What type of mortgages does New America Financial offer
15 Year Fixed-Rate Loan-Take advantage of a lower interest rate than you would with a 30-year fixed rate mortgage and own your home faster. Learn more.
30 Year Fixed-Rate Loan-The most popular home loan option available. It is ideal for home buyers because of its straightforward structure and its predictable and steady monthly payment. Learn more.
FHA LOAN-A popular choice for home buyers concerned about qualifying income and credit score with a low down payment. Learn more.
VA LOAN-The VA loan is a loan program designed specifically for active military and military veterans to help you purchase a home with fewer restrictions and with little to nothing down. Learn more.
USDA LOAN-Ideal to new home buyers purchasing in a designated USDA rural area, the Rural Development loan offers a low rate, no money down and 100% financing to qualified buyers. Learn more.
Adjustable Rate Mortgages (ARM)-An adjustable rate mortgage, also referred to as an ARM or variable rate, is a loan option with a low introductory interest rate. Learn more.
What is the loan process?
1. Pre-qualification: Finding out how much house you can afford and getting pre-qualified with the help of your Personal Loan Consultant is the first step into owning your home. Being pre-qualified will put you at an advantage when it is time to negotiate with the seller.
2. Loan Application: Your Personal Loan Consultant will walk you through the application step by step, explaining it all in everyday terms so that you understand how it works. From helping you choose the type of loan that is best for you to letting you know what documents and information is required, you’ll enjoy a hassle-free and stress-free application process.
3. Processing your Application: Your Personal Loan Consultant works directly with your Real Estate Agent and your processing team to simplify the process for you. At this stage, the file is worked on by your processing team to verify income and assets, the property value and condition, verify employment and prepare the file for closing.
4. Closing of Your Loan: You've made it to the finish line! You’re final approval is complete on your loan and you are clear to close. At the closing, you will sign the final loan documents before the title of the property is transferred into your name. The keys are yours!!!
What is the Backwards Process?
How do I get my mortgage application started?
What will I need to start my mortgage application?
Two most recent pay stubs
Two most recent years W-2s
Bank statements for the last 2 months
Driver’s License or other forms of identification
Investment accounts documents
Tax returns for the last two years
Having all your documentation together and organized will help your mortgage consultant process your application faster.
How much house can I afford?
Your credit history and credit score
How much you are putting down towards the down payment
Your monthly mortgage payments as a percentage of your income (debt-to-income ratio)
Should I get pre-approved for a mortgage before looking for a home?
How is The Purchase Advantage different from a Pre-Approval?
Sellers want to work with fully approved buyers. Being approved says to a seller that you’re serious about buying and you’ve already been verified and underwritten, so they can expect a fast and smooth transaction. Having the Purchase Advantage means that you have already gone through the majority of the mortgage process, including complete verification of credit, assets, income and debt.
Purchase Advantage benefits both first-time and experienced home buyers. It is popular because it makes shopping for a home stress-free and it just makes sense! The majority of the mortgage process is completed up front, prior to finding a home. All that’s left is the property appraisal and the closing.
How is my interest rate determined?
How can I lock in my interest rate?
Why is a home appraisal needed?
Why should I refinance my mortgage?
Get a lower interest rate Switch from a fixed rate to a variable rate to get a lower rate now Refinance to get cash out or pay off other debts
How much will refinancing my mortgage cost me?
Altogether, closing costs typically range from 2% to 3% of your loan amount. You will be provided with an estimate of your closing costs soon after your application has been received. The closing costs are typically included in the new loan amount, with no out of pocket expense. The estimated closing costs may change if you change your loan term or loan amount.
How long will it take to get pre-qualified for a refinance
What types of closing costs should I expect?
Lender fees-These fees include processing and underwriting fees, points if applicable and credit report fees.
Third-party fees-These fees vary by state and include fees for closing, title exam, title insurance, and recording as well as the appraisal fee.
Pre-paid items-Although these are not considered to be costs, they are items you pay for whether or not you refinance (for example, interest, taxes, and hazard insurance).
How much will refinancing my mortgage save me?
Do I need to get an appraisal when I refinance?
What services does New America Financial provide?
Where is New America Financial located?
What are the hours of operation?
Are Spanish speaking Personal Loan Consultants available to assist me?
First Time Home Buyers' Guide
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