-Platinum Home Mortgage offers a variety of loan products that can meet the needs of homebuyers.
-The company has a strong focus on customer service, which can be helpful when navigating the home loan process.
-Platinum Home Mortgage offers competitive rates and terms on its loans.
Let’s say you’re out house hunting and you see a beautiful home that’s just within your budget. You’re excited to put in an offer, but then you remember that you still have to get a mortgage. Then, you hear about Platinum Home Mortgage and decide to check them out.
So, what exactly do you need to know about it? In this article, we will give you an overview of the company as well as what it can offer to you. Also, we will help you decide whether it is worth taking a loan from them off not.
Platinum Home Mortgage opened in Rolling Meadows, IL in 1993 and achieved number one private-held mortgage company status in the Chicagoland area by the end of its first year.
Today, the company is one of America’s leading lenders. With operations in 50 states and the District of Columbia, they offer traditional and innovative home financing solutions to meet the needs of a wide range of people.
So, what makes them different from others? Here are some of its features:
A home mortgage is a type of loan that helps homeowners finance the purchase of their homes. The loan is secured by the property, which means that if the borrower defaults on the loan, the lender can foreclose on the property and sell it to recoup its losses.
Home mortgages are typically paid back over a period of 15-30 years, making them one of the longest-term loans available. Because of this, home mortgages typically have lower interest rates than other types of loans, such as credit cards or personal loans. This makes them an attractive option for borrowers who are looking to finance a large purchase.
Additionally, home mortgages can be used to access the equity in your home, which can be used for major expenses or investments. For these reasons, home mortgages are an essential tool for many homeowners.
And if you want to apply for a loan in Platinum Home Mortgage, you can choose the following types which fit your needs.
The Federal Housing Administration (FHA) offers government-backed home mortgage loans that are available to borrowers with limited savings and/or credit challenges. However, all eligible applicants may apply for it.
Additionally, the FHA’s part is not to loan money directly to borrowers. Instead, it guarantees mortgages that are approved by lenders. This means that if you take out an FHA-insured mortgage and default on your payments, the lender will get reimbursement from the government for a portion of their losses.
In exchange for this insurance protection, borrowers who get this loan must pay premiums to the agency. These premiums make it possible for the agency to continue offering insurers and low-interest rates with more relaxed requirements.
Moreover, if you don’t have at least a 20% down payment but still want to buy a home, an FHA loan can help make that possible. Just know that this type of loan requires borrowers to pay mortgage insurance premiums (MIPs). This is simply an extra fee to help protect lenders in case homeowners default on their loans.
Here are the advantages you can get when you apply for an FHA loan in Platinum Home Mortgage:
The VA Loan is a home-mortgage option available to Veterans, Service members, and eligible surviving spouses. It is issued by qualified lenders and guaranteed by the U.S. Department of Veterans Affairs (VA). This program was created to help Veterans, Service members, and eligible surviving spouses purchase homes with favorable loan terms and at a competitive interest rate.
With a VA Loan, buyers can finance 100% of the purchase price of their home. This loan does not require a down payment or private mortgage insurance (PMI). For these reasons, it is an ideal option for eligible borrowers. To learn more about VA Loans, please visit the Department of Veterans Affairs website.
Benefits if you will apply for a VA loan at Platinum Home Mortgage:
If you’re considering a home that costs more than the $647,200 conventional loan limit, a jumbo loan might be right for you. It is just another term for a non-conforming mortgage–a type of home loan that doesn’t meet the guidelines set by government-backed loans.
A jumbo loan usually means having to put more money down than you would with a conventional mortgage, and you might have to pay extra closing costs. The terms of the loan will differ depending on the lender, but in general, qualifying for a jumbo mortgage works under similar standards as what’s needed for a conforming loan. And your credit score will be looked at along with your debt-to-income ratio and proof of income by the lender, who will also want to know that you have enough cash saved up–enough so that it could cover at least one year’s worth of payments if need be.
Platinum Home Mortgage’s Jumbo Loan advantages:
Getting a new loan to replace and pay off your existing one is called refinancing. This means that all the terms of your old loan will be gone and replaced by what is agreed upon in the new one.
But why do people refinance? Depending on your individual circumstances, there are a few reasons why you might consider refinancing. Some possible reasons to refinance may include needing to:
Now, if you want to apply for a refinance in Platinum Home Mortgage, here are the step:
If you’re thinking about buying a home, the first step is understanding what types of mortgage loans are available to you and knowing the steps involved in the application process.
Here’s the general step-by-step guide on how to get a mortgage loan in Platinum Home Mortgage:
It’s important to do your research before you decide which mortgage loan is right for you. Platinum Home Mortgage offers many different types of loans, each with its own set of benefits. Also, the company provide homebuyers an opportunity to refinance if they want, but to some home loan only.
In addition, Platinum Home Mortgage’s application process is simple and straightforward. You can easily understand the first thing to do until the final step you need to do.
You can get pre-approved for a loan by filling out an application and providing the lender with your financial information. Once you find a property you want to purchase, make an offer and the lender will appraise it. Then, complete the loan application and sign the loan documents. The last step is to finalize the loan.
1. What is a mortgage loan?
A mortgage loan is a type of loan that you can use to buy a house. The loan is secured by the home, which means that if you default on the loan, the lender can foreclose on the home and take possession of it.
2. What are the steps to apply for a mortgage loan?
To apply for a mortgage loan, you’ll need to fill out a loan application and provide the lender with your financial information, including your income, assets, and debts. You’ll also need to have the property appraised by an appraiser to ensure it is worth the purchase price.
3. How to determine the distinction between pre-approval and pre-qualification?
A pre-approval means that you have been approved for a loan up to a certain amount. A pre-qualification means that you have provided the lender with your financial information and the lender has estimated how much they would be willing to lend you. However, you have not yet been approved for the loan.
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