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Hi, my name is Pat Collins and I specialize in helping first time home buyers buy their first home while helping seniors stay in their home with a variety of mortgage products. It's my mission to guide individuals and families through one of the most significant decisions of their lives with homeownership through retirement.
From the excitement of a first home purchase to the strategic decision-making involved in a reverse mortgage. I am here, offering not just financial solutions but also a listening ear and a guiding hand.
Mortgage Specialist,
NMLS# 1628553
Frequently Asked Questions
Here are Ten Of Our Most Asked Mortgage Questions
A fixed-rate mortgage has a stable interest rate throughout the loan term, while an adjustable-rate mortgage (ARM) has an interest rate that may fluctuate based on market conditions, potentially affecting your monthly payment.
The down payment amount varies based on the type of loan and your financial situation. Typically, it ranges from 3% to 20% of the home’s purchase price.
Your credit score, down payment amount, loan type, loan term, and current market conditions are some of the key factors that affect your mortgage interest rate.
Generally, you’ll need to provide proof of income, bank statements, tax returns, and identification documents. Specific requirements may vary based on the lender and the type of mortgage.
While it can be more challenging, some lenders offer mortgage options for individuals with lower credit scores. However, a higher credit score typically results in better loan terms and interest rates.
The approval process can vary, but it typically takes around 30 to 45 days. However, this timeline can be affected by factors such as the complexity of the application and the lender’s workload.
PMI is typically required for homebuyers who make a down payment of less than 20%. It protects the lender in case the borrower defaults on the loan. Once you have sufficient equity in your home, you can request to cancel PMI.
Pre-qualification is an initial assessment based on the information provided by the borrower, while pre-approval involves a more thorough investigation, including a credit check and verification of financial documents, providing a more accurate estimate of how much you can borrow.
Yes, refinancing allows you to replace your current mortgage with a new one, often with better terms such as a lower interest rate, reduced monthly payments, or a different loan term.
Some mortgages include prepayment penalties that charge a fee for paying off the loan before the agreed-upon term. It’s essential to review your mortgage terms to understand if any penalties apply.
