FAQs

It's one of the most utilized mortgage programs (and not just by first-time homebuyers). Here are some good reasons:

• Only 3.5% down, and down payment can be a gift from a relative
• Flexible guidelines to accommodate a variety of income and credit circumstances
• Seller can pay up to 6% of the sales price towards your settlement charges

We also offer FHA New Construction Financing!

Did you know that HUD sells homes that it acquired as a result of foreclosure? And HUD sells these homes at attractive prices, and incredible terms. Just $100 down! Save your cash to add some personal touches to make it your home.

With our USDA loans you have a $0 down payment. You heard correctly, zero down! And it doesn't end there, you can roll some of your closing costs into the the loan as well. It's one of the best kept secrets in the mortgage world. Designed by USDA to encourage homeownership in more rural areas and they make it worth your while to consider country living.

Find the USDA eligible area near you. Click Here for a map and drill down to your region.

Veterans, your country truly appreciates the commitment and sacrifices you have made while protecting your fellow Americans. And while your sacrifices can never truly be repaid, the Veteran's administration does offer benefits to say, "thanks for your commitment and service".

They're your benefits, you've certainly earned them! We'd lik to help you utilize them. We offer zero down payments, no monthly mortgage insurance, and flexible credit and income guidelines.

And now we offer 100% new construction financing! Build that home in the country that you've always dreamed about owning.

If you have a fully amortizing mortgage, portions of your monthly mortgage payment go toward loan principal and interest. Interest-only mortgage payments include only the interest that is due on the outstanding principal balance. If your mortgage carries mortgage insurance, a portion of your monthly mortgage payment will pay this also, unless the lender has paid your mortgage insurance or you have paid your mortgage insurance upfront. If you have set up an escrow account for your mortgage, then portions also go toward your property taxes and homeowners insurance.

FHA loans are government-insured loans through the U.S. Department of Housing and Urban Development, also called HUD. FHA loans offer an excellent start to first-time home buyers, with options such as a low down payment or a low closing cost option.

Closing costs include items like appraisal fees, title insurance fees, attorney fees, pre-paid interest and documentation fees. These items are usually different for each customer due to differences in the type of mortgage, the property location and other factors. You will receive a good faith estimate of your closing costs in advance of your closing date for your review.

Private Mortgage Insurance is provided by a private mortgage insurance company to protect lenders against loss if a borrower defaults. Private Mortgage Insurance is generally required for a loan with an initial loan to value (LTV) percentage in excess of 80%. In most cases, this will mean that you will have to pay Private Mortgage Insurance if your down payment is less than 20% of the value of the home you are purchasing or refinancing. The cost of the mortgage insurance is typically added to the monthly mortgage payment.

When a homebuyer is pre-qualified, he or she has provided the lender with the basic information to determine which loan program the homebuyer may qualify for. Whereas, when a homebuyer is pre-approved, the lender has collected, verified and presented the information needed for underwriting and approval.

Rates are based on a variety of factors such as the loan purpose, your credit history and ability to repay, the value of the collateral and the loan amount.

Absolutely. PRMI provides a variety of options to lock in your interest rate. Locking your rate means that the lender is agreeing to provide you with your mortgage at that particular rate, and that it won’t go up (or down) between the time you lock it and the time that you close on your home. If your mortgage is fixed-rate, your interest rate will remain the same throughout the life of the loan. Mortgage interest rates fluctuate constantly, and you don’t want to start shopping for a house operating under a certain interest rate assumption, only to be unpleasantly surprised that interest rates have risen during your house hunt.

Your mortgage payment due date is listed on your monthly billing statement or coupon. A late charge is assessed if the payment has not been received and processed by the date noted. It is very important that you establish and maintain good credit by making sure your payment reaches us by the due date each month. Late payments can affect your credit record.

Your interest rate is the monthly cost you pay on the unpaid balance of your home loan. An Annual Percentage Rate (APR) includes both your interest rate and any additional cost or prepaid finance charges such as the origination fee, points, private mortgage insurance, underwriting and processing fees (your actual fees may not include all of these items). While your interest rate is the rate at which you will make your monthly mortgage payments, the APR is a universal measurement that can assist you in comparing the cost of mortgage loans offered by different mortgage lenders.

Our complimentary mortgage calculator can help you with this question.

Visit one of our locations or access our or click here if you are ready to apply..