The Allen Tate Mortgage Team will help you reach your homeownership goals.
Obtaining a mortgage is a bit like playing baseball: it takes a team of professionals, covering all the bases, in the right order, to get you home. At Allen Tate Mortgage, you can count on our team to develop a game plan, make sure you understand the strategy, coach you through the challenges and guide you toward the win. Your mortgage is highly personal and we believe your mortgage service should be as well.
What is a mortgage?
A mortgage is a loan secured by real property (real estate) through a mortgage note, usually issued by a financial institution such as a bank or other lender. Mortgage loans vary greatly by size, maturity, interest rate, method of payoff and other characteristics.
How do I get a mortgage?
To obtain a mortgage, you must provide financial information and documentation which is reviewed to determine if you meet criteria to qualify for a loan. Mortgages are issued by mortgage bankers and mortgage brokers. A mortgage banker has the ability to finance a loan directly and a mortgage broker finances the loan through a lender such as a bank. Allen Tate Mortgage is a mortgage banker.
How much down payment is required?
The type of mortgage loan you select and qualify for will determine how much down payment is required. Most loans today require a minimum down payment of 3.5 percent of the cost of the contracted price of the home.
How long do you pay on a mortgage?
Mortgages vary in length, but most mortgages are 30-year terms. Other mortgage terms available are 20 years and 15 years. The longer you pay on a mortgage, the more interest you pay.
Are there different kinds of mortgages?
Yes, there are a variety of mortgage types. They vary by terms, interest rate, purchase price, down payment and other variables. Some, such as VA loans, are only available to certain individuals, i.e., those who served in the military. Your Allen Tate Mortgage Consultant is your best source to help determine which mortgage products and programs are right for you.
Is it difficult to obtain a mortgage?
In today's market, mortgage loan applications are more highly scrutinized than in the past. This is to assure you and your lender that you will be able to repay the loan without financial difficulty. Because more documentation is required than in the past, the mortgage approval process may take longer than expected. However, most individuals with full-time employment, good credit and some money for a down payment are good candidates for a mortgage.