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Q: What is the largest home loan I can qualify for?

A: Most mortgage lenders will qualify you for a mortgage amount of about 2 to 2 1/2 times your gross salary.

Q: How can I reduce my payments over the life of my mortgage?

A: Reducing the length of your loan (for example: a 15- or 10-year term versus a 30-year term) will drastically reduce the interest you pay over the life of your loan. You may also make additional principal payments to reduce the interest paid.

Q: How accurate is the mortgage calculator?

A: The mortgage calculator gives you a very accurate look at the principal and interest payments on your loan. However, if applicable, you must remember that any taxes (such as city tax and county property tax) and insurance will also be added to your monthly payments.

Q: How much can I expect to pay at closing?

A: Typical closing costs can range from 3 to 8 percent of your total loan amount. A safe estimate is 8%.

Q: When should I consider refinancing my mortgage?

A: Lenders normally recommend refinancing a mortgage if the market rate is one or more percentage points below the rate on the loan.

Q: What is a "point?"

A: In lending terms, a point is equal to 1% of your loan amount. Paying points up front can lower your overall interest rate.

Q: I want to lock in my mortgage interest rate, but I'm concerned that the building process will exceed the time I can hold the rate. What do I do?

A: Your Loan Consultant can work with you to lock in your rate for the time it takes to build your home. In fact, you can actually lock-in your loan for a period of up to 360 days while you build your home.

Q: I've been in my home for four years. Is it a good time to refinance?

A: If your current interest rate is one or more percent below your financing rate, you should look into refinancing. To get a detailed look at the pros and cons of refinancing, please contact your Loan Consultant. 

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