When it comes to financing your dream home, the type of loan you decide on can make all the difference in what home you can afford and the level of lifestyle after you buy your new home. With the many different types of financing options available, selecting the one which one suits you best takes a little research. Our preferred lender Pacific Sun Mortgage is here to help make the process of prequalification (so you know how much home you can afford) and final loan decision-making easier. Their experience and knowledge of the marketplace can help you to understand the lending choices available and their commitment is to find the one right for you. Below are a few frequently asked questions that may help you along the way to buying the home you really want.

Answers to financing questions

Question: How do I know how much I can qualify for?
Answer:  Pacific Sun Mortgage will help you through the pre-qualification process prior to your purchase to help you determine the amount of a mortgage loan that works for you.  Your income, credit, monthly expenses and down payment ability will factor into your pre-qualification.  Your answers will help Pacific Sun Mortgage compare loan program options and advise you to the best scenario for you.

Question:  How do I determine which mortgage and loan program is best for me?
Answer: The two most common loan types are fixed rate mortgages and adjustable rate mortgages.

   - The interest rate on a fixed rate mortgage remains the same over the term of the loan.
   - The interest rate on an adjustable rate mortgage fluctuates over the term of the loan.
   - Adjustable rate mortgages typically have a lower start rate.

Pacific Sun Mortgage will assist you in understanding the pros and cons of each to help determine which is best for your situation.

Question:  How much of a down payment is required?
Answer:  There are loan programs that require smaller down payments such as FHA and VA financing.

Typically a down payment of less than 20% will require mortgage insurance which is added to your monthly mortgage payment.

Pacific Sun Mortgage will provide you with the necessary information to determine your best down payment scenario.

Question:  After I have contracted to purchase my new home, what is the next step in the loan application process?
Answer:  Now it is time to make sure your loan application is fully complete.  Your Pacific Sun Mortgage loan officer is available to assist you in the process making it as seemless as possible.

Your loan officer will call you to schedule an appointment and work with you so that you fully understand today's lending disclosures and requirements.