The key to choosing the right mortgage is to understand the range of options and features available to you, as well as your budget, circumstances, and goals. Our licensed mortgage professionals are here to help you navigate that process. The more you know, the more comfortable and confident you will be choosing the best option for you and your family.
You may still qualify for a home loan even if you have a prior bankruptcy. The best way to find out if you qualify is to meet with a loan officer to discuss your options. Be sure to bring all paperwork regarding your past bankruptcy so your loan officer can find the program that best fits your situation.
RESPA (federal law) does not permit a lender to close a loan until at least seven (7) days have passed from the date your application was taken. A typical home loan takes 30 days, as a number of third-party services such as appraisals, title work, and credit are required in conjunction with the mortgage process. Once you familiarize your Castle & Cooke Mortgage loan originator with the details of your specific loan scenario they will be able to provide you with a more specific timeline for your individual scenario.
This question does not have a simple, one-size-fits-all answer. The exact amount will depend on the price of the home you buy as well the type of mortgage financing you choose. Depending on your loan program, your down payment could be as much as 20% of the home’s price or as little as 3%, while some loans require no down payment at all.
The only way to find out is to speak with a qualified mortgage professional. Our loan officers have helped numerous clients who didn’t know if they could qualify to become home owners. We take the time to understand your current financial situation, as well as your long-term financial goals, and match them with the loan program that best fits your needs. Your approval for a loan may also largely depend on the price of the home you are financing. This is why it is best to get prequalified prior to beginning your home search.
What you pay each month for your mortgage will depend largely on the amount of your home loan. A number of other factors contribute to your monthly payments, including the terms of your mortgage, the size of your down payment, your interest rate and even your homeowners insurance and property taxes.
A rate lock is a contractual agreement between a lender and a borrower that guarantees the borrower a specified interest rate for their loan for a defined period of time. There are four components to a rate lock: loan program, interest rate, points, and the length of the lock.
Interest rates fluctuate all day, every day. If an interest rate is good, it may be in your best interest to lock now. If you wait, you run the risk of an increase in rates later. If you are concerned that rates may go down after you lock, contact your loan officer to discuss your options. Some programs allow you to lock for an extended period and choose to lower your rate should a better one become available.
Homeowners typically refinance to save money, either by obtaining a lower interest rate or by reducing the term of their loan. Refinancing is also a way to convert an adjustable loan to a fixed loan or to consolidate debts.