We receive many questions from first time and returning homebuyers and homeowners. Below, we answer some of our most frequently asked questions.
Q: What are your rates?
It is not possible to provide a single answer to questions about mortgage rates. There are two reasons why:
A borrower with a higher credit score may qualify for lower rates than a borrower with a lower credit score who is comparable in all other respects.
Likewise, a lower debt-to-income ratio and a higher income may also help you qualify for superior rates.
Once we learn more about your financial details, we can help you figure out what rates you might qualify for.
Q: What are the down payment and closing costs?
Just as we are unable to provide a single rate estimate on this page, we cannot provide a single down payment amount.
A couple types of mortgages do not require down payments at all: VA loans and USDA loans.
As for the closing costs you will pay, individual factors must be accounted for, along with the type of mortgage for which you apply.
Q: How much do I qualify for?
The amount you can borrow depends on:
There are set loan limits for some types of mortgages. For example, your borrower qualifications may make you eligible to purchase up to the Fannie Mae and Freddie Mac loan limits for conforming loans. But you cannot borrow more unless you apply for a jumbo loan.
By contrast, if you apply for a USDA mortgage, you do not have any set loan limits to deal with. But your individual qualifications will still determine how much you can borrow.
Q: What is the minimum credit score to buy a home?
The minimum credit score you need to purchase a home depends on what type of home loan you apply for.
If you do not have a strong credit score, we recommend that first, you take steps to improve your score if possible. Even on a short timeline, raising your score may be feasible.
Next, we suggest looking into loan programs that are backed by government agencies. FHA, USDA and VA loans do not require perfect credit, but still offer excellent advantages.
Q: Do you work with borrowers in my state?
Express Capital is based in Tustin, California, and works with homebuyers and homeowners throughout the Los Angeles metropolitan area. We also serve customers state-wide.
But we do not work exclusively with customers in California. We are able to help you purchase a home or refinance in all 50 states.
If you are ready to quickly and easily apply for a home loan, please give us a call today at (949) 751-6940 to schedule your consultation. During your consult, we can provide you with personalized answers to your questions and recommendations for mortgage products.
For complete loan program details please speak with a mortgage specialist. All programs, rates, terms and conditions are subject to change without notice. This is not a commitment to lend. All loans are subject to credit and collateral approval. Some products may not be available in all states. All loans are offered through Express Capital a division of Florida Capital Bank, N.A. Member FDIC NMLS ID 790396. © 2017 Express Capital. NMLS: 01477187
For complete program details, speak with one of our mortgage specialists. This is not a commitment to lend. All home lending products are subject to credit and property approval. Rates, program terms, and conditions are subject to change without notice. Not all products are available in all states or for all amounts. Other restrictions and limitations apply. Home lending products are offered through Florida Capital Bank, N.A. dba Express Capital Lending NMLS 790396. Nationwide Mortgage Licensing System & Directory information can be found at www.nmlsconsumeraccess.org.