The mortgage loan process can seem complex. Luminate, and specifically the Liz Peter Team, wants to ensure you feel educated as you move through the process.
Whether you're a first time home buyer, you're looking to refinance, or have a unique situation, we'll help you understand all your options, so you can have the home of your dreams.
Traditional mortgages are the backbone of the American dream of owning a home. They offer stability, competitive interest rates, and a wide range of options tailored to your unique financial situation.
Our team of experts specializes in traditional mortgage solutions, and we're here to help you explore the possibilities:
Are you looking for a mortgage solution that breaks free from the traditional mold? That's why we're here to introduce you to a world of non-traditional mortgage options designed to fit your unique needs and financial circumstances.
Our team of experts specializes in creative financing solutions, and we're excited to help you explore the possibilities:
For many aspiring homeowners, the hurdle of saving for a down payment can be a significant barrier. That's where Down Payment Assistance comes in.
We believe that homeownership should be within reach for everyone, which is why we offer a range of services to help make homeownership more accessible and affordable. Our team is here to help:
Let's face it - your dream home may not always be readily available on the market. That's why we offer Bridge and Construction Loans, designed to turn your vision into a reality.
A Bridge Loan is your bridge to a seamless home transition. It provides short-term financing to help you purchase a new home before selling your current one. With this flexible solution, you can secure your dream home without the stress of waiting for your existing property to sell.
We also realize that
building your dream home from the ground up can also be an exciting journey. Our Construction Loans provide the financial support needed to turn your vision into reality. Whether you're planning a new construction or a major renovation, we've got you covered.
If you have questions that aren't covered here, don't hesitate to reach out to us. Our team is dedicated to providing you with comprehensive information and support throughout your mortgage journey. Your inquiries are always welcome!
We can make assumptions but prefer not to since once we get your information it can change. There are over 25 different variables that go into the rate. Top variables are credit score, loan amount, loan compared to value, occupancy, and how much or if you want to pay what is called “discount points” to buy the rate down.
Yes, we have to do a hard credit inquiry so we know your credit score. Lenders use a mortgage model which is most of the time different from what the free services give you. The free credit services give you an idea of where you might be, but the score may not be accurate. Credit is one of the major factors that affect interest rates.
Preapproval is good for 120 days. After that, information will have to get refreshed to extend that time.
Preapproval can get done as quickly as one day or may take up to a week depending on how long it takes to receive your required information.
The closing costs are mostly fixed costs associated with getting the loan. In addition, there are some variable items to set up escrow to pay for taxes and insurance at closing. Also, potential points to buy down a better interest rate or lender credit for a higher rate. General rule of thumb of 3% of the purchase price can be a good gauge for homes in the $275K to $375K range.
Inspections will have to be paid at the time of the inspection. Earnest money is usually paid at the time that your offer is accepted. Sometimes appraisals are paid at the time of the appraisal (other times it will be collected at closing). The remaining items are paid at closing.
Typically, 30-60 days from closing. Due on the 1st of each month with a 15 day grace period.
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