Financial FAQ

Purchasing a Home

There are mortgage options now available that only require a down payment of 5% or less of the purchase price.

What information do I need to apply for a mortgage?

Delivering thorough and detailed documents to your lender is critical to loan approval by the underwriter. A list documents include:

When does an ARM make sense?

An adjustable rate mortgage may make sense If you are confident that your income will increase steadily over the years or if you anticipate a move in the near future and aren't concerned about potential increases in interest rates.

Why should I buy, instead of rent?

A home is an investment. When you rent, you write your monthly check and that money is gone forever.

Down Payment Resources

Are there special mortgages for first time buyers?

Yes. Lenders now offer several affordable mortgage options which can help first-time homebuyers overcome obstacles that made purchasing a home difficult in the past.

Mortgage Solutions

My employer has announced layoffs within the coming months, what can I do now?

If you think the layoffs will lead to financial hardship and could prevent you from paying your mortgage, consider whether you can make adjustments to your budget or tap into any savings accounts that would allow you to make your payments.