Home buyer resources

You’ve probably heard the myth that you need 20% for your down payment at some point in your life. The truth is, though, there are loan programs that let you finance 100% of the sales price of a new home. However, if you don’t make a down payment at all, you’ll need to pay for Private Mortgage Insurance (PMI). Other loan programs only require 3% or 5% for your down payment, if you meet certain criteria.

It’s important to keep in mind that the money you put towards your down payment will reduce your monthly mortgage payments.

This is a tricky question to answer without a clear picture of your current financial situation. When you apply for a mortgage loan, a lender will evaluate your income and long-term debts to determine a “safe” amount for your mortgage payments. What that means is, we’ll look at your verified income against your current debts and other monthly payments to help you determine how much you can afford fora monthly mortgage payment. There are variable factors like interest rates and down payments that also factor into this.

At GVC Mortgage, we offer multiple loan programs because there isn’t a one-size-fits-all loan option for a homebuyer. That means, we need a little more information before we can recommend a loan program for you. Each type of loan has benefits and limitations, so after getting a snapshot of your goals and financial situations, we’re able to make a recommendation and move forward with your application.

Some of the things we’ll need to know include your income, debts, credit score, location of the home you’re looking at, and how much you have for a down payment.

Several factors play into this one. Some of it depends on how quickly your offer is accepted to purchase a home, how quickly you respond to your mortgage consultant, and the time it takes to track down all the required documents needed.

Having said that, though, our goal at GVC is to always close as fast as possible. Because we want to help you move into your dream home, we can close in as little as 14 days.

If you’ve already found your dream home and want to make an offer, you need to contact a mortgage consultant right away. Typically, we recommend a homebuyer pre-qualify or get pre-approved for a loan before shopping for a new home, but we understand that it doesn’t always work out this way. If you’ve found the home of your dreams, your mortgage consultant will walk you through the application steps and help you down the right path.

If you are just now thinking about buying a home, then we highly recommend you apply to become pre-qualified. When you’re pre-qualified, you not only know approximately how much home you can afford, but when you go to shop for a home, you show Realtors and sellers that you’re serious. Some realtors will only work with a homebuyer when they’ve become pre-qualified with a lender.