Columbia Mortgage

read moreAre you pre-qualified or pre-approved for a loan? Before you begin to shop for a new home, you should set up a time to meet with me so we can figure out how much you can afford. This will put you in a better position as a buyer. That's when it is important to understand the distinction between being pre-qualified for a loan and pre-approved for a loan. The difference between the two terms will be crucial when you decide to make an offer on a house. To get pre-qualified for a loan, I will collect information about your debt, income, and assets.

read moreWe should say that "working with us" is the first way! When you let us help you find the loan that's right for you, you truly are taking advantage of some of the area's best technology and expertise to get you a loan decision and funding on your loan quickly. 1. Have everything ready and in one place. Elsewhere on our website, you'll find a list of things you might need in support of your mortgage application. If you get them all together and keep them in a safe, portable place like a special pouch or folder, you can cut down on time spent rooting around for things we may need.

read moreThere are no black and white answers to these questions. Its a matter of give and take. If you plan on a 30 year mortgage, you can probably make a lower down payment (or perhaps no down payment at all) and still manage the monthly payments. If, on the other hand, you plan on a 15 year mortgage, you'll probably want to make a larger down payment to keep your monthly payments in line with what you can afford. Many buyers look at their cash on hand as their only source for their down payment. This simply is not the case.

read moreAn FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations. Available to all buyers, FHA loan programs are designed to help creditworthy low-income and moderate-income families who do not meet requirements for conventional loans. FHA loan programs are particularly beneficial to those buyers with less available cash.

read moreIn many cases, lenders need a professional, independent appraisal of the property you want to buy or refinance to ensure that it is worth at least as much as they are being asked to lend on it. If you are making a smaller down payment and have a lower credit score, the lender is going to be even more interested in making sure the property that will be collateral for the loan is worth lending the amount requested. A professional, independent appraiser will usually visit your home and inspect its interior and exterior.

read moreAlthough it may seem like it sometimes, there are not as many loan programs as there are borrowers! Contact us at 803-779-3638 and we can match you with the refinance loan program that is best for your needs. What are your reasons for refinancing? Considering in mind the information below will help you narrow your choices. Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, getting a low, fixed-rate loan could be a wise choice for you. Perhaps you now have a higher rate fixed rate mortgage, or perhaps you hold an ARM - adjustable rate mortgage - where the interest rate varies.

read moreVA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans. Although mortgage insurance is not required, the VA charges a funding fee to issue a guarantee to a lender against borrower default on a mortgage.

read moreThere's no doubt that getting a mortgage is a complex process. You wouldn't be here on our website if it were possible to complete a one-page application and get the best loan funded the same day. We do most of the heavy lifting for you, so you can concentrate on what's important - preparing to move into your new home or saving money. A couple of factors determine this amount. What kind of monthly payment are you looking for? What is the maximum you can borrow from a lender, given your income and credit history?