Understand Your Mortgage

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We have mortgage programs tailored to your individual needs and designed to make owning a home more affordable. Whether a fixed-rate loan, an adjustable-rate mortgage or a government loan is best suited for you, our experienced team will work with you to maximize your options. We can help you get started today.

Fixed-Rate Mortgages
A fixed rate loan is a good option for people who want the stability of a payment that won’t change for the length of the loan. With a fixed-rate mortgage, your principal and interest payments remain the same for the duration of the loan, although property taxes and insurance costs may fluctuate.

Adjustable-Rate Mortgages (ARMs)
ARMs generally offer lower initial interest rates than comparable fixed-rate mortgages, which may increase your purchasing power. ARMs can make sense if you plan to move to another home or refinance in the relatively near future. With an ARM, you take advantage of the lower initial rates and payments at the early part of the loan before you see any increases.

Government Loans
The Federal Housing Administration (FHA) and the U.S. Department of Veteran’s Affairs (VA) offer government-insured loans. These loans have low down payment requirements and more flexible guidelines that make them easier to obtain.

Why Your Credit Counts

In order to decide whether or not your loan application can be approved, your credit score will be considered in the approval.

What is Your Credit Score?
Your credit score is the value of your credit worthiness. You may hear the term FICO® Score – the Fair Isaac Corporation – who’s scores range from 300 (high risk) to 850 (low risk). It is based on credit information gathered and stored by the three national credit bureaus: Equifax, Trans Union and Experian. These bureaus are provided with your payment history from all of your creditors.

Why is Your Credit Score So Crucial?
Those with higher credit scores typically receive lower interest rates on their mortgage. The credit bureaus use a sophisticated model based on your credit patterns to analyze your credit worthiness, and in turn, predict your future repayment behavior. Each new loan or line of credit you receive goes into the model to continuously adjust your credit score. Whenever you pay your bills on time, it can positively affect your score, resulting in a more favorable rating.

The Mortgage Process

We understand that buying a home is likely the largest investment you will ever make. That’s why we want to help you with every step of the process, from the moment you submit your loan application until you receive the keys to your new home.

Crystal Clear Mortgage equals Crystal Clear loan terms: Helping people make one of their most important decisions is a serious responsibility, but something that we enjoy doing. This enthusiasm and hard work will benefit you and help reduce the stress and anxiety often associated with real estate transactions. From application to funding, your loan and the processes behind it will be Crystal Clear!

Applying for a Home Loan
The first step to buying your new home is applying for a home loan. Our Licensed Mortgage Loan Officers are here to help you find the loan that’s the best fit for you. Once your type of loan is determined, we will discuss all of the documents you will need to finish your application and calculate your down payment. You will need to have documents like pay stubs and account statements on hand to verify your information before we can lock in your interest rate.

Before You Close
Our experienced Underwriters assess and approve your loan application. After your loan has been approved, you will hear back from your Licensed Mortgage Loan Officers regarding any additional requirements needed prior to closing. We understand this is a time consuming process and will work to make this as smooth as possible.

Closing on Your New Home
It’s almost time for you to take the keys and move into your new home. Before you start unpacking, though, you must review and sign all of the required documents with your Closing Agent. You will also need the proper identification and a certified cashier’s check or wired funds for your down payment and closing costs. After everything is signed and recorded, you will officially own your new Ryland Home. Congratulations!

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