of the original loan amount.
The short answer is no! Depending on the product type and your own eligibility you can get a loan with as little as 3.5% down for FHA loans, 5% for conventional loans and no down payment for eligible Veterans! Ask your loan officer for more details.
While both are used to see if you qualify for a certain loan amount, a pre-qualification is calculating numbers based on your stated income, employment, assets and estimated credit score while a pre-approval involves pulling a credit report, and sometimes uses documentation to support income, employment and assets. Therefore, a pre-approval letter is a much stronger indicator of your approval than a pre-qualification letter is and maybe required by realtors or sellers prior to executing a purchase contract.