Home Purchases
Your first move should be to look into your mortgage options!
Do you want to create the perfect house that fits your lifestyle? Or does your family need more room to grow?
When you are ready to sell your home and buy a new one, your first move should be to look into your mortgage options. If you will need a bigger mortgage, your options will include bringing your mortgage with you if it is portable. You can often “blend” your current mortgage rate with the mortgage rate on the additional funds you need.
However, if your rate is higher than today’s rates, you might want to consider breaking your current mortgage and getting a new one for the total amount you need. To break your mortgage, your lender typically has the right to charge a penalty based on the greater of three months’ interest or the interest rate differential (IRD), which is essentially the difference between your old rate and current rates for your remaining term. Don’t worry – we will do all the math for you to figure out what makes the most financial sense!
Get in touch today to get started. Your dream home may be more affordable than you think!
Your First Step - An Illuminate Mortgage Group Pre-Approval
Before you go shopping, the first step is an Illuminate Mortgage Group Pre-Approval. We will look into your unique situation and help you answer some key questions:
- Can I afford a new home?
- Do I have to sell my current home before buying a new one?
- Can I use the equity in my current home as a down payment on my new home?
- What will my minimum down payment be on my new purchase?
- What is a bridge loan and will I need one?
- Can I keep my current home as an investment property?
Our Pre-Approvals are so much more than a Pre-Qualification!
A pre-qualification is just that…an estimate of what you might afford based on information you’ve provided. However, this can differ greatly from the numbers we can actually use on a mortgage application. Save yourself a headache and skip the pre-qual…jump straight to a pre-approval and know you’re on the right track to buy!
Our pre-approval includes a full credit and documents check before you ever write an offer. This allows us to give you an exact amount you qualify for, plus time to help fix any credit issues we may find!
Our goal is to get you into your perfect home as fast as possible and we don’t want any delays. A full pre-approval up-front also helps us streamline the approval process with our lenders and pushes your application to the top of their pile for review. Saving you time and stress once you’ve made an offer on your perfect home.
Learn more about home purchasing
As mortgage policies change, we are always updating our video library with fresh content. Have a peek below for some videos about home buying and pre-approvals!
