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Buying a home for the first time doesn’t have to be scary. Let us help guide you through every step.
The loan officers at Fairway Independent Mortgage Corporation – Heritage Group are your local mortgage experts for a variety of home loan options to fit your specific need. Whether you are a first time home buyer in need of a low down payment option, or an investor working on your next investment property, we can guide you to the program that is right for you.
Our expertise goes beyond the traditional Conventional, FHA, and Jumbo mortgage programs and extends to VA, USDA, and even local & state bond/grant programs. Whatever your situation, we have the right home loan for you and the expertise to make sure it is done right.
Mortgagepedia informational posts provide a more in-depth look at industry norms and expectations. Equip yourself to make the best decisions possible by reviewing one or all!
How much is REALLY needed for a down payment? What other costs should I expect? Should I worry about my credit score?… Find the answer to these questions and more in this post!
Your loan-to-value ratio can have a significant impact on the mortgage rate, which is why it is important to know how the ratio is computed and what a high or low LTV means for you.
There are several additional costs associated with home buying, other than down payment. In this post we list five additional home buying costs that homebuyers must factor in
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– Steve Jacobson, CEO Fairway
This may vary depending upon the specific type of mortgage you are applying for, as different agencies will need to be involved in the process. Typically the process plays out in a month or less, though some will go quicker. It is not uncommon to have the mortgage application processed within 10 days. It is critical that you get the application entirely completed, so that you can avoid any delays along the way.
The main thing that can delay the approval of a loan is failing to properly and completely fill out the applications. It is also important that you be completely honest on the applications, as any discrepancies may cause delays. In addition, changing jobs, having a change in your salary, changing your marital status or taking on additional debt can delay the approval of a loan.
Closing costs include items such as taxes, title fees and hazard insurance. Sometimes what is included in closing costs varies, and it can be impacted by the negotiation process on the sale price of the home, as the homeowners may or may not cover certain closing costs. You’ll want to have some money set aside to cover your closing costs.
Prepaids are items that you as the homebuyer pay at closing. This is a payment before the actual due date. These may be necessary depending upon the details of the closing. They include taxes, hazard insurance and other various assessments.
After you close, you’ll receive a letter that includes all of the dates and information that you need. If you want further details while you are closing, you should inquire about the specific due date of the first payment.