Heritage Home Loans has taken what has always been a people-driven business and sprinkled in some of the industry’s leading technology to make the loan process easier, faster, and more enjoyable for our customers.
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Use our online tool for prequalification and connect with a loan officer. Understand your borrowing capacity before house hunting. Further, your loan officer can verify your assets, income, and assist in obtaining a formal credit approval before you make an offer.
Mortgage points, or discount points, are a one-time fee for a lower interest rate. One point equals 1% of your loan amount and can reduce your rate by 0.125% to 0.25%. Be aware, lenders’ fees vary; they might waive or add fees, altering total mortgage costs.
APR, or Annual Percentage Rate, represents the total cost of borrowing, including the interest rate and additional costs such as origination fees or points. It provides a comprehensive view of the loan’s cost annually, helping compare different loan offers.
Yes, it’s possible to get a mortgage with bad credit or post-bankruptcy, although it might be more challenging. Some lenders specialize in ‘bad credit’ mortgages. Additionally, FHA loans are designed for those with lower credit scores. Consult with our experts for personalized advice.
A new job can impact mortgage approval, as lenders prefer stable employment history. However, if the job is in the same field and has a higher income, it could be positive. Every situation is unique, so we recommend discussing your specific circumstances with our loan officers.
Closing costs are fees and expenses paid at the end of a real estate transaction. They may include loan origination fees, appraisal fees, title searches, title insurance, surveys, taxes, and credit report charges. Typically, they range from 2-5% of the purchase price.
Mortgage insurance is a policy that protects lenders against losses if a homeowner defaults on their mortgage. It’s typically required for home loans with a down payment less than 20% of the property price, to offset the risk taken by the lender.
