Financing
"She secured us a great interest rate and was very organized and clear about what to expect in the process."
– The Dewell's
"Rachna is full of energy and is excited to help. You tell her what you want and she will do it for you."
-The Carlsens
Rachna can save you money. Her brokerage offers every loan program sponsored by all the big local banks, and her upfront costs are lower. She can get you the same rate they can, if not better, and you will pay less in closing costs. Rachna will take the time to understand your wants and needs fully, explore all your options with you, help you to resolve credit issues, and give you a substantial discount on your loan with no hidden fees.
How Much Can I Afford?
Before you start looking at homes, it is a good idea to find a target price range that you can afford. It is recommended that you talk to a lender before you start shopping for a home. A mortgage lender will want to make sure you can qualify for the down payment, plus a monthly mortgage payment made up of principal, interest, taxes and insurance (PITI).
Questions and Answers
How do I determine how much I can afford when looking for a new home?
As a general rule and dependent on your debt-to-income ratio, the monthly payment for mortgage principal, interest, property taxes and property insurance should not exceed 33 percent of your gross monthly income.
What is the difference between "pre-qualified" and "pre-approved"?
If you are "pre-qualified" you have determined, with a loan officer, what price you can afford based on the down payment, your debts and the amount the mortgage company will approve for your mortgage. Being "pre-qualified" is only a determination of your probable credit. If you are "pre-approved", your credit, employment and funds have been approved by the lender.
What are closing costs?
Closing costs are an accumulation of charges paid to different entities associated with the buying and selling of real estate. For buyers, they are usually about 3% of the total sales price of a property. Some of the closing costs you might encounter are: application fees, appraisal fee, county taxes, credit report, discount points, documentation fee, escrow fees, homeowners' association fees, loan fees, mortgage insurance, origination fees, tax registration and title insurance premium.
What is a point?
One point is equal to 1% of the new loan amount.