To accurately quote an interest rate, there are several factors to consider:
• Will your mortgage be for a purchase or refinance?
• Is the property, a single family, multi-family, or condominium?
• Is this your primary residence, an investment property, or a second home?
• How much is your down payment?
• What is your credit score?
Heritage Home Funding (HHF) constantly reviews, compares, and competes all of it approved lenders to produce the lowest rates, best terms, and least expensive closing costs for its clients. Once you are able to lock your rate, HHF continues to shop your rate for you. If we are able to improve your rate after you have locked, we will. It is important to understand that we arrange, but do not make loans.
If you are purchasing, as soon as you have an accepted offer on your future home, and you are pre-qualified, we are able to lock a rate with one of our lenders.
In most situations, a rate can be locked for up to 60 days with no cost.
Purchase and Refinancing Programs Available:
- Fixed rate loads with terms from 8-30 years
- Adjustable rate loans that feature a fixed period from 1 month to 10 years
- FHA loans
- VA loans
- USDA Rural Housing Loans
- Investment property and second home loans
Obtaining a pre-qualification is the most important part of the home buying process. It is imperative that before the home buyer makes an offer on a property, they have worked with Heritage Home Funding to determine the appropriate amount of financing that meets their financial goals.
With Heritage Home Funding there is no cost to become pre-qualified. After a careful review of income, assets, and credit, HHF will then review with the home buyer the best options for financing. The focus is to determine what the home buyer feels comfortable with in terms of monthly payment, down payment, and loan term.
Do you have special programs for first-time home owners?
The reality behind most so-called “First Time Home Buyer” loans is that they are more of a marketing gimmick than anything else. Some mortgage companies lead people to believe that they are restricted to certain types of home load programs, because they have never owned a home before. This is simply not true. As a first time home buyer, you are eligible for a home loan just as every other borrower by meeting the credit, income, and asset requirements required by the lender.
Working with a bank or a direct lender means that you will deal with one specific bank that you have chosen. You will deal with a variety of employees from the bank at different stages of the process. You will have access to the loan options that bank has to offer and that you qualify for.
Working with a mortgage broker allows you to work directly with one person who has access to several different lenders. This provides an opportunity to compare and contrast the same loan product with multiple lenders to arrive at the lowest rate and lowest cost for the loan option that you have selected. At Heritage Home Funding we streamline the process so that you work exclusively with Seth to further personalize and customize your experience.
Settlement charges are comprised of both closing costs and pre-paid items. Closing costs are comprised of lender, attorney, and recording fees. These fees are a direct result of the specific loan program chosen by the borrower. Closing costs do vary from loan to loan.
At the time of application, we provide you with a customized written estimate known as loan estimate that comes directly from the lender chosen. However, unlike most other mortgage companies, we guarantee the closing costs that are quoted. At closing, if the closing costs are higher than what we originally quoted, the excess costs will not be incurred by the client.
We offer “no closing cost loans” and almost every loan features the ability to be structured with no closing costs. This option may be right for you, but it is important to review all available options before deciding whether or not to choose this feature.
Pre-paid items include per-diem interest on the loan pre-paid taxes and insurance, real estate tax escrows, and homeowner’s insurance escrows. The day and month of your closing will determine how much of each item will need to be paid at closing. All of this information is provided on the loan estimate.
It is important to understand that these items are not costs. They will be the same regardless of lender.