What is the first step in the home buying process?
Meet with a lender first. Before obtaining a home loan mortgage, it’s in your best interest to understand the different options available so that you can make the best decision for you and your family. Our loan specialists will pre-qualify you based on your credit, income and monthly obligations. They will show you what the guidelines will allow, keeping in mind what your comfort zone is for a monthly mortgage payment.
What documentation will be required at the time of loan application?
Supporting documentation will consist of your 2 most recent paystubs, tax returns for the past 2 years, W-2’s and/or 1099′s for the past 2 years, 2 months’ bank statements, social security number of all borrowers and copy of your Drivers License. Additional information such as social security awards letter may be required depending on how you are compensated.
How much money will I need for a down payment?
You can purchase a home with as little as 3.5% down payment which can be a gift from a relative. There are still a few loan programs which will allow no down payment with certain restrictions such as income, loan amounts and location. In addition to down payment costs, you can expect costs associated with closing the loan which can be paid at the closing. The seller can pay closing costs if agreed upon in the purchase agreement with some restrictions. Your real estate agent and loan officer can assist you with this.
How are your rates lower than the rate quoted by my bank?
Due to the volume and quality of loans closed by NOLA Lending Group, investors compete for our business. We have an excellent rating with them so they provide us with the lowest rates available. The bank’s rates are usually marked up to help them offset their huge fixed costs of running their bank. We receive rate quotes from over 25 companies each day so we get to shop for the lowest rate available to make sure you’re getting the absolute best rate.
When should I consider refinancing my current loan?
There are no hard and fast rules as to when you should refinance your home loan. Numerous factors contribute to that determination depending upon your financial goals. Do you want a lower rate to reduce your monthly mortgage payment? Or is early home ownership your goal to pay off the mortgage in 15 years or less? Let one of our experienced loan officers help you make the best decision for you.
Why choose NOLA Lending Group?
Financing your home is about more than finding an attractive rate – even though NOLA Lending guarantees the lowest rates available. We provide local processing and underwriting which means your loan is always in our hands. We even close your loan with our own funds. We are committed to providing our clients with the absolute best home buying experience possible. We want to be your “lender for life”!
