6 Things You Need to Know About Getting a Mortgage
1. You should meet with a lender before house shopping.
Buying a home and getting a mortgage is one of the most important financial decisions you’ll ever make. The first step in the process is to meet with a trusted Mortgage Advisor to discuss your goals and review your financial information.
2. An approval can increase your buying power.
An approval holds more weight than a pre-approval and could enhance your negotiating power in a competitive market. At Pacific Residential Mortgage, we have a quick, upfront approval process that reduces time and stress, so you can shop with confidence.
3. A large down payment is not necessary to purchase a home.
It’s a common misconception that homebuyers must put at least 20% down. However, some qualifying buyers can put down as little as 3% or no down payment at all*.
4. Debt shouldn’t discourage you from buying a home.
Did you know there are loan solutions that can potentially help applicants, even those with student debt, qualify for a mortgage? Your Mortgage Advisor will be able to help guide you toward the right decision for your long-term financial success.
5. There are loan options for all types of buyers.
At Pacific Residential Mortgage, we understand that your financial situation is unique. This is why we offer a wide variety of products and services to meet your long-term goals.
6. You need a lender you can trust.
When it comes time to buy a home, you need a trusted, local lender who is easily accessible and willing to meet with you face-to-face. As Mortgage Advisors, we’re here to educate and guide you through the entire homebuying process, from start to finish.
The PRM Experience
Pacific Residential Mortgage, LLC
4949 Meadows Road, Suite 150, Lake Oswego, Oregon 97035
Pacific Residential Mortgage, LLC NMLS-1477. Equal Housing Lender. Credit on approval. Terms subject to change without notice. Not a commitment to lend. www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1477 Blake Rice NMLS-135765 Anette Sieverson NMLS-136913
For Reverse Mortgages: **At the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds; charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees; the loan balance grows over time and interest is charged on the outstanding balance; the borrower remains responsible for property taxes, hazard insurance, and home maintenance, and failure to pay these amounts may result in the loss of the home; interest on a reverse mortgage is not tax deductible until the borrower makes partial or full re-payment.
For USDA Loans: *Some state and county maximum loan amount restrictions may apply.