Whether you are shopping for a home or refinancing your mortgage, you probably have quite a few questions about the mortgage process, your qualifications, and the different loan options that are available.
Below, you can find answers to some of the questions that we frequently hear from customers during their consultations.
If you would like to schedule a free consultation, please give us a call at (708) 237-4050.
A: Multiple factors impact mortgage rates, including borrower qualifications, loan type, and other considerations. Plus, market rates are always in flux.
For those reasons, we are unable to provide one simple answer to this question. During your consultation, however, we can help you estimate what mortgage rates you might qualify for based on your individual qualifications.
Additionally, one lender may offer different rates than another. Through our network, we can help you find the most competitive offers.
A: Just as there is not one single answer to the question about mortgage rates, there is also not one single answer to the question about maximum loan amount.
The type of mortgage you are applying for will be part of what determines the maximum loan amount. But your borrower qualifications also will determine the amount that you can borrow.
A: You can get pre-qualified in a matter of minutes just by providing answers to a few basic questions.
A: The few minutes it takes to get pre-qualified can pay off in more than one way. For starters, you will immediately be able to get an estimate of how much you can afford to spend on a home.
For another thing, you will be able to narrow down your home search using that information. This will help you more quickly find a home that is suitable within your budget.
A: one of the most frequent misconceptions that we encounter in our business is the belief that it is impossible to buy a home without a perfect credit score.
But no, if you do not have a perfect credit score, that is not going to prohibit you from buying a home of your own.
Here are a few possible workarounds:
You can also try to raise your credit score before you apply for a mortgage. Many borrowers do not realize that there are things they can do right now too improve their scores. During your consultation, we can go over some ideas with you.
A: Just as borrowers are often concerned about their credit scores standing in the way of purchasing a home, they also may worry that they cannot afford the down payment on a home.
Customers often ask us if they can still buy a home if they cannot afford a 20% down payment. The answer to that question is “yes.”
Conventional loans are available to borrowers with competitive qualifications with down payments as low as 3%. FHA loans feature flexible qualification requirements and down payments as low as 3.5%. If you qualify for a VA mortgage, you could buy a home with zero down.
There are also down payment assistance programs you can apply for if you are having a hard time funding the down payment for a home. We can tell you more about these programs during your consult.
A: We are based in Oak Lawn, IL, and work with customers throughout the Chicago region as well as the entire state of Illinois. To view a list of neighborhoods we serve, take a look at our Service Area page.
We also can help you find a mortgage if you live in Indiana or Florida.
Now you have answers to some of your questions about mortgages. If you have additional questions we did not answer, we would be glad to go over them with you in detail during your free consultation. To get started now, please give us a call at (708) 237-4050.
MidAmerica Bancorp, Inc. is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.