Your Mortgage Questions - ANSWERED!

The home mortgage. It's a confusing and intimidating topic to many - but it doesn't have to be. A large majority of American homeowners have a mortgage on their home, and with a trusted lender and a great real estate agent helping you on the homefront (literally), your mortgage can be a huge asset. Here are a few popular questions about mortgages, and whether you're a first-time homebuyer or a seasoned property owner, we hope that these can help you out.

What documentation do I need to provide?
Every loan is going to be a little bit different, and the documentation required can differ from one loan program to another. Several programs require your income, employment, and asset verification, while others require no documentation at all. It's important to work with your mortgage lender to learn what exactly will need to be provided.

Do all loan programs require a down-payment?
There are, in fact, programs that don't require you to pay a down payment. Depending on the loan program, you may need to meet certain credit, employment history, or location factors in order to qualify. A zero-downpayment loan can be an incredible option if you can find the right program and the right property to match.

What is mortgage insurance? Is it required?
Mortgage insurance is what protects your lender against taking a financial loss. It is required for mortgage programs that require little or no down payment, though. 

Are there benefits of  Government loans?
Loans that are backed by the government have become a very attractive option for borrowers. The easy qualification and enticing low interest have made them appealing to many borrowers - creating affordable mortgages. If you're looking for help with your military relocation to Colorado Springs, the MacGuire team offers a CASH BACK service to help. Visit our website at www.MilitaryCashBack.com to learn how you can take advantage of this great service.

How is my monthly mortgage payment applied to my mortgage loan?
Your monthly mortgage payment will include a payment to the principal balance, interest, and escrow. This is also known as P.I.T.I. - principle, interest, taxes, and insurance.

What is the difference between pre-qualification and pre-approval?
When you're pre-qualified, the lender with judge your ability to make payments on your mortgage based on your verbal assessment of your income, assets and employment history. Pre-approval is the underwriting decision that you are conditionally qualified and is subject to the lender reviewing your completed application, verification of your income, assets, employment history, credit check, appraisal, and other factors.

Buying a Home in Colorado Springs
When you break it down, the mortgage process doesn't have to be as complicated as it may seem. In fact, you can get your mortgage process completed relatively quickly once you get all of your information in to your mortgage lender. After you've talked with a lender and become prequalified, we can use the information you've gotten to help you find your Colorado Springs real estate! Visit our website at www.BuyWithMike.com to learn more about our buying process. We're ready to help you love where you live.


Mike MacGuire
Colorado Springs Real Estate Agent

The MacGuire Team
6760 Corporate Dr
Ste 300
Colorado Springs, CO 80919


719-536-4324 or 719-660-6793



Mike@BuyWithMike.com


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