The first step to homeownership is getting pre-approved in order to know your maximum purchase price. Please visit our pre-approval page to get started today.
- Credit history
- Debt to income ratios
- Down payment amount
The Annual Percentage Rate (APR) is the total yearly cost of a mortgage. The APR includes the interest rate, mortgage insurance, and other fees expressed as a percent of the loan amount. The interest rate is used to calculate monthly payments.
Yes, through UT Housing, VA, USDA, and some grant programs depending on eligibility. Ask a loan officer about eligibility for these programs.
There are many factors that go into the length of time it takes to process each loan. While the national average is 47 days, at Security Home Mortgage we expedite the process, making our typical time to complete a loan under 30 days. This time may vary depending on property types, the seller contract etc.
The lender must obtain a credit report for each borrower on the loan application who has an individual credit record. The credit report must be based on data provided by the national credit repositories. Because of this, even if you have pulled your credit score, for the credit score to be considered valid it must be pulled directly from our certified credit bureaus through the loan application process.
Typically pulling your credit report for a mortgage will lower your score by 3-6 points. You can recuperate those points typically within a month. After your credit has been pulled you have 45 days to shop for a mortgage with no additional penalty.
These regulations are continually re-evaluated, please contact us below for information specific to your circumstance.
Yes, we must be able to verify 2 years of work history. As long as you provide the appropriate documentation and we can verify your job history, you can purchase a home.
A reverse mortgage is a unique loan that allows homeowners 62 years of age and older to draw on the equity in their home. This equity is paid to the homeowners in a variety of payout options. For more information contact us below.