What price point is right for me?
While keeping your financial health our main priority, Movement Mortgage will determine your borrowing power after considering multiple factors such as your monthly income, employment history, credit score, and overall credit-worthiness. One of our most valuable pieces of advice is that only you can determine the mortgage debt that you're willing to bear, based on your future financial goals. Movement Mortgage provides expert advice to assist you with how much you can comfortably afford to borrow.
Can I still buy a home without 20% to put down?
Absolutely. Movement Mortgage offers a large variety of available financing options for potential buyers with little or no down payment. We've even received recognition and an award for helping borrowers get financed with federal programs which offer forgivable down payment assistance.
Are there any upfront costs I need to budget for? If so, how much should I budget?
Yes. Movement Mortgage suggests a thorough conversation regarding all fees and closing costs associated with sealing the deal of your home. To avoid any last minute surprises, it is essential to plan in advance for various out of pocket costs such as an appraisal, title insurance, and other costs depending on your specific loan situation. For example, some sellers will pay for all or some of your closing costs.
Is getting pre-approved better than getting pre-qualified?
YES. A common mistake homebuyers make, is assuming that getting pre-qualified is substantial enough in a busy market full of other buyers all vying for the same home. In today's market, pre-approval is the way to go. Movement's 7 Day Processing and upfront underwriting will brings our borrowers as close to a cash-transaction as they can get. This gives our borrowers an exceptionally rare advantage in the eyes of a seller, truly setting them above the rest.
How much do I need for a down payment?
Movement experts are here to guide you into the best choice to protect your financial goals and maximize the best rate of return on your investment. Depending on the type of loan you are financing, you may be required to make a down payment ranging from 0 to 20%. There are many disadvantages to both small and large down payments, including income tax benefits and keeping a portion of the funds available as a financial cushion. Our Loan Officer's provide guidance to our borrowers on their options and the outcomes of each.
How long does it take to obtain a mortgage and close on a house?
While competitors are pushing their closing dates back from anywhere between 30 to 90+ days, Movement Mortgage is setting records in the industry with 7 Day Processing and upfront underwriting. We have streamlined these innovative processes, allowing our Loan Officers to move closing dates up when requested by real estate agents. Imagine: you get the keys to your dream home while others are stuck waiting for underwriting approval.
How does my credit score affect my borrowing power?
Your credit score in addition to other significant factors such as employment history, debt, and monthly income, all play a role in determining your credit-worthiness to the lender. Movement Mortgage offers valuable advice and encourages borrowers to get pre-approved first, increasing their borrowing power for their future purchase.
What if I have more questions?
If you have more questions or were unable to find the answer to your question here, please give us a call. This is one of the biggest purchases of a lifetime, and Movement Mortgage believes in the importance of educating and arming our borrowers with as much knowledge as possible so they may comfortably and confidently purchase their dream home.