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How do I contact H4B? Answer |
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How do I know how much house I can afford? Answer |
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What is the difference between a fixed-rate loan and an adjustable-rate loan? Answer |
| 4. |
How is an index and margin used in an ARM? Answer |
| 5. |
How do I know which type of mortgage is best for me? Answer |
| 6. |
What does my mortgage payment include? Answer |
| 7. |
How much cash will I need to purchase a home? Answer |
| 8. |
What is the minimum down payment needed to buy a home? Answer |
| 9. |
What is a home inspection and is it necessary? Answer |
| 10. |
What is mortgage loan insurance? Answer |
| 11. |
How does H4B Mortgage Services get paid? Answer |
| 12. |
Is my information kept confidential? Answer |
| 13. |
What is a pre-approval and how do I get one? Answer |
| 14. |
Does bankruptcy disqualify me from getting a mortgage? Answer |
| 15. |
How will child support and alimony affect my mortgage qualification? Answer |
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How do I contact H4B? |
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Here is our contact information:
Address: ..8295 Ralston Road Suite #215
...................Arvada, Colorado 80002
Phone: .....720-898-5487
Fax: ..........303-423-8726
E-mail: .....info@h4bmortgage.com |
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How do I know how much house I can afford? |
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Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. Give us a call, and we can help you determine exactly how much you can afford. |
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What is the difference between a fixed-rate loan and an adjustable-rate loan? |
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With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan will likely change. There are advantages and disadvantages to each type of mortgage, and the best way to select a loan product is by talking to us. |
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How is an index and margin used in an ARM? |
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An index is an economic indicator that lenders use to set the interest rate for an ARM. Generally the interest rate that you pay is a combination of the index rate and a pre-specified margin. Three commonly used indices are the One-Year Treasury Bill, the Cost of Funds of the 11th District Federal Home Loan Bank (COFI), and the London InterBank Offering Rate (LIBOR). |
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How do I know which type of mortgage is best for me? |
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There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture and how long you intend to keep your house. H4B Mortgage can help you evaluate your choices and help you make the most appropriate decision. |
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What does my mortgage payment include? |
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For most homeowners, the monthly mortgage payments include three separate parts:
- Principal: Repayment on the amount borrowed.
- Interest: Payment to the lender for the amount borrowed.
- Taxes & Insurance: Monthly payments are normally made into a special escrow account for items like hazard insurance and property taxes. This feature is sometimes optional, in which case the fees will be paid by you directly to the County Tax Assessor and property insurance company.
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How much cash will I need to purchase a home? |
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The amount of cash that is necessary depends on a number of items. Generally speaking, though, you will need to supply:
- Earnest Money: The deposit that is supplied when you make an offer on the house.
- Down Payment: A percentage of the cost of the home that is due at settlement.
- Closing Costs: Costs associated with processing paperwork to purchase or refinance a house
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What is the minimum down payment needed to buy a home? |
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A minimum down payment of 5% is generally, but not always, required to purchase a home, subject to certain maximum price restrictions. In addition to the down payment, you must also be able to show that you can cover the applicable closing costs (i.e. legal fees and disbursements, appraisal fees and a survey certificate, where applicable). Programs do exist throughout the industry that provide certain buyers with down payment assistance and those programs are available through State, County and City services. |
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What is a home inspection and is it necessary? |
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A home inspection is a visual examination of the property to determine the overall condition of the home. In the process, the inspector should be checking all major components (roofs, ceilings, walls, floors, foundations, crawl spaces, attics, retaining walls, etc.) and systems (electrical, heating, plumbing, drainage, exterior weather proofing, etc.). The results of the inspection should be provided to the purchaser in written form, in detail, generally within 24 hours of the inspection.
A pre-purchase home inspection can add peace of mind and make a difficult decision much easier. It may indicate that the home needs major structural repairs which can be factored into your buying decision. A home inspection helps remove a number of unknowns and increases the likelihood of a successful purchase. We can provide you with a list of reputable home inspectors. Please feel free to give us a call if we can be of assistance. |
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What is mortgage loan insurance? |
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Mortgage Loan Insurance is insurance provided by FHA or a private mortgage loan insurance corporation. This insurance is required by law to insure lenders against default on mortgages with a loan to value ratio greater than 80%. The insurance premiums, ranging from .50% to 3.75%, are paid by the borrower and can be added directly onto the mortgage amount. This is not the same as Mortgage Life Insurance. |
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How does H4B Mortgage Services get paid? |
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H4B Mortgage is a mortgage brokerage and has relationships with a great many mortgage lenders and as such is able to find the most advantageous rate for the program that is best suited to the borrower. Once the program is established and the loan in committed and closed H4B Mortgage receives a nominal loan origination fee from the client/customer for its services. This fee is negotiated, disclosed and approved by the client prior to any work being undertaken by H4B Mortgage. |
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Is my information kept confidential? |
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Security and confidentiality is extremely important to both you, the client, and H4B Mortgage. We do not share our personal information with any other business, entity or govermental service. |
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What is a pre-approval and how do I get one? |
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A Pre-approved Mortgage provides an interest rate guarantee from a lender for a specified period of time (usually 60 to 120 days) and for a set amount of money. The pre-approval is calculated based on information provided by you and is generally subject to certain conditions being met before the mortgage is finalized. Conditions would usually be things like 'written employment and income confirmation' and 'down payment from your own resources', for example. The easiest way to get a Mortgage Pre-approval is by H4B Mortgage Services. We will ask you some simple questions and calculate the size of mortgage you qualify for, using this information. With your authorization, we will then proceed with arranging a Pre-approved Mortgage for you if you are planning to buy property in the near future. Most successful Real Estate Professionals will want to ensure you have a Pre-approved Mortgage in place before they take you out looking for a home. This is to ensure that they are showing you property within your affordable price range. In summary, a Pre-approved Mortgage is one of the first steps a Home Buyer should take before beginning the buying process. Give H4B Mortgagee Services a call to find out more! |
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Does bankruptcy disqualify me from getting a mortgage? |
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Depending on the circumstances surrounding your bankruptcy, generally some lenders would consider providing mortgage financing. If you are a previously discharged bankrupt the best way to determine whether or not you is by giving H4B Mortgage Services a call or send us an email! |
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How will child support and alimony affect my mortgage qualification? |
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Where Child Support and Alimony are paid by you to another person, generally the amount paid out is deducted from your total income before determining the size of mortgage you will qualify for Where Child Support and Alimony are received by you from another person, generally the amount paid may be added to your total income before determining the size of mortgage you will qualify for, provided proof of regular receipt is available for a period of time determined by the lender. |
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