Many people need more money to buy a house. Depending on the area, family size, and other factors, it may be impossible to purchase a home outright.
Silverton mortgage is an excellent way to finance the purchase of a home. You can make monthly payments while the value of your home rises. This enables you to build equity and profit from your home.
With Silverton Mortgage, there is a lot you don’t have to worry about, and in this article, we will go over all you need to know. Let’s get started.
Table of contents
About Silverton Mortgage
Silverton Mortgage got established in 1998 and is widely regarded as a market pioneer. The borrower, real estate agent, and Silverton Mortgage are all kept interested by keeping the entire loan process internal.
They are proud to consistently receive accolades for having the highest customer satisfaction ratings in the industry and tremendous growth. Silverton Mortgage constantly broadens its lending reach due to our collaborative culture.
They believe the key to success is always teamwork. At Silverton Mortgage, they attribute their years of success to the confidence clients have placed in them as well as the tenacity of the skilled members of their staff.
Top Workplaces USA has named it a 2022 Top Workplace, and the Atlanta Business Chronicle has named it one of the 2022 Best Places to Work!
They handle the whole loan process in-house, from application to closing. To assist you in finding the ideal balance between product and pricing, they also consider all the financial aspects affecting your mortgage.
For more than 20 years, the best in the business have supported their affordable mortgage rates, low closing costs, and extensive range of mortgage programs.
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Why should you consider Silverton Mortgage?
Silverton Mortgage has built one of the best and most reliable mortgage lending enterprises. However, we will never be a business that measures its success by the number of national offices.
One loan, one satisfied customer, one family in a home, and their contributions to our communities are how they measure success. Some of the reasons Silverton Mortgage stands out are-
They offer different loan options.
It might be overwhelming to purchase a home. There are so many different banks, lenders, and brokers that offer so many various financing choices. Silverton mortgage is here to help, so don’t stress yourself out trying to discover the perfect item and price.
Conventional
With as low as a 3% down payment, no upfront mortgage insurance payments, and cancellable monthly private mortgage insurance, a conventional purchase is a “traditional” mortgage. There are alternatives for fixed-rate and adjustable-rate mortgages.
FHA
A first-time home buyer with a low credit score may find an FHA loan a terrific alternative. FHA loans offer choices for customers with credit scores as low as 600 and require as little as 3.5% down.
Loan for Permanent Construction
Silverton mortgage can assist you with constructing a new home or remodeling/improving an existing one with as little as 10% down. With only one closing for your loan’s construction and permanent phases, their Construction-Permanent package streamlines your process.
Sterling Secure
Before even looking for a property, secure your financing! Before you buy a home, Silverton Mortgage underwrites your loan and locks down your rate, giving you and prospective sellers the security you need to compete with cash purchasers.
See this related article: Sun West Mortgage Review 2023: Interest Rates, & Plans
What are Silverton Mortgage Website and Links?
- About us website
- Contact Us
- Website
- Login Page
- Sign Up Page
- YouTube
How to Apply for Silverton Mortgage- Step-by-Step Guide
Step One: Pre-Approval
Silverton Mortgage determines your eligibility for a loan in this phase of the mortgage application process. Your credit, employment history, and income are carefully examined to determine the maximum amount you can borrow.
This information is usually used by an expert loan originator to decide which loan program is best for you, taking into consideration the down payment amount and available interest rates.
Once pre-approved, You’ll receive a letter confirming that you can afford a mortgage up to a specific amount. Now is the time to begin looking for a home. A pre-approval lets sellers know that you’re a serious buyer and offers you an estimate of how much you can pay.
Step 2: Sending in the First Documents
After the pre-approval process, you must choose the type of mortgage loan that is best for you.
You must submit specific documents to confirm your income and demonstrate your ability to repay the loan. This typically contains your W-2s, tax returns from the last two years, and your previous 30 days’ pay stubs.
Depending on your loan type, the requirements change, but a credit check is always required. Lenders typically need a FICO score of 620 or higher to approve a conventional loan. Even with a low score, there are still plenty of possibilities, but some might include taking out loans with higher interest rates.
Step 3- Processing
An expert processor examines, packages, and keeps track of your loan request after sending the initial paperwork. A processor collects all the information needed for approval of the loan.
They also get in touch with credit bureaus, employers, accountants, and anybody else necessary to confirm your information. When the time comes, the loan processor will ensure the proper procedures get followed, order the home appraisal, and place the final loan paperwork order.
Step 4- Underwriting
Your loan gets forwarded to the lender once the processor has received all the necessary papers.
The underwriter’s responsibility is to analyze it and determine the risk involved in lending to you. They issue a mortgage commitment, and when assessed, it shows you can repay the loan.
The underwriter will consider your credit history, evidence of income, debt-to-income ratio, savings, and any other criteria to help them decide whether you are financially prepared for the responsibility of a mortgage to get to that determination.
Step 5: Pre-Closing
Following the underwriting of your loan, it’s time to finalize all the details. Get everything ready for the closing day by discussing the terms of your loan with the lender. This entails touring the house and obtaining homeowners insurance that will take effect the day you move in.
Pre-close due diligence assures a smooth closing day for you and all parties involved. You’ll also receive electronic wire instructions for your down payment and closing costs from your closing attorney.
Step 6: Closing
This is the last step for getting a Silverton mortgage. The remaining steps are to sign a ton of paperwork and verify that you received your electronic wire. Additionally, you would need a photo ID.
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Frequently Asked Questions
Regarding the question of whether a bank or a mortgage lender will provide a better rate, there is no definitive answer. Your credit score, the amount of debt you now owe, the location of your property, the amount of your down payment, and the size of the loan you are looking for will significantly impact the mortgage rate they offer you.
In California, most mortgage programs have terms of 30 years, then 15 years. The shortest-term mortgages are adjustable-rate mortgages, which call for future refinancing to reset the time and rate, often to a fixed-rate mortgage.
“Conventional” denotes that the loan is not a part of any particular government initiative. While more challenging to obtain, conventional loans are often less expensive than FHA loans.
Yes, a mortgage lender will review any depository accounts shown on your bank statements, including any open lines of credit, checking, and savings accounts.
30 years. In the US, a 30-year mortgage is the most typical length. In the case of a 30-year mortgage, the borrower has 30 years to repay the loan.
Conclusion
It might be overwhelming to purchase a home. There are so many different banks, lenders, and brokers that offer so many various financing choices. We’re here to help, so don’t stress yourself out trying to discover the perfect item and price yourself. We hope you have learned all you should know about Silverton Mortgage.
You should see this article: What is a Fully Amortized Loan?
References
- https://silvertonmortgage.com/
- https://silvertonmortgage.com/contact-us/
- https://silvertonmortgage.com/about-us/
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