Educational Resources

Why PrimeLending?

You need mortgage professionals you can trust. You need a company that values honesty and integrity throughout the entire organization. You need mortgage planning specialists who give you their best consistently. You need to find strength, stability and opportunity—especially now. You need PrimeLending!

When dealing with your home financing, we are not only working with one of your largest personal financial investments; we also are handling one of your biggest dreams. Since we work with matters so close to the heart, we serve you from ours.

With the ability to originate and close loans in 50 states and with over 200 branch locations nationwide, PrimeLending can meet you where you are and help you where you are going. Let us provide you a mortgage without obstacles.

Ways To Be Prepared

The best way you can begin the home buying process is to be prepared. To do this in the best manner, you’ll want to consider all aspects of your finances and determine the current status of your savings, credit, debt, and income. All these elements set the stage for you to begin buying the home you want.

Your Down Payment

The amount you may or may not have available for a down payment will be one major deciding factor on which mortgage program that best suits you.

In today’s environment, there tend to be more opportunities and choices available for those buyers who are able to provide a larger down payment. However, even if you may not have the funds available for a substantial down payment, you still can find loan programs that allow a low or no down payment option.

To prepare yourself to contribute a down payment towards the purchase of your home, there are a few simple things you can do:

Spend Less: A bit of an obvious choice, but by avoiding some of the large ticket, unnecessary items, you’ll find more of your financial resources available to put towards a down payment. It’s a good time to start distinguishing between your wants and your needs in regards to your purchases.

Put Some Aside: Contact your Human Resources Department and look into their direct deposit option. Look at your monthly budget and determine how much you could safely afford to have directly transferred from your paycheck into a savings account.

Be Realistic: No matter how much you desire to purchase a home and how excited you are to move forward in the process, be sure that the efforts you make towards saving for a down payment don’t hinder your overall goal—purchasing a home. As you look at your monthly expenses and income, be realistic about how much you can truly afford to set aside. Don’t do too much today that will hurt you dreams for tomorrow.

Your Credit History

A major determining factor lenders use in deciding whether or not to approve you for a loan is your credit history. You’ll want to know how your credit score is derived and also ways to keep your credit clean.

Above all, take note that even if you have encountered credit challenges in your past, you can still find ways to finance the home. Consult with your PrimeLending Loan Officer to determine the choices that are available for you.

Debt to Income Ratio

The debt to income ratio is the relationship between your total monthly debt payments (including proposed housing expenses) and your gross monthly income; this calculation is used by your lender in determining the mortgage amount that you qualify for. Typically, lenders prefer that only 36% of your monthly income goes towards your monthly debt and housing costs.

Keeping these beginning points in mind can strategically position you to move forward with your home purchase.