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Getting Pre-approved Getting pre-approved is a very simple but important process in purchasing your home. It is a good idea to get a pre-approval before you even start shopping for a house. It is always better to get the financing “lined up” before you fall in love with a house that you may or may not be able to qualify for. Getting a pre-approved loan will save you time and money, and allow you to shop for a home with the confidence of a cash buyer. In addition, most realtors will not accept a contract on a home without a pre-approval letter. There are three easy ways to get pre-approved with Alcova Mortgage: 1. Over the phone. This is usually the easiest and quickest way to know what price range you can begin to look for. 2. In-person. You can always stop by ALCOVA’S local office to inquire directly with a loan officer. It is always best to call and schedule an appointment so that you do not have to wait to speak with someone. 3. On our website. With our secure site you can take your time and send your online application to us to be reviewed. No matter which method of pre-approval you choose you should have the following information together for each borrower that will be on the mortgage loan. 1. The yearly gross income 2. The total amount of liquid assets (including bank, stock, 401k accounts) 3. The last 2 years job history 4. The last 2 years living history 5. How much money can you afford as a “down payment” to secure a mortgage loan 6. What type of payment range are you looking to stay in 7. Any special circumstances in your credit past (be prepared to explain) Once you provide this information to us we will notify you of pre-approval for a specified loan amount. We will not make a commitment to lend you that money until we have verified your income/assets and other pertinent information that you provided to us for the pre-approval. Now that you have your pre-approval you can shop for your house. Once you have an accepted contract to purchase a home, you will get back in touch with us to get your loan process started and get you into your home. Calculating My Payment To calculate your payments, you must first figure out the amount you are going to borrow. Once you know what your mortgage amount is going to be then you can find your principle and interest payment by plugging your quoted interest rate and the loan amount into ALCOVA mortgage’s online calculators. This will give you your principle and interest payment. To get your total monthly payment you are also going to add your monthly escrow payments. Your monthly mortgage payments are going to be made up of your taxes, homeowners insurance, and private mortgage insurance if your loan requires it. To get these figures you can get an ALCOVA mortgage representative to help you get accurate figures on the taxes and the private mortgage insurance. Once you know your annual tax amount on the property you are purchasing, and after you receive a homeowner’s insurance quote you can divide the annual number by 12 to get your monthly costs. Once you get the monthly cost for your taxes and insurances you simply add your monthly private mortgage insurance (PMI) cost which your loan officer will provide to you and you can begin budgeting based on your new monthly mortgage payment. Example: 100,000 loan at 6% interest rate=$599.55 Principle and Interest
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ALCOVA Mortgage, 2003 - 2007. All Rights Reserved. This website was developed and maintained by Critternut Services. |
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