At Finance of America Mortgage, we’re committed to providing the most innovative technology and service, but always with a personal touch. From calculators and affordability guides to our simple online application, our team will work hard to ensure you find the home loan that meets your needs.
Our tools are designed with you at the forefront - to connect us efficiently, and to help us provide the personalized service you want, when and where you need it.
Whether you're a first-time homebuyer or have purchased many homes, obtaining a mortgage is a critical part of purchasing a home. It's true that in today’s lending environment the documentation required to obtain a loan has increased significantly. However, being proactive in providing this to your lender will position you best when submitting an offer for the home which works best for you.
Getting pre-qualified for a loan is a quick way to determine what type of home or property is within your price range. Knowing this helps us determine which properties to show you, and it helps you make the best use of your time. Prequalification is based on income and debt information provided verbally to a mortgage professional, and is not a commitment to borrow or lend money.
Getting pre-approved for a loan represents a commitment from a lender that they will grant you a mortgage loan. Receiving a pre-approval letter involves verification of your financial position including credit, income, assets and liabilities. Taking this step can help facilitate the purchasing process by reducing the length of time it takes to close the transaction, and has the potential benefit of putting you in a stronger negotiation position with the seller. In today’s market, offers received by a Seller without a pre-approval letter are not taken as seriously as ones which do. We highly recommend having a pre-approval letter in place from your preferred lender when you are ready to make an offer on a home.
Park Place Real Estate has developed strong ties with many reputable mortgage lenders in the area and will assist you by pairing you with one best suited to fit your lending needs.
One of our preferred lenders is Finance of America.
Before you start looking for a home to buy, it’s a good idea to meet with your Loan Officer to get pre-approved for a loan amount. At this stage, the lender gathers information about income, assets and debts of the borrower (you) to determine how much house you may be able to afford. This includes a credit report, W-2 forms, pay stubs, Federal Tax Returns and recent bank statements. There are a variety of different loan programs, so make sure to get pre-qualification for the specific programs that best suit your needs.
We’ll help you find the best local loan officer to get you competitive rates and the programs that best fit your individual needs. Fill out this form and we’ll connect you with a lender today!
When you find property you’re ready to buy, your lender will help you complete a full mortgage loan application, and talk you through the various fees and down payment options. The application is submitted to processing, where the documents are reviewed and appraisals and title examination are ordered. Then the loan is sent to an underwriter, who reviews and approves the entire loan if it meets compliance.
Based on the home's sale price, the term of the loan, buyer's down payment percentage, and the loan's interest rate, this calculator can help estimate what you'll need to pay out monthly for your new home. This calculator factors in PMI (Private Mortgage Insurance) for loans with less than a 20% down payment, as well as town property taxes and its effect on the total monthly mortgage payment.
Buying a home is a big step! Whether you're buying your first home, your dream home, or your tenth investment property, yours will be a big investment. We know how important this is to you and we have an army of experts to make sure we find the perfect property for your unique circumstances. Finding the perfect property is just one way we can help you with your real estate purchase.
In order to determine the amount of home you can afford a lender will use your debt-to-income ratio to determine the percentage of your pre-tax income you spend on debt. Your debt ratio will include: monthly housing costs, car payments, credit cards, student loans, and any other installment debt. If you take on more debt before buying a home it will have an impact on the amount of the loan that the lender will finance.
Don’t be surprised if you’re asked for additional documentation or clarification throughout the process. Once your loan is approved, don’t forget to set up homeowners insurance. Your documents will be sent to the title company, where you’ll sign for the new home and pay any remaining costs. Then the loan is recorded and you get the keys. Congratulations, happy homeowner!