How Equity Mortgage Group Can Help You in Your Journey

You don’t have to be a very financially stable person to take a home loan. In the first place, the goal of it is to help you have your dream home as long as you meet the minimum requirements. With that in mind, Equity Mortgage Group is one of the good companies in doing this service to people like you.

In this, article, we will help you know everything about this company. This is to help you become knowledgeable before you take a loan from them. So, let’s begin the discussion!

Equity Mortgage Group About

Equity Mortgage Group understands that every borrower is unique and has different financial situations and goals. That’s why they offer a variety of home loan programs to fit any need in the Greater Portland area. Their expert mortgage loan originators will take the time to get to know you and your specific situation so that they can help you select the best solution for you.

The company’s mission is to provide clients with the best mortgage experience possible. They will be there for you from your very first pre-qualification meeting all the way until your successful, on-time closing.

So, what makes them unique? Equity Mortgage Group strives to make your home buying or selling experience as smooth and enjoyable as possible. Here are the things that they do that make them unique:

• They believe in being open and honest with clients from start to finish.
• They have technology working for you in your online process.
• Have a knowledgeable loan officer who is dedicated to working with you.

Equity Mortgage Group Loan Options

 

A home mortgage is a loan that you can use to purchase a house. The loan is secured by the house, which means that if the borrower defaults on the loan, the lender can foreclose on the house and recoup their losses. Mortgages are typically paid back over a period of 15 to 30 years, and the interest rates are usually fixed, which means that they do not change over time.

Additionally, mortgage payments are typically made on a monthly basis, and the payments include both interest and principal. A principal is the amount of money that you borrow, and interest is the fee that they charge for borrowing the money. The monthly payment also includes escrow, which is funds set aside to pay for property taxes and insurance.

Moreover, mortgage loans are typically offered by banks, credit unions, and other financial institutions. They are an important source of financing for many home buyers, as they allow people to purchase a house without having to pay the entire purchase price upfront. Also, they are an important source of revenue for lenders, as they earn interest on the loans.

Then, applying at Equity Home Mortgage for a home mortgage, you can be sure that they will provide you with good service. Here are the following loans you can choose from them.

FHA Loan

With an FHA loan, you can put as little down as 3.5% when purchasing a new home. The Federal Housing Administration (FHA) covers these types of loans so that lenders feel more comfortable giving them out. This protects the lender in case the borrower defaults on their mortgage payments and needs to be foreclosed upon.

Also, FHA loan help people with less-than-perfect credit buy a home. If you have been turned down for other loans, an FHA loan may be right for you. The minimum credit score is lower for an FHA loan, and there are leniencies in place if this is your first time buying a home.

Additional Information:

• Offer both fixed and adjustable rate terms.
• With their flexible qualifying guidelines, you can get approved for a loan even if your credit score is not perfect.
• You can make use of gift assets for the down payment.
• Down payment as low as 3.5% of the purchase price.

USDA Loan

The USDA home loan is designed to benefit rural and suburban homeowners in America. This type of financing has less stringent qualifications and credit requirements compared to many other loans, making it more accessible for those who might not otherwise qualify.

In addition, there is no down payment for a USDA mortgage up to the appraised value of the home when the county maximum loan limit is not exceeded. Income limits that determine qualification vary depending on location and household size.

Additional Information:

• Qualifying guidelines that are flexible and allow borrowers with low to moderate incomes.
• For qualifying homebuyers in designated areas, there will be no down payment.
• Because these interest rates are backed by the government, there are great options available.
• This allows the seller to contribute towards the buyer’s closing costs.

VA Loan

The VA Mortgage is backed by the United States government, making it a safe and secure investment. This type of mortgage is also one of the most flexible, offering up to 100% financing for homebuyers who qualify.

Additionally, there is no required private mortgage insurance with a VA loan- something that could save you hundreds of dollars each year. With more lenient credit and qualifying criteria than a conventional mortgage, the VA Loan could be the perfect option for your next home purchase.

Additional Information:

• Their flexible qualifying guidelines allow people with lower credit scores to qualify.
• You can finance this entire purchase, meaning you don’t have to pay anything upfront.
• Offers assistance with closing costs and allows sellers to contribute a percentage towards the buyer’s closing costs.
• You can use your VA loan benefit more than once
• With this mortgage, you won’t have to pay for private monthly mortgage insurance.

Conventional Loan

A conventional mortgage is a popular option that can offer great rates to those who qualify. With a minimum down payment of 3%, Equity Mortgage Group offers products that allow you to finance up to $548,250 for one-unit properties, or $822,375 in high-cost areas. For financing above those amounts, you may want to consider a Jumbo loan.

Additional Information:

• You can avoid private mortgage insurance costs by making a 20% down payment.
• A variety of loans are available with terms ranging from 15 to 30 years and fixed or adjustable rates.
• Private mortgage insurance is generally required for less than an FHA loan.
• Popular home loan.
• Those who qualify only need to pay 3% down.

Jumbo Loan

If the price of a home you’re interested in purchasing is above loan limits set by federal agencies, jumbo financing becomes an option. In 2021, for example, the Federal Housing Finance Agency raised its maximum conforming limit from $510,400 to $548,250. High-cost areas have even higher limits: up to $822,375.

If you plan to take out a loan above the standard amount, know that you may have to meet stricter requirements for qualification. Lenders will look at various elements such as your credit score, income, and debt-to-income ratio (DTI) when making a decision.

Additional Information:

• You are able to decide whether a fixed or adjustable rate.
• Have a range of options to help you finance your dream home.
• You should take out one loan for the entire amount instead of two smaller loans.
• Consider purchasing a home in a desirable market.

Renovation Loan

A renovation home loan is a great way to get the money you need for both buying a new property and making repairs or renovations. Plus, it’s all rolled into one convenient monthly mortgage payment.

By partnering with Equity Mortgage Group, you will have access to their network of qualified and licensed contractors. Also, they will manage the process from start to finish by getting bids and overseeing progress payments–so that you can focus on the renovation itself.

Additional Information:

• Rather than one large renovation payment, you can spread the cost out by adding it to your monthly mortgage.
• The home equity line of credit combines the purchase price of your home with the cost of any improvements you may make.
• Not only will a home renovation transform your house into the dream home you’ve always wanted, but it will also often increase its value.
• The proof allows you to outsource work so that you can focus on other areas of your business.
• The seller will not require any appraisals or inspections to be done before closing; all work can be completed by the buyers’ contractor after closing.
• This makes it possible for sellers to sell their houses without making any repairs or updates, which is convenient when they are trying to move out.

New Construction Loan

Getting pre-qualified for a mortgage is an essential first step in your journey to build the home of your dreams. With their Digital Mortgage application, you’ll be able quickly and easily determine how much you’re approved for. Then, after you find the perfect community and property, you’ll move on to signing the contract.

Additional Information:

• You can finance your purchase with 100% financing.
• The VA allows home sellers to help with closing costs, up to a certain percentage.
• Qualifying guidelines that are more flexible and credit score requirements that are lower.
• You won’t have to pay private mortgage insurance each month with this loan.
• You can utilize your VA loan advantage more.

Down Payment Assistance

There are plenty of DPA programs accessible to those who want to purchase a home, especially for first-time buyers or people meeting specific income criteria. For example, these types of loans often come with flexible qualifying standards that take into account the local median income and housing prices. There are even some government-backed loans—like USDA and VA home loans—that provide up to 100% financing for eligible borrowers.

The amount you’ll need to put down depends on many things, like the DPA program or other programs. Local DPAs might have second liens or other options like grants, tax credits, etc.

Additional Information:

• Offer assistance to individuals who don’t have the money for a down payment.
• You can often use DPAs to help with the down payment or closing costs on a home.
• DPAs are great for first-time homebuyers who might not meet other traditional criteria.
• Many products on the market today help you purchase a home sooner.

Reverse Mortgage

The U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) both oversee and insure reverse mortgages or HECM. Homeowners who are 62 years of age and older may be able to withdraw a portion of their equity without having to repay it. There are no monthly payments required, but the borrower is still responsible for paying any HOA dues, hazard insurance, and property taxes.

If this is not done, the loan will be in default, and the lender may be allowed to foreclose in accordance with the loan’s terms.

Additional Information:

• Contribute to the cost of in-home care or relocate closer to loved ones.
• You can have a consolidated debt to enable a more comfortable retirement.
• Remodel your home to make it more comfortable for you to age in place.
• Purchase or refinance a residence for personal use.

Equity Mortgage Group Application Process

The Equity Mortgage Group Application process guides you through the entire loan process and is designed to make it easier for you Whether your goal is to purchase or refinance a property, the steps are generally similar.

1. First, after getting pre-approved and selecting the right loan program for you, you’ll work with their expert team on gathering all of the necessary documents that you’ll need to apply.
2. Then, they will look at your credit score, verify your income and assets, as well as review any other required documentation to make sure you are eligible for the loan program you’ve chosen.
3. Next, they will provide information on potential down payment assistance programs or anything else that might help you.
4. Finally, once all of the paperwork is in order, they’ll submit it to the lender and keep you informed throughout the entire process. When your loan is approved, they’ll help get you ready to close on your new home!

Final Thoughts on Equity Mortgage Group

Equity Mortgage Group provides a wide range of services and products that can help you achieve your homeownership goals. Whether you’re looking for a traditional mortgage loan, DPA programs, reverse mortgages, or any other type of financing, they will work with you to find the right solution. With their team of experienced professionals and commitment to customer service, they are sure to make the entire process as seamless and stress-free as possible.

Contact them today to claim your dream house!

FAQs about Equity Mortgage Group

Q: What kind of mortgage products does Equity Mortgage Group offer?

A: They provide traditional mortgage loans, DPA programs, reverse mortgages (HECM), and more.

Q: Do I need to have perfect credit to get a loan from Equity Mortgage Group?

A: Not necessarily. They look at each application on a case-by-case basis and their team is committed to helping you get approved for the loan that fits your needs.

Q: How lengthy is the approval process in Equity Mortgage Group?

A: That depends on many factors, including how quickly you provide the necessary documentation and how quickly they can review everything. Generally speaking, the process takes anywhere from a few weeks to a few months.

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