How Platinum Home Mortgage Can Give Homebuyers a Good Service

Key Takeaways:

-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 About and What Makes Them Unique

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:

• Available Anywhere and Anytime: With their easy online application, you can finance your dream home in just a few clicks. Plus, their services are available throughout the entire country.
• Flexible Choices: Platinum specializes in providing financing for a wide variety of property types, including but not limited to single-family homes, multi-family buildings, condominiums, and townhomes. In addition, they offer many different kinds of loans to fit your needs.
• Give Best Services: The company’s number one priority is providing outstanding customer service. They have staffs who are the best in the business. They will help you from your initial application all the way through to signing at the closing table, you’ll see why they’re a step above gold and silver companies.

Platinum Home Mortgage Home Loans

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.

FHA Loan

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:

• With as little as a 3.5% down payment, you can begin your journey to homeownership.
• More likely to qualify for than a typical loan.
• The credit score requirements are lower than average, usually only needing 580 or higher.
• This fund allows buyers to use 100% gift funds for their down payment and closing costs.

VA Loan

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:

• Cheaper rates
• Don’t need Mortgage Insurance
• Requires less stringent credit criteria
• No down payment
• The seller could give you up to a 4% credit
• It’s an assumable loan option
• With fewer closing costs, you can save money on your home purchase.
• Helps ensure that veterans are not foreclosed on and homeless by guaranteeing mortgages

Jumbo Loan

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:

• Loans that amount to more than $647,200
• 30- and 15-year fixed rates
• Having a FICO score as low as 680 can help you get the loan you need
• There is no need for mortgage insurance
• Up to 80% LTV

Platinum Home Mortgage Refinance

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:

• If you’re currently on an FHA loan, now might be a good time to refinance into a conventional mortgage
• Get out of debt
• Altering to a more efficacious payment method
• Modify some aspects of your loan agreement
• Want to look for a different term length
• Pay for home renovations and upgrades with ease
• Get rid of private mortgage insurance (PMI) or mortgage insurance premiums (MIP)
• Want a lower interest rate on a mortgage to save you money each month

Now, if you want to apply for a refinance in Platinum Home Mortgage, here are the step:

1. To begin your mortgage journey with them, you can simply submit some information like your income, assets, debts, and credit score. As for documentation, all they require are your most recent paystubs as well as W-2s and bank statements.
2. After you finish your application, they’ll start the underwriting process where we go over your financial information and make sure everything lines up.
3. Then, once they know your home’s value, they can appraise it. This means that an expert will come to visit your property and give us an estimate of its worth.
4. Finally, you will receive your closing disclosure. At closing, the party members on the loan and title, along with a representative from the title company may be there to go over the details of the loan and for you to sign your loan documents.

Platinum Home Mortgage Application Process for Getting a Loan

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:

1. Get pre-approved for a loan. This means filling out a loan application and providing the lender with your financial information, including your income, assets, and debts.
2. Find a property. Once you’re pre-approved for a loan, it’s time to start shopping for a property. This is where a real estate agent can be helpful in finding the right home for you.
3. Make an offer on a property. After finding a property you want to purchase, it’s time to make an offer. Your real estate agent will help you negotiate the purchase price with the seller.
4. Get a loan estimate. Once they accept your offer, the next step is to get a loan estimate from the lender. This document will provide you with an estimate of your loan amount, interest rate, and monthly payments.
5. Get a home appraisal. In order to get a loan, the lender will need to have the property appraised to ensure it is worth the purchase price. An appraiser will visit the property and provide the lender with an estimate of the property’s value.
6. Complete the loan application and sign the loan documents. Then, after receiving your loan estimate and appraising your property, it’s time to complete the loan application and sign the loan documents.
7. Close on the loan. The last thing you’ll need to do is close the loan.. This usually happens at a real estate closing, where you’ll sign the final loan documents and officially become the owner of the property.

Summary

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.

FAQs about Mortgage Loans

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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