Precision Mortgage

read moreHave you ever heard the old rule of thumb that states you should only refinance if your new interest rate is at least 1 percent under your current rate? Perhaps several years ago that was wise advice, but as refinance costs have been falling recently, it could be time to look into it. Refinancing your mortgage loan has some advantages that often make it worth the initial cost a few times over. You might be able to lower your interest rate (sometimes significantly) and reduce your mortgage payment amount with a refinanced mortgage loan.

read moreWith a fixed-rate loan, your payment never changes for the entire duration of the loan. The longer you pay, the more of your payment goes toward principal. The property tax and homeowners insurance which are almost always part of the payment will increase over time, but generally, payment amounts on these types of loans don't increase much. When you first take out a fixed-rate mortgage loan, most of your payment goes toward interest. This proportion reverses as the loan ages. You might choose a fixed-rate loan to lock in a low interest rate.

read moreThere are an enormous number of refinancing programs available to borrowers. Contact me at 623-202-3142 and I will match you with the refinance program that best fits your specific needs. In the interest of looking at your options, you should list what you want to achieve with the refinance. Is your refinance primarily to lower your rate and monthly payments? In that case, getting a low, fixed-rate loan may be a good option for you. Perhaps you are presently in a mortgage loan with a high, fixed interest rate, or a loan in which the rate of interest varies : an adjustable rate mortgage (ARM).

read moreOnce you are pre-qualified and the loan application is submitted, the underwriters base your loan approval on income, debt ratios, assets and liabilities as listed on the application and confirmed on the credit report. You will get opinions from family, friends, co-workers, the news, etc. Remember, I am licensed to handle your loan - and all of your questions. Your team may consists of a realtor, escrow officer, home inspector, and possibly others. The more you're available, the faster we can complete the process.

read moreThe amount you have available for a down payment will affect what types of loans for which you can qualify. Down payments typically range from 3 to 20 percent of the sales price for the property. Documenting that the down payment comes from your savings and that you will have savings and/or assets over and above the down payment gives the lender confidence in your strength as a borrower and your ability to repay the loan. Take extra care to document the sources for any monies to be used for the down payment or closing costs.

read moreAll residential real estate transactions incurs costs. Buyers almost always incur these closing costs, as specified in the sales contract, however, depending on the contract the seller may have to cover a portion of the closing costs. As indicated below, many of the buyer's closing costs are related to the costs of getting the mortgage loan. Since Precision Mortgage, Inc. has extensive experience with closings & mortgages, we are closing cost experts. Buyers will get a Loan Estimate three days from when the loan application is submitted to the lender.

read moreBy checking the box, you agree that Precision Mortgage, Inc. may call/text you about your inquiry, which may involve use of automated means and prerecorded/artificial voices. Message/data rates may apply.

read moreThere's little question; getting a mortgage loan is a complex process. You wouldn't be here on our site if you could fill out a one-page loan application and receive an excellent loan funded in one day. We do the heavy lifting for you, so you can concentrate on what's important - preparing to move into your new home or saving money. This is a function of a couple things. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you?