Mortgage Resources

Sailing the 4 C’s of Mortgage Qualification

Understand How A Mortgage Application Gets Reviewed and Qualified So you’ve finally decided to take the plunge and buy a new house. Ever wondered what goes on behind the scenes and what the questions, qualifications and factors are that make the difference between an approval and denial? Given that our mission is to supply the community with tools and education…

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Capacity: Calculating Your DTI

Capacity To put it very simply, you need to prove that you can repay the loan. To determine if this is the case, the underwriter will analyze employment status, annual income, and debt. The underwriter will also review assets, such as savings and checking accounts, stocks and bonds, 401(k), and IRA accounts. Cash reserves may also be reviewed, to determine…

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Frequently Asked Questions

Is a fixed-rate or adjustable-rate mortgage better?

Fixed-rate mortgages make sense for buyers when the current mortgage rate is low. This allows you to lock in the current rate and be protected from increases that are likely to take place over the next 30 years. If the current rate is high, an adjustable-rate mortgage may be better because rates can drop. It is good to remember that you will have the option to refinance in the future to take advantage of rate changes as well.

What goes into closing costs?

Fixed-rate mortgages make sense for buyers when the current mortgage rate is low. This allows you to lock in the current rate and be protected from increases that are likely to take place over the next 30 years. If the current rate is high, an adjustable-rate mortgage may be better because rates can drop. It is good to remember that you will have the option to refinance in the future to take advantage of rate changes as well.

What documents do I need when closing a loan?

Each lender requires slightly different financial records—this will depend on the type and amount of the loan you are applying for. However, there are some basic records all lenders will request. These include income records (i.e. pay stubs for the previous 30 days, the last two years of tax returns, 2 to 3 months of bank records for each of your bank accounts, and any other additional documents that prove your income). You will also need to furnish information about your current debts such as account numbers and monthly payment information.

Can I use 1st empire Elite Financial if I am not buying with Dr. Mortgage Real Estate?

Yes! We’d never want to exclude anyone from saving big bucks just because they’re not using Homie Real Estate services.

How quickly will the loan process be completed?

We don’t like to brag, but we usually have a quick turnaround time for most loans. You’ll be made aware of your loan progress ASAP

What are fixed-rate mortgages (FRMs) and adjustable-rate mortgages (ARMs)?

The interest rate for a fixed-rate mortgage is set in place over the life of the loan. On the other hand, an adjustable-rate mortgage can have its interest rate rise or fall during specified adjustment periods.

1st Empire Elite Financial is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age (provided you have the capacity to enter into a binding contract), because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. The federal agency that administers our compliance with these federal laws is the Federal Trade Commission, Equal Credit Opportunity, Washington, DC, 20580.

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