PrimeWay helps you navigate the loan process and finds a payment that fits your budget, allowing you to relax and enjoy your new home.
We understand how overwhelming it is to maneuver through the financial side of buying a home. PrimeWay is here to help you every step of the way so that you can make an informed decision about which home mortgage loan option is best for you.
We'll take care of you from the beginning by helping you find out how much you can qualify for to applying for your mortgage loan – and every step in between.
Adjustable-Rate Mortgages (ARMs)
A traditional refinance is a low-cost conventional loan that may lower your monthly payment or let you pay off your house sooner. Even if your current mortgage is with another lender, you may be able to get a traditional refinance home loan from PrimeWay.
With a cash-out refinancing you can access the equity in your home and get cash at closing, paying off the existing mortgage and any liens. Refinancing with cash out is an alternative to a home equity loan.
A down payment is an up front payment towards the cost of a home. Typically, the more you're able to put down, the lower your interest rate and monthly payment.
Why would you get a lower interest rate? When you put more money down, you're taking some of the risk from the lender. It is your cash investment in your home and the lender can reciprocate by giving you potentially lower mortgage interest rates.
Typically, to get the lower mortgage rates, you will need down payment of at least 20 percent of the home's purchase price.
It is possible to purchase a home with a down payment of 15 percent, 10 percent, or even less. FHA mortgages and VA loans are government backed that may be available to qualified home buyers with little or no down payment. With these loan programs, you may be required to pay for mortgage insurance, which is an additional monthly expense to your mortgage payment.
The mortgage loan process mostly consists of mortgage paperwork; providing documents to show how much you earn, where you've lived, monthly debts and account balances.
Most of the information can either be provided in person or on your application. There are a number of additional documents you may need to provide - it will depend on where you are in the loan approval process.
Mortgage prequalification is an assessment of whether your debt-to-income ratio fits mortgage guidelines and provides an estimate of the amount you may be able to borrow. A prequalification letter can also be given to your real estate agent to show you are a serious home buyer. Prequalification is optional, but it's a helpful step in the process of buying a house.
Mortgage prequalification is free and doesn't require a commitment from you or the bank or credit union.
Mortgage prequalification checklist
It is convenient to get prequalified and can help you in the mortgage process. Here's what you'll need to provide for a mortgage prequalification:
You can apply for pre-approval at any time, regardless of whether you've completed a the prequalification process. You'll complete a full mortgage loan application, which will include the following information.
This is a partial list as varying information and documentation can be requested during the closing process. Your mortgage specialist can tell you about any additional requirements.
Employment & Income History
A list of any new monthly debts not listed on your credit report (auto loans, student loans, mortgage loans, credit cards, etc.), including creditor name, address, account number, minimum monthly payment amount and outstanding balance on each account.
Additional documents may be required at your mortgage closing. Your real estate agent and mortgage loan officer will let you know which documents will be needed when you close on your new home and they'll work closely with you at each step of the mortgage loan process.