Whether you're applying for a mortgage to buy a new home, purchase an investment home, renovate your current home, or refinance a home, McMullen Group makes the home loan process simple. You can apply online quickly and easily. Our home loan experts are also available to walk you through the application process, and will be your trusted advisor every step of the way.
When starting the mortgage loan process, your McMullen Group Loan Officer will help you analyze your current financial situation, your short- and long-term goals, and other factors to help you find the most affordable loan. This ensures your mortgage will fit your budget, with payments you can afford. Here are some questions to ask yourself when anticipating your future mortgage and budget requirements:
Buying a home may be more affordable than you think. Learn More
As soon as you're ready to start the mortgage process, it's important to minimize activities that may affect your income-to-debt ratio or credit score. You shouldn't make any large purchases, get a new credit card, a car loan, or even change jobs without letting your McMullen Group Loan Officer know.
Find out more about budgeting for a home.
*Certain restrictions apply. Not available in all areas. Please contact your PrimeLending loan officer for more details.
As part of the mortgage process, calculating your monthly payments include four parts: Principle, Interest, Taxes, and Insurance (PITI).
Taxes and insurance are included in your monthly payment (PITI) if your mortgage is set up with an escrow account. If you choose to use an escrow account, the costs for these homeowner expenses are collected in small amounts that are spread throughout the year. Your lender will use the escrow account to pay your taxes and insurance for you.
With an escrow account, you avoid making a large payment when filing your taxes or making multiple insurance payments throughout the year. If you choose not to use an escrow account, you are responsible for making tax and insurance payments.
The interest rate you qualify for during the mortgage loan process plays a significant role in determining your monthly payment. A higher rate will translate to higher monthly payments. Here are three important considerations that will impact the rate you receive:
As part of the home loan process, getting prequalified for your mortgage before you start house hunting is a great way to get an idea of how much home you can afford and what your monthly payments might be. McMullen Group mortgage experts are ready to help you explore your options so you get you the best home loan to fit your budget.
You can Apply Now to start your home loan process.
You can also contact a PrimeLending Expert or call 781-816-2511.