Elevating Your Home
Frequently Asked Questions
What is a mortgage?
Great question! A mortgage is a loan you use to purchase a home. It’s a legal agreement in which a mortgage lender pays for your house in full with the expectation that you will repay them back (with interest) over a set period of time. Mortgages allow homebuyers to purchase homes even if they don’t have all the money immediately available to purchase them upfront.
Why should I start with my pre-approval before looking for houses with my realtor?
Knowing how much you can afford and with which program you’re approved, will allow your realtor to negotiate the best offer to sellers. In a demanding market, it’s imperative your offer stand out from the crowd.
Online-only lenders vs. local lenders: which is best?
When it comes to personalized service and speed to respond, an experienced local mortgage loan officer can’t be beat! In addition, if you have an out-of-the-box financial situation, an online lender may deny you without exploring every option available. We work tirelessly to find the right option to make your dream of homeownership a reality.
What is a mortgage broker?
A mortgage broker is an intermediary who brings mortgage borrowers and mortgage lenders together, but who does not use their own funds to originate mortgages.
A mortgage broker helps borrowers connect with hundreds of lenders and seeks out the best lender for the borrower’s financial situation and interest-rate needs. We do the legwork, so you get the best rate available!
How can I manage a healthy credit score?
Your Loan Officer will be able to provide you with the best personalized advice, but here
are some basic key factors:
- Pay all debts on time
- Keep your balance to high credit limit at 30% or below.
- Don’t close old accounts
- Don’t open new accounts frequently
Do I have to make a 20% down payment?
No! There are many low-down payment and NO-down payment options. Contact us to get specifics catered to your personal financial situation.
What is DTI and how much can I afford?
DTI is a mortgage acronym referring to Debt-to-Income i.e. how much debt you have divided by your monthly gross income. As a VERY general rule, most homeowners should aim for a mortgage payment at or below 30% of their gross household income. Use our Payment Calculator for an estimate of your total monthly payment. Contact us to schedule an in-depth review and consultation on your specific DTI requirements – as often we can exceed the general rule.
How long does it take to close on a mortgage?
At Town and Country Lending, we pride ourselves on speed and efficiency. The average contract is written for 30 days. Our record closing time was 7 days! Our average time is 21 days. We take closing dates EXTREMELY seriously. During your pre-approval process, we will advise on how fast you and your agent can expect closing.
How do I get started?
Are you ready to get started? Applying online is simple and fast: Apply Now. If you have questions, feel free to contact us! We’re happy to help.