The program you choose will depend on your income, credit history, interest rates, available cash, and how long you intend to live in the home. Contact a lender to find out the best option for you.

Fixed-Rate Mortgage
A mortgage in which the interest rate does not change during the entire term of the loan. The borrower’s interest and principal payments remain the same each month.

Adjustable-Rate Mortgage (ARM)
A mortgage loan in which the interest rate adjusts based on market conditions. A financial index determines the interest rate. This mortgage provides a lower interest rate, with a risk of higher monthly payments if the rates go up. You may consider an ARM if you are confident you can handle increased payments or plan to move in a few years.

Construction Loan
Work with an approved contractor to build your new home and easily transition to a permanent mortgage loan.

Physician Loan Program
Available to physicians coming out of residency to start a full-time practice. The loan term will be amortized at 30 years or less. Proof of employment with a contract is required.

During the pre-approval process, your lender will work with you to find the right product and term that best fits your financial goals. To obtain pre-approval, a lender evaluates your credit history and calculates your housing and debt ratios. Pre-approval is free of charge. You should expect to verify your income, length of employment, and source of down payment.

Your lender will request the following information:

• Employment: Employer info, pay stubs, W-2 forms, and/or signed federal tax returns
• Other Income: Pension, disability, social security, support and/or rental income
• Assets: Bank statements and any other assets
• Liabilities: List of all creditors
• History: Landlord address, current mortgage payments, and/or bankruptcy
• Other information may be requested based on your situation

A pre-approval letter shows the seller and/or the realtor that you are a serious buyer. If a lender denies pre-approval, you should investigate immediately. Without pre-approval, your chances of obtaining a mortgage loan are jeopardized. If a lender bases the decision, in part, on information in your credit report, you have the right to receive a free copy of the report.

Questions about how much your payment will be, or whether refinancing makes sense for you? Check out our Mortgage Calculators to help you!