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Refinance - Primis Mortgage
Refinance - Primis Mortgage Explore refinance options with Primis Mortgage. Lower your rate, access home equity, consolidate debt, or reduce monthly payments. REFINANCE Rethink. Reset. Refinance. Whether you're looking to lower your rate, shorten your term, or even take cash out, a refinance is worth consideration. Find a Refi Specialist Same Home. More Possibilities with a Refinance. Turn your home equity into cash Potentially lower your mortgage rate Reduce your monthly payment Switch to a more stable fixed rate Pay off your mortgage sooner Build home equity faster Ready to Refi? Whether you’re simply exploring options or ready to make a move, we’re here to help. Complete this quick form, and we’ll connect you with a refinance specialist near you. CYOR (Choose Your Own Refi) Depending on the circumstances, a mortgage refinance can be a wise decision. Streamlining expenses, saving on interest, and having the freedom to invest in your home and life are common reasons to explore this option. Cash Out for Home Improvements Access your home’s equity at a fixed rate to tackle your list of home projects. Student Loan Payoff Secure up to 80% financing on a student-loan cash out to simplify payments without the usual extra cash-out refinance costs.* Consolidate Your Debt Consolidating other debts into your mortgage could mean significant savings, depending on your current debt interest rates. Find a Mortgage Banker You Have Options Non Cash-Out Lower your existing mortgage rate or termFinancing available up to the maximum amount offered for each program (FHA/VA/USDA/Conventional)Pay off construction costs to get permanent a loan Cash-Out Minimum credit score (FICO) 620 for conventional (primary, secondary, and investment homes); 580 for FHA** and 600 for VAGet up to 80% loan-to-value for conventional / FHA loansGet up to 90% loan-to-value on VA loansPrimary or secondary residences may be eligible While You’re Here, You Might Be Interested in More Details Homebuying 101 Not sure how to get started? That's why we're here. Learn More More From Your Money Fee-free checking with benefits and perks the other guys could never match. Learn More Save Smarter Premium rates and flexible options to help you save smart for tomorrow's adventures. Learn More All loans are subject to approval. Terms and conditions may apply and are subject to change without notice. Primis Mortgage Company (“Primis Mortgage”) is an Equal Housing Lender and is a subsidiary of Primis Bank. Primis Mortgage NMLS #1894879 | AL #23183 | BK #1042893 | ML #1894879 (www.nmlsconsumeraccess.org). For additional licensing information click here. Terms and conditions apply and are subject to change without notice. Restrictions may apply in certain states. Speak with your mortgage lender for details in your area. *Student loan payoffs may result in the loss of certain protections and benefits on federal student loans. **580 FICO for FHA requires Approve/Eligible AUS findings.
Professional Loan - Primis Mortgage
Professional Loan - Primis Mortgage Qualified professionals can buy a home with little-to-no down payment and financing based on expected income with Primis Professional Loans. PROFESSIONAL LOAN Here For You You’ve worked hard for your advanced credentials — now you’re ready for your dream home.The Primis Professional Loan offers many professionals the opportunity to purchase a home with little-to-no down payment and financing based on their expected income rather than solely their current debt-to-income ratio. Find a Mortgage Banker Professional Loans at Primis Mortgage The Primis Professional Loan is available to Medical Doctors (MD), Podiatrists (DPM), Ophthalmologists (MD or DO), Veterinarians (DVM or VMD), Osteopaths (DO), Dentists (DMD & DDS), Psychiatrists (MD or DO), Pharmacists (PharmD), Certified Registered Nurse Anesthetist (CRNA), and Medical Residents, Fellows, or Interns with one of the former listed degrees, Nurse Practitioners, Physicians Assistants, Chiropractors, Surgeons, Certified Public Accountants (CPA), Attorneys, or Airline Pilots. You've Got the Credentials. Now What? Have a look at these details to find out if this loan is right for you:Up to 100% financing for up to $1,500,000 with minimum credit score (FICO) 730, 43% DTI and 3 mos. reserves Up to 95% financing for up to $2,000,000 with minimum FICO 730, 43% DTI and 6 mos. reserves Eligible for primary single-family residences (with ADU for eligible borrowers), townhomes, 2-4 unit, warrantable condos, and PUD Purchase or rate/term refinance only Find a Mortgage Banker While You're Here, You Might be Interested in More Details Homebuying 101 Not sure how to get started? That's why we're here. Learn More More From Your Money Fee-free checking with benefits and perks the other guys could never match. Learn More Banking for Doctors, by Doctors Discover how Panacea Financial can help with your banking needs. Learn More Primis Mortgage Company (“Primis Mortgage”) is a subsidiary of Primis Bank, a Member FDIC. Primis Mortgage NMLS #1894879 | AL #23183 | BK #1042893 | ML #1894879 | #41DBO-166162 Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act (www.nmlsconsumeraccess.org). For additional licensing information click here. As always, all loans are subject to credit approval and product guidelines. Other terms and conditions may apply.
Jumbo Loans - Primis Mortgage
Jumbo Loans - Primis Mortgage Explore jumbo loan options from Primis Mortgage with financing up to $10 million for luxury homes, second homes, and investments. JUMBO LOANS Kind of a Big Deal Sometimes big home dreams require big loans. Primis Mortgage offers a variety of Jumbo lending options that make it possible to get the funding you need. Find a Mortgage Banker Find a Mortgage Banker Ready to Go Big? Check out details on our popular jumbo loans to see which will fit your needs. Portfolio Jumbo “ARM”Up to $3,500,000 loan amountsUp to 85% financing (purchase and rate/term refinance only)Credit score (FICO) down to 680Up to 75% financing on 2nd homes“Prime AUS”Up to $2,000,000 loan amountsUp to 95% financing (purchase only)FICO (credit score) down to 720 $10,000,000 Jumbo Up to $10,000,000 loan with 65% financing and FICO down to 700 on primary residence purchasePrimary, secondary and investment propertiesCash-out refinance available (conditions apply) Jumbo Loan Up to $3,500,000 loan amountsUp to 89.99% financing on second homesFICO down to 680Up to 80% financing on investment properties While You're Here, You Might be Interested in More Details Homebuying 101 Not sure how to get started? That's why we're here. Learn More More From Your Money Fee-free checking with benefits and perks the other guys could never match. Learn More Save Smarter Premium rates and flexible options to help you save smart for tomorrow's adventures. Learn More Primis Mortgage Company (“Primis Mortgage”) is a subsidiary of Primis Bank, a Member FDIC. Primis Mortgage NMLS #1894879 | AL #23183 | BK #1042893 | ML #1894879 | #41DBO-166162 Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act (www.nmlsconsumeraccess.org). For additional licensing information click here. As always, all loans are subject to credit approval and product guidelines. Other terms and conditions may apply.
FHA Loan - Primis Mortgage
FHA Loan - Primis Mortgage Buy a home with an FHA loan from Primis Mortgage. Enjoy low down payment options, flexible credit requirements, and financing up to 96.5%. FEDERAL HOUSING ADMINISTRATION (FHA) LOAN Need Help with Your Down Payment? Check Out FHA. Don’t let high down payment or credit score requirements keep you from achieving your homebuying goals. By choosing an FHA loan from Primis Mortgage, we can help you secure your dream home with down payment assistance and lower credit score requirements — homeownership without breaking the bank. Find a Mortgage Banker Let's Take a Closer Look at the Details Available for primary residenceUp to 96.5% financing for purchase and 80% for refinanceMinimum credit score (FICO) 580Maximum debt-to-income (DTI) ratio 43%Mortgage insurance is required Find a Mortgage Banker While You're Here, You Might be Interested in More Details Homebuying 101 Not sure how to get started? That's why we're here. Learn More More From Your Money Fee-free checking with benefits and perks the other guys could never match. Learn More Save Smarter Premium rates and flexible options to help you save smart for tomorrow's adventures. Learn More Primis Mortgage Company (“Primis Mortgage”) is a subsidiary of Primis Bank, a Member FDIC. Primis Mortgage NMLS #1894879 | AL #23183 | BK #1042893 | ML #1894879 | #41DBO-166162 Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act (www.nmlsconsumeraccess.org). For additional licensing information click here. As always, all loans are subject to credit approval and product guidelines. Other terms and conditions may apply.
Debt Service Coverage Ratio Loan - Primis Mortgage
Debt Service Coverage Ratio Loan - Primis Mortgage Finance your rental property with a DSCR loan. Qualify using rental income, not personal income, with flexible options for purchase or refinance. Debt Service Coverage Ratio (DSCR) Loan Ready to Invest? Check Our DSCR. Find a Mortgage Banker Investment Property Loans Owning rental property can yield great dividends. The Primis Debt Service Coverage Ratio (DSCR) loan program is built for borrowers seeking financing for investment properties that plan to use rental income as cash flow. Borrowers can purchase or refinance rental properties solely based on the income of the subject property. Too Good to Be True? Take a look at highlight guidelines to see if this could be the loan for you.Loan amounts up to $3,000,000Fixed-rate or interest-only optionsUp to 80% financing for purchase and 75% for cash-out refinanceMinimum FICO (credit score) of 575 for purchase and cash-out refinanceNo tax returns, pay stubs or W2s are required*Minimum of 12 months ownership and management of income producing residential real estate3 months reserves for subject property at or below $1,000,000, 6 months reserves for loans more than $1,000,000Up to 20 financed properties allowedCash-out proceeds may be used as reserves. Find a Mortgage Banker While You're Here, You Might be Interested in More Details Homebuying 101 Not sure how to get started? That's why we're here. Learn More More From Your Money Fee-free checking with benefits and perks the other guys could never match. Learn More Save Smarter Premium rates and flexible options to help you save smart for tomorrow's adventures. Learn More Primis Mortgage Company (“Primis Mortgage”) is a subsidiary of Primis Bank, a Member FDIC. Primis Mortgage NMLS #1894879 | AL #23183 | BK #1042893 | ML #1894879 | #41DBO-166162 Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act (www.nmlsconsumeraccess.org). For additional licensing information click here. As always, all loans are subject to credit approval and product guidelines. *Other terms and conditions may apply.
Down Payment Assistance Program - Primis Mortgage
Down Payment Assistance Program - Primis Mortgage Get help with your down payment through Primis Mortgage. Explore FHA financing, assistance programs, and up to 100% financing options. DOWN PAYMENT ASSISTANCE PROGRAM Low on Upfront Funds? No Problem. Whether it’s your first or tenth home, not everyone has perfect credit or the ability to save a giant nest egg for their down payment. Primis Mortgage helps buyers with limited up front funds utilize a variety of state or local down payment assistance (DPA) programs. Find a Mortgage Banker The Primis Assist Program Take a look at these details to see if this might be the loan for you.Applicable for FHA (Federal Housing Association), up to 100% financingAvailable in all states where Primis is licensed. Scroll down to learn about state-specific programs also offered through Primis Mortgage3.50 or 5.00% down payment amounts availableMinimum credit score (FICO) of 600Forgivable and repayable options availableFirst-time homebuyers and repeat buyers are eligibleTerms and conditions apply Find a Mortgage Banker DPA Program State Details Primis Mortgage partners with several state organizations to offer locally-supported down payment assistance programs. Don’t see your state below? The Primis Coast-to-Coast DPA Loan offers up to 100% financing in more than 40 states (plus Washington, DC). South Carolina Whether you’re a first-time homebuyer or you fall within a specified income bracket, Primis Mortgage is a participating lender in South Carolina State Housing and Finance Authority’s home purchase assistance programs. Up to $10,000 of forgivable assistance may be available for qualifying borrowers. Terms and conditions apply. For more information, visit the SC Housing website. North Carolina The North Carolina Housing Finance agency offers a suite of NC Home Advantage Mortgage™ options. Depending on military status and income level, individuals may qualify for up to $15,000 in down payment assistance, 3% down payment help or a mortgage credit certificate to apply towards a tax credit. To find out more, visit the NCHFA website. Also, The Mountain Housing Opportunities Down Payment Assistance (MHO DPA) program offers up to $30,000-$40,000 for qualifying borrowers in eligible North Carolina locations. Learn more at the MHO website. Terms and conditions apply. Texas Eligible Texas borrowers can access down payment assistance grants or forgivable loans through the Texas State Affordable Housing Corporation (TSAHC) Home Sweet Texas program. Home Sweet Texas is available to Texas “heroes”, which includes educators, first responders, active military and veterans, some health care providers and correction officers. First time homebuyers may also qualify for an annual mortgage interest tax credit, also known as a Mortgage Credit Certificate (MCC). Terms and conditions apply. For more details, visit the TSAHC website. Tennessee The Tennessee Housing Development Authority supports modest-income first-time, repeat and military & veteran homebuyers through it’s Great Choice Home Loan and Great Choice Plus loans. Applicants may receive up to 5%, $6,000 or $10,000 towards their home purchase, with forgivable and amortizing options also available. Through THDA’s Plus Payment $25K New Construction option, up to $25,000 is available as a 0% second interest mortgage for qualifying Great Choice and Homeownership for Heroes borrowers. THDA also offers 0.5% rate reduction and up to 100% financing with a VA-backed or USDA-RD loan, or up to 95% with FHA.* Terms and conditions apply. To learn more, visit the THDA website. While You're Here, You Might be Interested in More Details Homebuying 101 Not sure how to get started? That's why we're here. Learn More More From Your Money Fee-free checking with benefits and perks the other guys could never match. Learn More Save Smarter Premium rates and flexible options to help you save smart for tomorrow's adventures. Learn More Primis Mortgage Company (“Primis Mortgage”) is a subsidiary of Primis Bank, a Member FDIC. Primis Mortgage NMLS #1894879 | AL #23183 | BK #1042893 | ML #1894879 | #41DBO-166162 Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act (www.nmlsconsumeraccess.org). For additional licensing information click here. As always, all loans are subject to credit approval and product guidelines. Other terms and conditions may apply. *Eligible Homeownership for the Brave applicants include US Military, National Guard, Veterans, Eligible spouses of Veterans, State and Local Law Enforcement Officers, Firefighters, EMTs, Paramedics, and Full-time K-12 Teachers in Tennessee public or private schools.
Builder Forward Program - Primis Mortgage
Builder Forward - Primis Mortgage Help buyers secure below-market mortgage rates with the Builder Forward Program, improving affordability and helping builders move inventory. BUILDER FORWARD PROGRAM New Home. New Rates. The Primis Builder Forward Program Homes are built to be lived in. When the market has potential homeowners stuck on the fence, builders now have the option to offer their borrowers below-market rates. Builders can move inventory quickly, improve cash flow, and help buyers afford their dream home with manageable monthly payments. Offering a Lower Interest Rate Could Mean: Improved builder cash flowReduced carrying cost of unsold inventoryIncreased visibility and attract buyers with cobranded marketing materialsAccess to customized marketing resourcesBuyers receive potential savings on monthly and yearly payments and overall cost of the loan Reserve Your Rate While You're Here, Get the Scoop on Us and Our Parent Company, Primis Bank Meet Our Leadership Get to know the people behind our relentless pursuit of success and customer satisfaction. Learn More More From Your Money Fee-free checking with benefits and perks the other guys could never match. Learn More Save Smarter Premium rates and flexible options to help you save smart for tomorrow's adventures. Learn More All loans are subject to approval. Terms and conditions may apply and are subject to change without notice. Primis Mortgage Company (“Primis Mortgage”) is an Equal Housing Lender and is a subsidiary of Primis Bank. Primis Mortgage NMLS #1894879 | AL #23183 | BK #1042893 | ML #1894879 (www.nmlsconsumeraccess.org). For additional licensing information click here. Terms and conditions apply and are subject to change without notice. Restrictions may apply in certain states. Speak with your mortgage lender for details in your area.
Construction Loan - Primis Mortgage
Construction Loan - Primis Mortgage Construction Loan - Primis Mortgage CONSTRUCTION LOAN Build Your Dream Home Whether you’re ready to realize a new home dream or struggling to find “the one” in today’s market, a construction loan could be the perfect solution. We’ll help you handle the financing so you can break ground and turn your visions into actions. Find a Mortgage Banker Ready to Start Fresh? Check out the guidelines to see if this is the right loan for you.Available for primary or secondary residences100% financing for eligible VA borrowers3.5% financing for eligible FHA borrowers85% financing on second homes up to $1,000,000Minimum qualifying credit score (FICO) 660Multiple financing options and terms availableOnly pay interest during the construction phasePossible option to apply equity of the property (if you already own it)Simple process to draw funds Find a Mortgage Banker While You're Here, You Might be Interested in More Details Homebuying 101 Not sure how to get started? That's why we're here. Learn More More From Your Money Fee-free checking with benefits and perks the other guys could never match. Learn More Save Smarter Premium rates and flexible options to help you save smart for tomorrow's adventures. Learn More Primis Mortgage Company (“Primis Mortgage”) is a subsidiary of Primis Bank, a Member FDIC. Primis Mortgage NMLS #1894879 | AL #23183 | BK #1042893 | ML #1894879 | #41DBO-166162 Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act (www.nmlsconsumeraccess.org). For additional licensing information click here. As always, all loans are subject to credit approval and product guidelines. Other terms and conditions may apply.
Access Total Mortgage
Access Total Mortgage - Primis Mortgage Discover the ATM Loan, combining your mortgage, checking account, and HELOC to help reduce interest and pay off your home faster. Not Your Average Mortgage Meet the ATM Loan The ATM Loan—short for Access Total Mortgage—brings your mortgage, checking, and Home Equity Line of Credit (“HELOC”) together into one powerful account. Your deposits automatically go to work lowering your balance, which can help you save on interest and pay off your home faster. What's the ATM Loan? The Access Total Mortgage (we call it the ATM loan for short) is your primary mortgage—a first lien HELOC and comes with a checking account. This loan offers you one smart, flexible account. Every dollar you deposit remains in your checking account, and is transferred to your loan account nightly. Plus, you have access to your available equity up to the maximum credit limit if you need it. How It Works Your cash doesn’t just sit there — it works for you. See how the ATM Loan helps you pay down your balance faster while keeping your money accessible. Make Deposits Your deposits go straight into your linked account. The deposits made into your linked checking account, that remain in your checking account, are transferred nightly and applied to your mortgage loan account, reducing the balance and can lower the amount of interest you pay. Watch Interest Shrink Because interest is calculated daily, the more you keep in your account, the less you pay over time — helping you pay off your home faster and save on interest. Access Funds Anytime Need your cash? It’s always available, up to your credit limit. Access funds easily through debit, online bill pay, or mobile banking — just like a traditional checking account. Play Video The ATM in Action The ATM in Action Check out how the Primis ATM loan makes it possible for your money to work as hard as you do — potentially lowering interest and reducing overall pay off time. See The Difference For YourselfCurious how much faster you could pay off your home—or how much you could save in interest—with an ATM Loan? Use our comparison tool to find out. Ready to take control of your mortgage? Let’s see if the ATM Loan is right for you. Fill out the form and a Primis Mortgage specialist will be in touch to walk you through your options. No obligation, just clarity. Name Email Phone State Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming Washington DC ARMED FORCES AFRICA \ CANADA \ EUROPE \ MIDDLE EAST ARMED FORCES AMERICA (EXCEPT CANADA) ARMED FORCES PACIFIC Are you currently a homeowner? Yes No Approximate Loan Amount Preferred Contact Method Email Phone reCAPTCHA FAQs Do I have to change banks or move my direct deposit? No. You can keep what you have plus you get another checking account that is linked to the loan. Deposits into the checking account are required to pay the minimum amount due each month. One of the benefits of this loan is that deposits that remain in the linked checking account each night are transferred to the mortgage loan account and the balance of the loan goes down. If you have positive cash flow every month, the more deposited funds that transfer nightly, the quicker you pay down the balance on your loan. Thus, if you made the checking account linked to your ATM loan your primary account, it may provide the greatest benefit. How is this different from a traditional mortgage? The balance decreases on a traditional mortgage when you make a monthly payment. Whenever deposits are made into the checking account linked to the ATM loan, the loan balance decreases as interest is calculated daily. Because the mortgage is a first lien HELOC, you also get 24/7 access to your available equity, up to the amount of the line of credit through the checking account linked to your loan. Is the ATM Loan refinance-friendly? Yes! The Access Total Mortgage Loan is a great option for homeowners looking to refinance. You can use it to replace your current mortgage and instantly start taking advantage of its built-in flexibility — using deposits to reduce your balance and interest costs without locking up your cash. Who can apply for this loan? Anyone can apply who meets the product and credit guidelines. Please contact a mortgage specialist to get more information and see if this product is right for you. Primis Mortgage Company (“Primis Mortgage”) is a subsidiary of Primis Bank, a Member FDIC. Primis Mortgage NMLS #1894879 | AL #23183 | BK #1042893 | ML #1894879 | #41DBO-166162 Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act (www.nmlsconsumeraccess.org). For additional licensing information click here. As always, all loans are subject to credit approval and product guidelines. Other terms and conditions may apply.
Mortgage FAQs
Mortgage FAQs - Primis Mortgage Mortgage FAQs Have Questions? We Have Answers. For inquiring minds, here’s the nitty gritty on some of your more common questions. Find a Mortgage Banker Frequently Asked Questions How important is it to get pre-qualified? A pre-qualification gives borrowers a solid understanding of how much house they can afford. Buyers supply their lender with information such as current debts, assets, income, and employment. Credit scores are pulled by the lender, and all of this is reviewed to determine an approximate range of how much loan the borrower is likely to be eligible for. Having a pre-qualification in hand, sellers know you’re serious because you’ve done your homework and can make an informed offer. Plus, borrowers don’t end up wasting time and energy on homes above their financial reach. What is DTI, or debt-to-income? DTI is the way a lender measures a borrower’s ability to manage debt alongside their income. We compare all monthly debt payments, plus the proposed housing expenses (including principal, interest, taxes, insurance, and other fees), with gross monthly income to determine how much loan a borrower is capable of repaying. In general, the lower a borrower’s DTI the better, with an ideal range being at or below 36%. But if your DTI is on the higher side, financing options may be available to meet unique circumstances. What is PMI, and do I have to have it? Private mortgage insurance (PMI) is a policy that may be required for individuals with lower down payments to protect the lender, in the event the borrower stops making payments. This is often necessary with conventional loans and can be required when refinancing with a conventional loan when the home’s equity is less than 20% of the value of the home.* As the borrower makes continued payments and the home’s equity builds, it may be possible to cancel PMI once a certain threshold is reached. How much are closing costs? Closing costs are the amount of money paid at the time of closing the loan and are separate from the loan amount. These generally range from 2% to 5% of the loan amount and encompass expenses such as appraisal fees, title insurance, loan origination fees, attorney fees, and prepaid expenses like property taxes and homeowners insurance. Buyers can sometimes negotiate closing costs with the seller or roll them into the loan, and some programs offer no lender fees, which substantially reduces the total closing cost amount. What are discount points? Discount points are a way to pay money upfront to buy down the interest rate. One point is typically equal to 1% of the loan amount, so for a loan amount of $350,000, one point costs $3,500. This can be a beneficial initial cost because points could be tax deductible, and most lenders will allow a buyer to pay for up to 3 points. It’s best to talk with a tax professional for more details on tax-related information. Keep in mind, it’s wise to crunch the numbers to make sure the upfront payment is less the amount of money that would be paid over the life of the loan at the higher rate. What do I do if I have poor credit? Low credit scores do not mean it’s impossible to get home financing. Many loan programs offer funding to individuals with less-than-ideal credit scores, depending on factors, such as DTI and loan-specific guidelines. It’s also possible to repair low or damaged credit by improving credit and financial literacy and taking certain actions to address weaknesses in credit performance.For more information on boosting or repairing credit scores, check out our Credit Boost blog and talk with a reputable credit repair specialist. For suggestions on how to find a credit repair professional, contact a loan officer in your area. How much money do I need for a down payment? The days of hefty down payments are largely a thing of the past. It’s best to pay as much upfront as possible, reducing the mortgage amount and potentially avoiding the need for private mortgage insurance (PMI). But many loans, such as FHA, VA, USDA and others, offer down payment flexibility. Some sellers are also willing to contribute towards down payment or closing costs.A variety of down payment assistance options are also available, some providing up to 100% financing. In general, down payment requirements vary widely, and it is best to speak with a mortgage lender for guidance based on individual scenarios. What is escrow? Escrow is a neutral legal holding account where initially invested funds are kept while the mortgage application is still in process. When a borrower decides on a home, they deposit earnest money into an escrow account, which shows the borrower’s commitment to the purchase. An independent escrow officer manages the necessary paperwork and ensures all conditions, such as inspections and repairs, are met before releasing the funds to the lender at the time of purchase. Because this is a neutral transaction, buyers and sellers have greater peace of mind knowing this safeguard is in place to protect against fraudulent activity.Once the loan has closed, an escrow account is set up for making future tax and insurance payments. Each month you pay your monthly mortgage payment and 1/12 of the estimated annual taxes and insurance charges. These funds are held in escrow until the taxes and insurance are due, at which time your lender will make these payments from escrow on your behalf. What’s the difference between a prequalification and a preapproval? Though many people use these terms interchangeably, prequalifications and preapprovals are not the same. While they both offer information about the loan amount the borrower is likely able to secure, and neither is a commitment to lend, they also differ distinctly.Prequalifications are often provided within the same day of request and are based solely on basic data provided by the borrower. A preapproval is provided after an in-depth review, and verification, of the borrower’s complete loan application and credit information. With a prequalification, the lender will give an estimate for a loan amount. The preapproval, though conditional, details an exact loan amount and interest rate being offered to the borrower. Neither a prequalification or preapproval is a guarantee the borrower will receive a loan, but either one is instrumental in proving a borrower’s offer is legitimate. What’s the best loan for me? The best loan for each individual depends on many factors. Most loans fall into two categories: fixed rate and adjustable-rate loans. Fixed rate loans are usually set up with a 30 year term (although 15 year options are available), and the principal and interest payments associated remain consistent for the life of the loan. This is because the interest rates are established when the loan is dispensed. These are often conventional or federally funded and offer the buyer the stability of knowing what to expect for the duration of the loan.Adjustable-rate loans have an initial fixed interest rate for the first couple of years and then fluctuate (causing changes in the monthly payments) based on the market conditions. Often the initial interest rate is lower than with a fixed-rate loan, which is helpful for borrowers who plan to move before the loan is subject to market changes. What is a credit score (FICO)? The Fair Isaac Corporation (FICO) score is the nation’s most popular credit score calculation and is determined based on an individual’s credit profile. FICO reports a specific score tailored for mortgages, and scores commonly range from 300 – 850. The higher the number the better the credit rating (and better chances for receiving financing and lower interest rates). This number is important because it affects loan eligibility, interest rates and terms. The nitty gritty:Primis Mortgage Company (“Primis Mortgage”) is a subsidiary of Primis Bank, a Member FDIC. Primis Mortgage NMLS #1894879 | AL #23183 | BK #1042893 | ML #1894879 | #41DBO-166162 Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act (www.nmlsconsumeraccess.org). For additional licensing information click here. As always, all loans are subject to credit approval and product guidelines. Other terms and conditions may apply.Source: https://www.consumerfinance.gov/ask-cfpb/what-is-private-mortgage-insurance-en-122/