What is PMI?

Private Mortgage Insurance (PMI) is provided by a private mortgage insurance company to protect lenders against loss if a borrower defaults. PMI is usually required for a loan with an beginning loan to value (LTV) percentage greater than 80%. In most cases, this will mean that you will have to pay Private Mortgage Insurance if your down payment is less than 20% of the value of the home you are purchasing or refinancing. The cost of the mortgage insurance is typically combined into the monthly mortgage payment.

Can I lock my interest rate when purchasing a home?

Yes, you can! We will provide variety of options to lock in your interest rate. Locking your rate means that the lender is agreeing to provide you with your mortgage at that particular rate, and that it won’t change between the time you lock it and the time that you close on your home. With a fixed-rate mortgage, your interest rate will remain the same throughout the life of the loan. Mortgage interest rates fluctuate constantly, so it is always best to try to lock in the lowest possible rate.

What will my rate be?

Interest rates vary based on factors such as the loan purpose, credit history and ability to repay, the value of the collateral and the loan amount.

How do I start the application process for a mortgage?

Contact our sister company Heritage Financial to get the mortgage application process started.

What is an FHA mortgage?

FHA loans are government-insured loans through HUD, also known as, the U.S. Department of Housing and Urban Development. FHA loans are best suited for first-time home buyers, with options such as a low down payment or a low closing cost option.