RE/MAX Riverside

I wish I could give you a solid answer, but the truth is it depends! Give us a call and we’ll talk about this one!

This is always a loaded question! There are so many different programs out there with varying percent of loan value. For example, A Veteran’s Administration loan does not require a down payment, but their closing expenses are higher than other programs. An FHA loan requires 3.5% down payment, but also requires a Mortgage Insurance Premium. Similarly, a Conventional loan requiring less than 20% down payment and may also require Mortgage Insurance depending on the lender and payment value. The bottom line is there are so many options and its always best to give us a call so we can discuss your personal situation!

Closing typically takes 45-60 days.

The mortgage payment will cover the principal and interest of your loan. It may also cover “escrow” amounts, which include real estate taxes and homeowner insurance. Some loan programs require monthly escrows, others do not.

It’s best to start with 2 parallel paths: identify a real estate agent you can trust and with whom you wish to work while also beginning to look for a lender with programs that appeal to you. You can also ask your real estate agent to guide you in selection of a lender.