Midway Real Estate

How much do I need for a down payment on a home?
There are a variety of different loan programs including first-time home buyer programs, and low or no down payment options. Imagine getting into your very own home with little or no money down. Each loan program we offer has different rules about the down payment amount required. Down payments can also vary by the amount you want to borrow, as well as factors like credit history.

Should I get pre-qualified before looking for a property?
You don’t have to apply for a loan before looking for a property, but it’s a good idea to get pre-qualified or pre-approved for a home loan before you find a home to purchase. When you get pre-approved, you know ahead of time how much house you can afford, what you can expect your monthly payment to be, and how much money you will need for the down payment and settlement costs at closing. Also, many realtors will take your offer more seriously if you have been pre-approved.

Will I have to pay PMI?
Private mortgage insurance (PMI) is required for all loans that exceed 80% loan-to-value (LTV). If you put less than a 20% down payment on your purchase loan, you will likely be required to pay mortgage insurance until your LTV reaches 80% or below. Once you dip below 80% loan-to-value, you can refinance your home loan to eliminate the insurance. HomeLoanCenter.com may be able to help you avoid the expensive costs of PMI with one of our home mortgage programs. Give us a call or apply online to find out how.

Get more answers from Mortgages 101:

Mortgages 101: Quick Answers to Your Home Loan Questions
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How much do I need for a down payment on a home? There are a variety of different loan programs including first-time home buyer programs, and low or no down payment options. Imagine getting into your very own home with little or no money down. Each loan program we offer has different rules about the down payment amount required. Down payments can also vary by the amount you want to borrow, as well as factors like credit history.
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