Closing costs generally range from 2% to 3% of your loan amount. Closing costs can be divided into three main categories:
The amount of home you can afford is based on the amount of mortgage loan you can comfortably support. Generally, the amount of mortgage you qualify for is based on three factors:
A 15-year mortgage allows you to own your home in half the time of a conventional mortgage with a 30-yearr term. Although payments are higher with a 15-year mortgage, you’ll save thousands of dollars in interest and build equity faster.
At MortgageMint® we offer ZERO MONEY AND LOW MONEY DOWN programs for our first-time home buyers.
YES!! Getting pre-qualified for your mortgage is an important step before you shop for a home. It tells you how much home you can buy and makes applying for your mortgage easier. A mortgage pre-qualification can also give you additional leverage with a seller in negotiating the best possible terms of the sale.Prequalify to buy a home Prequalify to buy a home
You can get a response in minutes when you pre-qualify for a mortgage. There are just a few easy steps involved in the pre-qualification process.Prequalify to buy a home Prequalify to buy a home
No. You won’t be able to return to an incomplete pre-qualification form. We’ve made the pre-qualification form short and simple so that you can complete it in less than 2 minutes.
You must complete a full mortgage application in order to lock in a rate. After you submit a pre-qualification online, a MortgageMint® loan specialist will call you to discuss your mortgage options. He or she will also help you complete the application and lock in a rate if you’re ready.
Yes. As long as the property you are buying or refinancing is in the United States.
Year-end interest-paid statements (IRS Form 1099) are mailed out by the end of January. You should expect to receive your statement in early February.
You can use your home equity to pay for almost anything. Make home improvements, pay for college, consolidate debt, buy a new car, go on vacation.
For the purposes of your application, estimate the value to the best of your ability. We’ll help you determine the current value of your home by having an appraiser compare your home to homes that have sold in your area.
Home equity credit uses the borrower’s home as collateral. The three main differences are:
The index is based on The Prime Rate. This index plus or minus the stated margin is what determines the home equity line of credit rate.
Fixed-rate loan options are available on home equity lines of credit. Our fixed-rate loan option allows you to lock all or part of your home equity line of credit balances at a fixed interest rate, payment and term. A monthly bill shows your balance, including any fixed-rate loan options. You can also designate separate names for each fixed-rate loan option to make them easy to identify. You can choose to fix any portion of the outstanding balance on your line.
Home equity lines of credit & fixed 2nd Mortgages up to 125% are available for customers who qualify.
Yes, however, the rates are slightly higher and the loan amount is calculated differently.
Under current law, interest paid on loans secured by a primary residence may be tax deductible. Ask your tax advisor about your home and your personal tax situation to determine whether or not interest would be tax deductible.
Under some circumstances, we may require a complete appraisal, including a walk through of the home.
There are generally three reasons to refinance:
Closing costs can be divided into three main categories:
At MortgageMint® our refinance loan programs require at least zero equity in your home to refinance.
Yes! You can consolidate your first and second mortgages into one low monthly payment. Call today for more details!
Yes! In most circumstances you will have to temporarily take your home off the market to refinance. Once the refinance is complete, you may then put your home back on the market. Ask a Loan Expert to find out more!
Prepayment penalties on your existing mortgage could make refinancing more costly. Check the details of your current loan agreement and be sure to factor in the cost of any prepayment penalty!
You can get a response in minutes when you pre-qualify for a mortgage. There are just a few easy steps involved in the pre-qualification process. Pre-qualify today to refinance your home!
No. You won’t be able to return to an incomplete pre-qualification form. We’ve made the pre-qualification form short and simple so that you can complete it in less than 10 minutes.
You must complete a full mortgage application in order to lock in a rate. After you submit a pre-qualification online, a Bank of America loan specialist will call you to discuss your mortgage options. He or she will also help you complete the application and lock in a rate if you’re ready.
Yes. However, if you’re a current Bank of America customer you may not be required to get an appraisal.
The refinance closing is handled the same way your loan was closed when you first purchased your property. After your loan is approved, you’ll receive copies of documents you’ll need to sign at closing.