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 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:
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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!
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.