Can I apply for a loan before I find a property to purchase?
Yes, you can . Applying for your loan before you find your property may save you time and money. You will know exactly what you can afford and by showing your pre-qualification letter, the seller will know that your offer is serious. Sometimes this can also help you when negotiating the home’s price.
Will a past bankruptcy or foreclosure affect my ability to obtain a new mortgage?
This depends on the circumstances of the bankruptcy. Each case is evaluated on an individual basis. Call Sorci Home Solutions today to discuss your options.
What is the difference between a fixed-rate loan and an adjustable-rate loan?
A fixed-rate loan is designed to keep the interest loan the same throughout the life of the loan. With an adjustable rate mortgages (ARMs), the interest rate can fluctuate, usually based on the rise or fall of an index. Call and talk to one of our mortgage professionals to discuss which type of loan will meet your needs.
How do I know which type of mortgage is best for me?
There are many variables that must be considered when deciding on the mortgage program that will work for you. Some of the things that are considered are your income, credit score, loan history and even your age. Don’t let that discourage you, our professionals are knowledgeable in many different loan programs and can help you find the right mortgage for your circumstances.
What does prequalifying for a loan involve?
During the pre-qualification process we look at your income, your current debt as well as your credit rating and other factors to determine your eligibility. Taking the time to go through the prequalification process will help you by giving you a price range to stay within during your search for a new home, save you time during the loan process and helps to prove to sellers that you are a qualified buyer.
What are closing fees and how they are determined?
There are several fees that are often added into the mortgage process, including appraisal fees, state and local taxes, title charges, closing fees and more. If you have questions about which fees you will pay and why, ask your mortgage professional to explain. At Sorci Home Solutions we believe in transparent transactions.
What if the price of my home has declined and I want to refinance?
There are still options for you! You may qualify for the Home Affordable Refinance Program (HARP) which is designed to help people refinance who find that the value of their property has declined after purchase. Contact Sorci Home Solutions and we will help you decide of this is the right program for you.
Can you help me if I am self-employed?
Yes. At Sorci Home Solutions we work with our clients and show them what is needed. The process can be more complicated for persons that are self-employed but Sorci Home Solutions will be with you every step of the way.
What is a reverse mortgage and how do I qualify?
A reverse mortgage can allow you to take a lump sum payment, a line of credit or monthly payments based on your home’s equity. You can also choose to use a combination of these payments. There are no income or credit qualifications and the loan is not paid until you leave your home. You must be over 62 years old, live in the home as your primary residence and if your have any existing liens on the property, part of the proceeds from the reverse mortgage will be used to settle them.
Are there any restrictions on how I spend the money I get from a reverse mortgage?
No. When you sell your home, move out or die the loan is payable in full. After the reverse mortgage obligation is met any balance from the equity of your home will go to you or your heirs.