Frequently Asked Questions
Below are some of the frequently asked questions. But in case you need to ask another question please use the options available below:
Custom Mortgage + Real Estate is a Nationwide Mortgage Banker and Commercial and Residential Real Estate Broker. We provide many traditional loan solution and also have unique specialized such as Stated Income loans up to 80% loan to value.
Services Include: Home Mortgages, Hard Money Financing, Commercial Loans, Stated Income, Construction Financing, Loan Modifications, Short Sales, Debt Settlement, Small Business Loan, and SBA.
A mortgage is an agreement between you and a lender that gives the lender the right to take your property if you fail to repay the money you’ve borrowed plus interest. Mortgage loans are used to buy a home or to borrow money against the value of a home you already own.
We offer Residential and Commercial Loans:
Residential - Conventional, FHA, Hard Money, Land Loan, Reverse Mortgage, Construction Loans, Non QM, and more
Commercial - Conventional, Construction Loans, SBA, Stated Income, DSCR, Hard Money, Fannie/Freddie, and more
The loans programs that are available to you will be specific to the State and Territory that the loan falls under.
-You are starting your home inquiry.
-You have a potential home and need to make a proposition.
-You are interested in a loan program.
-You would like to get cash out of your home.
-You need to bring down your regularly scheduled installment.
-You're like to shorten your advance term.
Our loan experts are accessible to address your loan inquiries at [email protected]. You may also contact us to find out more through our phone number 877-976-5669.
Our chat box on the bottom right of the website may be able to answer any loan inquiries.
Not at all like customary traditional bank credits, a hard cash credit depends on the worth of the property being utilized as guarantee, in addition to your monetary position. While the rates are normally higher, hard cash advances are great for financial backers since they will more often than not close a lot quicker, give adaptable terms and you can take care of them rapidly to counterbalance costs, allowing you to scale your business faster. Here are only a couple of extra advantages of hard cash credits:
Admittance to quick capital and quick turn times
Adaptable terms with different reimbursement timetables and advance lengths
Up to 90% cash funded in light of the property estimation and your redesign spending plan
The more you work with similar bank, the more advantages you might get, for example, decreased start charge, rate, and that's just the beginning
-Other property information
-Social Security number
-Your banking details, or information about the requested loan amount (e.g., checking and investment accounts, retirement records, stocks and different resources)
The first step is to apply here on our website. We will work to accept your customized rate promptly! Start by responding to a couple of short inquiries concerning your experience and the speculation property you wish to finance, and we'll give adjusted terms so you can pick the best credit choice to meet your needs.
There are a couple of kinds of programs home credits to consider. A standard home advance is more likely to meet all necessities for credit-wise, yet a FHA credit can be costlier. If you're a veteran, a VA credit could be the best decision for you, and if you mean to buy a home in a commonplace locale, a USDA home credit could give you a no-cash down decision.
To calculate ‘how much house can I afford,’ a good rule of thumb is using the 28%/36% rule, which states that you shouldn’t spend more than 28% of your gross monthly income on home-related costs and 36% on total debts, including your mortgage, credit cards and other loans like auto and student loans.
If you want to do the monthly mortgage payment calculation by hand, you’ll need the monthly interest rate - just divide the annual interest rate by 12 (the number of months in a year). For example, if the annual interest rate is 4%, the monthly interest rate would be 0.33% (0.04/12 = 0.0033).
A reverse mortgage works by using a portion of your home equity to first pay off your existing mortgage on the home - that is, if you still have a mortgage balance. … After paying off your existing mortgage, your reverse mortgage lender will pay you any remaining proceeds from your new loan.
How to Get Pre Approved For a Mortgage?
- Get your free credit score. Know where you stand before reaching out to a lender. …
- Check your credit history. …
- Calculate your debt-to-income ratio. …
- Gather income, financial account and personal information. …
- Contact more than one lender.
One of the best reasons to refinance is to lower the interest rate on your existing loan. Historically, the rule of thumb is that refinancing is a good idea if you can reduce your interest rate by at least 2%. However, many lenders say 1% savings is enough of an incentive to refinance.
Mortgage insurance lowers the risk to the lender of making a loan to you, so you can qualify for a loan that you might not otherwise be able to get. Typically, borrowers making a down payment of less than 20 percent of the purchase price of the home will need to pay for mortgage insurance.
Why it’s smart to follow the 28/36% rule. Most financial advisers agree that people should spend no more than 28 percent of their gross monthly income on housing expenses and no more than 36 percent on total debt - that includes housing as well as things like student loans, car expenses and credit card payments.
Fixed-rate loans are ideal for buyers who plan to stay put for many years. A 30-year fixed loan might give you wiggle room to meet other financial needs. … Adjustable-rate mortgages are riskier than fixed-rate ones but can make sense if you plan to sell the house or refinance the mortgage in the near term.
Closing costs are service fees and other expenses required to close your loan. Lenders are required to disclose these costs to you upfront. They can vary depending on the purchase price of your home, but most people pay 2%-5% of the purchase price.
An escrow account is an account that we open to pay expenses related to your mortgage. An escrow account ensures that you will have enough money set aside to pay these expenses like property taxes and homeowners insurance when they come due.
Your debt-to-income ratio compares your gross monthly income with how much you owe each month (e.g. your estimated mortgage, credit cards, student loans and car loans). This number turns into a percentage and becomes your debt-to-income ratio. Lenders typically want the number to be below 43%, but some programs allow it to be higher.
Several documents are used when applying for a mortgage. Have your pay stubs, W-2s, tax returns, bank statements, investment account statements and brokerage account information ready.
It typically takes 30 to 60 days to get a mortgage, though it can take longer. Having all your documents and information ready and working closely with a mortgage lender will help move things along more quickly.
If you're refinancing a first mortgage, and have less than 20% equity in your home, mortgage insurance, such as private mortgage insurance or PMI, is usually required. The mortgage insurance premium is typically included in your monthly mortgage payment.
The loan-to-value ratio is a financial term used by lenders to express the ratio of a loan to the value of an asset purchased.
Yes! CMS helps you lock in the best rates to ensure your home remains affordable.
Talk to a mortgage lender. They can make the home buying process much easier. A mortgage broker can help you shop around and find the best financial options for your situation.
- You can use our online prequalification tool to connect with a loan officer and find out approximately how much you can borrow before you start shopping for a house.
- Once you have that number, you can provide more information and allow your loan officer to run your credit report to verify your assets and income.
- Your loan officer can also help you obtain complete written credit approval, subject to an appraisal before you make an offer on a house.
- Pay off your mortgage
- Increase the value of your home
- Refinance to a shorter loan
- Improve your Credit Score