Frequently Asked Questions
Am I Ready to Be a Homeowner?
Many renters are in fact qualified to be homeowners but are missing the proper information to do so. There are many misconceptions about buying, which include needing a large down payment or a perfect credit score. Forte Financial offers different program options for buyers with low down payments or even zero down. Additionally, there are some programs where a credit score under 600 can still qualify for a loan with a surprisingly low-interest rate and minimal down payment. For more information or to see if you are a candidate for a home loan do not hesitate to reach out to our licensed professionals and learn more.
WHAT IS PMI?
PMI means “Private Mortgage Insurance.” This is an insurance policy that allows you to make a lower down payment by insuring the lender against loss if you fail to pay your mortgage. If you are buying or refinancing with less than 20% equity you will be required to pay PMI under most loan programs. Forte Financial has several special programs that can help to avoid PMI payment even if you pay less than 20% down. Please contact one of our loan originators for further details.
What KIND OF LOAN SHOULD I GET?
Every borrower’s needs are unique with many factors that would affect the most appropriate loan pursued. The professionals at Forte Financial will take the time to analyze your situation and provide you with the best possible options to meet those needs.
DOES MY CREDIT SCORE MATTER?
Generally speaking, a 740+ credit score will get you into the best conventional rate and terms. There are many factors that affect the rates. For example, someone with an abundance of equity or a larger than normal down payment but, with a lower credit score can increase your chances of approval for a mortgage. However, we have programs available with excellent rates for individuals with credit scores under 600. Please feel free to contact our team to find out more.
What Is Pre-Qualification?
Pre-qualification is a document that Forte Financial can provide to you that empowers your offer on the home of your dreams. This document is based on certain assumptions and it lets the seller know that you are pre-qualified for a mortgage. Sellers frequently require a letter before accepting your offer on a house. One of our professional Loan Officers will work to provide you a pre-qualification letter swiftly. There is NO cost to do this!
What Should I Expect at Closing?
Your Forte Financial professional Loan Officer will walk you through every step to be sure you are fully aware of what to expect so there are no surprises. We stand committed to ensure our clients are educated about their loan details before, during, and after closing.