Q: How do I know how much I can afford?
Price is not the only factor in determining how much house you can afford – other items include, interest rates, credit scores, down payment, income and more. If you would like to know your estimated monthly payment (mortgage and interest) review our mortgage calculator but to know exactly how much you can afford please reach out to Secure Choice Lending and we will provide you with a free quote.
How long does the process take?
Typically escrows range from 30-60 days. The time-frame can vary based off the escrow period assigned by the sellers and this will dictate when you close. Please remember that with Secure Choice we make to work the process quick and smooth and will not have a problem meeting your close of escrow date.
How much money do I need to purchase a home?
Each loan program requires a different amount. FHA programs are ideal for first time home-buyers as it only requires a 3.5% down payment. Conventional loans range typically from 5-20%. And great news for our Veterans as VA requires a 0% down payment. Please remember there are other fees associated with the loan such as appraisals, closing fees, credit reports etc.
What and how to understand your credit score?
Your credit score is a three-digit number that shows your ability to repay debt. Lenders use it to decide whether you can be approved you for a credit card or loan. Credit scores range from 300 to 850 points. Average credit scores range from 660 to 720. Your credit score can also affect your interest rate. The higher your score the more likely you are to get a lower interest rate.

What is an appraisal?
A home appraisal is used to determine the value of the home. An appraiser inspects the size, features and overall conditions. Additional factors are included such the neighborhood, what similar home have sold for in the past 6 months and homes replacement cost.

What is PMI?
Private mortgage insurance commonly referred to as PMI is the type of insurance that protects the lenders investment and is required on conventional loans where loan amount is greater than 80% of the property value or purchase price.

What is underwriting?
Underwriters in the mortgage sector perform the critical operation of assessing the credit worthiness of a potential customer and whether or not the customer(s) qualifies for a loan. An underwriter evaluates the credit history of the customer through their past financial record, statements, and value of collateral’s provided, among other parameters.

What is in a mortgage payment?
Your mortgage payment is split into various sections, including principal, interest, property taxes, homeowner’s insurance and depending on your loan program may also include mortgage insurance.