You should obtain a pre-approval if you plan on buying in the near future in order to secure an offer from the lender. The interest rate can usually be held for 60 to 90 days. The pre-approval is based on the information you provide to us in your application and is subject to verification of certain conditions such as employment and down payment verification. Another reason why it is a good idea to get pre-approved is that there are no obligations or up front fees.

 

Many people don't even consider buying a home because they're afraid they can't afford it. For most people, home ownership is within reach. In fact, home ownership can be as affordable as renting, and in some cases it is less. The Mortgage Professionals at U.S. Equity will help you explore your options and make your dream a reality.

 

This depends on a number of factors, including the cost of the house and the type of loan you are approved for. In general, you need to come up with enough money to cover several costs: earnest money - the deposit you make on the home when you submit your offer, to prove to the seller that you are serious about wanting to buy the house; the down payment, a percentage of the cost of the home that you must pay when you go to settlement; and closing costs, the costs associated with processing the paperwork to buy a house. Keep in mind that the more money you can put into your down payment, the lower your mortgage payments will be.

 

Our Mortgage Professionals will consider your application depending on the circumstances surrounding your bankruptcy and your credit history since the bankruptcy has been discharged. The best way to determine if you can qualify for a mortgage after being discharged from bankruptcy is to call a Mortgage Professional.

 

Paying points for a lower interest rate is a trade off between paying money now versus paying money later. A point - equaling 1% of the total loan amount - is an upfront fee that reduces your monthly interest rate and total interest due over the life of a loan. Use our calculator to figure out the cost and effective saving of loan points as well as the minimum amount of time it will take to re-capture your loan points.

 

Our Mortgage Professionals find our clients the absolute best loan to fit their needs and save money. They are highly trained to assist you in every step, from application to close, as quickly and easily as possible.

 

U.S. Equity can offer a wide variety of lending opportunities and products. We have no large overhead and are in the business of lending money. This, combined with our large volumes, allows us to discount the rates far better than your own bank can provide.

 

There are many types of Purchase Loans. Most people use a fixed-rate loan, where the interest rate remains the same for the term of the loan, which is normally 30 years. The advantage of a fixed-rate loan is that you always know exactly how much your payment will be, and you can plan for it. Another kind of Purchase Loan is an Adjustable Rate Mortgage (ARM). With this kind of loan, your interest rate and monthly payments usually start lower than a fixed rate loan. But your rate and payment can change either up or down, as often as once or twice a year. The adjustment is tied to a financial index, such as the U.S. Treasury Securities index. The advantage of an ARM is that you may be able to afford a more expensive home because your initial interest rate will be lower.

 

If all information requested by the lender (i.e. Income verification, down payment verification and property details) are provided in a timely matter, then the transaction can be completed in as little as two weeks.