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Get
Answers to your
Common Questions
Here is a
list of questions we hear a
lot. If you have a question
that is not found here,
please
ask! We will be more
than happy to answer your
questions.
How large of a
down payment will I need?
Does my credit
have to be perfect?
How do I make
an offer?
Which kind of
mortgage should I apply for?
What is PITI?
What exactly
are points?
What are
closing costs?
How can
I get
the best rate?
How large of a
down payment
will I need?
Depending on the loan
amount, you may be able to
put down as little as 1% of
the loan. Down payments vary
according to loan programs,
so please consult your
mortgage professional for
specific requirements.
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Does my credit have to be
perfect?
Your ability to purchase a
home will depend, in part,
on your credit history as
profiled in a “credit
report”. The information on
the report is used to help
us determine how responsible
you are in meeting your
obligations. You do not need
perfect credit to be
approved for a mortgage
though. Fleet Mortgage
offers loans to meet most
borrowers' needs, and one of
our mortgage professionals
can answer your questions,
help you compare programs
and select a mortgage.
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How do I make an offer?
Once you have determined you
are ready to make an offer,
you will need to determine
the true value of your
future home by comparing its
price to that of other
houses in the area. Your
Realtor® can assist you.
Once you have an appraisal,
you will need to reach an
agreement with the current
owner. You may be asked for
a binder (deposit) to hold
the house while the contract
is prepared.
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Which kind of mortgage
should I apply for?
Once your ready to buy a
home, you need a mortgage
that fits your budget and
your financial objectives.
Our mortgage professionals
can help you compare your
options and select a
mortgage. Use our online
qualification to help us
better understand your needs
and help you determine the
appropriate home financing
options prior to locking
your loan.
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What is PITI?
"PITI" is the total monthly
payment you will make each
month to your lender and
includes principal and
interest on the mortgage,
real estate taxes, and
homeowners insurance. If you
will be paying private
mortgage insurance or
condo/co-op association
fees, these monthly payments
will also be included in the
"PITI" amount.
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What
exactly are points?
Points are prepaid interest
on your mortgage, charged by
the lender at the time of
closing. Each point is one
percent of the loan amount.
For example, two points on a
$100,000 mortgage is $2,000.
The more points you pay, the
lower your interest rate
will be, thus lowering your
monthly payment. The points
you pay are tax deductible.
Contact your tax advisor.
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What are closing costs?
Closing costs cover all the
charges associated with the
transaction, including
points, origination fee,
appraisal fee, title search
fee, title insurance,
survey, taxes, deed
recording fee, charges for
credit reports, etc.
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How can
I get the best rate?
That depends upon what
programs you might qualify
for, some are stricter than
others and require more
initial information. Fill
out our secure qualification
and tell us about yourself
and the property you desire
to finance. We always want
to give you the absolute
best options we can, free of
course.
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