Helping you is our Core value.
Getting you the right loan is our Core priority.
You can use our online prequalification form to connect with a loan officer and find out approximately how much you can borrow before you start shopping for a house.
Once you have that number, you can provide more information and allow your loan officer to run your credit report to verify your assets and income.
- Don’t suddenly pay off all your debts.
- Don’t apply for new credit cards.
Prequalification can be easy, but it’s after you get preapproved and the loan process progresses that your lender is required to pull a refreshed credit report before closing to check for any new debt. So, any major changes in your finances could delay your loan closing – or even result in a denial despite an earlier approval.
- Having good credit helps to get a more competitive mortgage interest rate, but perfect credit isn’t required.
- If you have a low credit score or have filed bankruptcy in the past, you can work toward improving your credit.
Your credit score matters when you’re trying to buy a house. Your credit score has a direct impact on your mortgage interest rate. A great score could qualify you for the lowest available interest rates, compared to a poor score that might make it harder to get a loan.
Talking to your loan officer about how you can fix some blemishes in your credit score is well worth the time and effort to get a lower rate. Lowering even one percentage point on a mortgage could save you thousands over the long-term.
- Yes! Get in touch with your loan officer, and they can lock in the interest rate you were quoted.
- You’ll be provided with a written Rate and Price Determination Agreement, detailing interest rate, loan terms, and time period for the rate lock.
- You could use a rate shield to lock your rate for up to 270 days, with the option to float down to a lower rate if rates drop within 45 days of closing.
- You’ll have access to your funds on the day you close on your loan — when you’ve officially bought a house.
Congratulations on closing: This is a big deal. And remember, moving to a new home because of a job transfer or change might qualify you for a moving expense deduction, in some states.
Contact ICORE Lending Inc., and you’ll find out how much house you can afford and how fast you can get there.
Get A Mortgage Loan
Conventional Mortgage Loan
Federal Housing Administration
An FHA loan is a government-backed mortgage. FHA home loans require lower minimum credit scores and down payments than many conventional loans, which makes them especially popular with first-time homebuyers. In fact, according to FHA’s 2021 Annual Report, more than 84.6 percent of all FHA loan originations were for borrowers purchasing their first homes.
The VA sets the qualifying standards, dictates the terms of the mortgages offered, and backs the loan, but doesn’t actually offer the financing. Instead, VA home loans are provided by private lenders, such as banks and mortgage companies.
A Non-QM loan, or a non-qualified mortgage, is a type of mortgage loan that allows you to qualify based on alternative methods, instead of the traditional income verification required for most loans. Common examples include bank statements or using your assets as income. Because of the more flexible qualification requirements, Non-QM loans open up real estate investment opportunities to a broader group of individuals.
Debt-Service Coverage Ratio
The debt-service coverage ratio applies to corporate, government, and personal finance. In the context of corporate finance, the debt-service coverage ratio (DSCR) is a measurement of a firm's available cash flow to pay current debt obligations. The DSCR shows investors whether a company has enough income to pay its debts.
Let's say a real estate developer is looking to obtain a mortgage loan from a local bank. The lender will want to calculate the DSCR to determine the ability of the developer to borrow and pay off their loan as the rental properties they build generate income.
Mortgage refinancing pays off an existing mortgage loan with a new loan. The new loan should have better terms or features that improves your financial situation. People typically refinance their mortgage to lower their interest rate and monthly payments.
Reasons for Refinancing
• Lower your interest rate
• Lower your monthly payment
• Shorten the length of your mortgage
• Switch from Adjustable Rate Mortgage to Fixed Rate Mortgage
CFO & Co-Founder