Questions & Answers

I want to purchase a home, what now?

Owning your own home provides several benefits. In addition to the satisfaction of being a homeowner, you can build equity, enjoy tax deductions, say "good bye" to your landlord and take control of your living environment.

If home ownership is your dream, it can become a reality, but not without realistic goals, sound advice, careful planning and a clear understanding of the cost involved. We will help you decide if homeownership is right for you, and whether or not you can afford to buy a home at the present time. We will also give you a good idea of how much home you can get for your money and educate you on what we look for in approving a mortgage loan. Once we have determined your eligibility, we'll build a solution to help you accomplish your dream of homeownership. Learn more on our Buyer's Resources page.

I want to refinance!

It is very important to have a clear objective when refinancing your home. The lower rate can be enticing but does it make sense for you? Should I change my term instead? Are there still home improvement refinances available? These are the questions that we will help answer.

Whether you are refinancing due to a change in rate-term, consolidating consumer credit debt or pulling cash-out for any reason, you should consider how long you plan to stay in your home, how you plan to use your equity, and how a refinance will support your overall financial goals. After you have determined the purpose of your refinance, we'll build a solution that supports your unique goals.

How much can I afford?

Working with your loan consultant to become pre-qualified is the best way to determine how much home you can afford. In general, a factor of 41% of your gross monthly income is used to determine this amount.

What loan do I choose?

Your personal situation will determine the best kind of mortgage for you. By asking yourself a few questions, you can help narrow your search among the many options available and discover which mortgage suits you best.

• Do you expect your finances to change over the next few years?
• Are you planning to live in this home for a long period of time?
• Are you comfortable with the idea of a changing mortgage payment amount?
• Do you wish to be free of mortgage debt as your children approach college age or as you prepare for retirement?

More information is available on our Loan Programs page.

The Pre-Approval process

Pre-qualification in an informal way to see how much you may be able to borrow. You can be "pre-qualified" over the phone with no paperwork by telling your mortgage consultant your income, your long-term debts, and how large a down payment you can afford.

Without any obligation, this helps you arrive at a ballpark figure of the amount you may have available to spend on a house. A Pre-Approval is an actual conditional loan commitment issued by the lender once your loan application has been reviewed and processed.