Learn the market and jargon


The market

Yes, now is a good time to buy as interest rates are still favorable, especially historically speaking. However, with low inventory, growing home prices and interest rates, it could make buying a home more difficult. Monitoring the market conditions and keeping an eye on inventory is a great option if you have time on your side. Don’t forget that this is a long-term, big picture investment. Be sure to review your finances and goals. This will help you determine if now is a good time to buy.

Our loan officers are happy to give you a holistic picture of your loan compared to other options using a total cost analysis. It will compare loan terms, pricing, and options to give you a clear understanding how each would affect your financial position over time. Through this analysis you may find a better loan option, or you very well may already have the best one. Find a loan officer to get started!

That is our specialty! As you and your real estate agent work with one of our experienced loan officers, they will review your unique financial position and help you determine what works best for your budget and financial goals. We’ll run scenarios on each home to identify how much you’ll need to borrow over specific amounts of time so you can have a clear understanding of what you can afford.

The jargon

This is the ratio of all your monthly debt payments, including the payment for your new mortgage, divided by your gross monthly income. This ratio is one way a lender determines your ability to manage your monthly mortgage payments and repay your loan.

Closing costs are fees and expenses for completing your mortgage loan transaction. These costs are typically 3%-6% of the loan amount and may include origination fees, taxes, insurance premiums as well as title and record filing fees. Keller Mortgage is required by law to provide you with a loan estimate when you submit certain information including your name, social security number, income, subject property address, estimated property value, and estimated loan amount.

This is a type of insurance that protects the lender against losses while allowing you, the borrower, to qualify for mortgage financing with a down payment of less than 20% and as low as 3% of the purchase price.

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