Understanding the Mortgage Process
Buying a home is the biggest investment most of us will make in our lives, so it’s best to have resources along the way to help make sure you’re on the right track. Here is a breakdown of the home buying process so you can get started finding your dream home.
Step 1
Get pre-approved to find out how much you can afford.
Step 2
Find a real estate agent (we know some great ones!)
Step 3
Start looking for a home and make a solid offer.
Step 4
Close on your new home and become a homeowner!
Why Choose the Ultimate Lending Team?
If you’re looking to buy a home, we have the resources, products, and guarantees to make it happen.
Exceptional Service
To successfully close on the home of your dreams, you need a team you can trust. We are honored to be the trusted lending expert for thousands of our clients.
On Time Closings
You shouldn’t have to worry about your mortgage holding up the purchase. Rest assured the Ultimate Lending Team will get you over the goal line.
Mortgage Assurance
Come to the negotiating table armed with a rock-solid pre-approval capable of beating out competing offers, even cash ones!
Client Reviews
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Very helpful, informative, and friendly. Great group to work with!
Michael Z.11/08/2019Jim provides first class service, every time. I have worked with him on numerous transactions over the last few years and as a Realtor, it is extremely comforting to know... Read More
Simon J.2/07/2014Andrew was very responsive, communicative, patient and friendly! he helped us every step of the way.
Meghan L5/12/2022 -
The team at Ultimate lending has now helped me with two mortgages and both were incredibly smooth (even with complex finances and multiple party mortgages). Both my loans closed on... Read More
Lauren F.3/11/2019Jim, Amy, and the rest of the Ultimate Lending Team was great about quickly answering all of our questions. Jim talked us through a variety of rate and point options... Read More
Carolyn F6/03/2021Quick communication and availability to advise me on things; Jim gave a great explanation and breakdown of costs initially which was super useful and informative. Also getting everything wrapped up... Read More
Giles E9/28/2021
Home Buyer FAQs
Your first move is to get pre-approved for a loan. After you’ve been pre-approved, you can know more specifically the price of the home that you can afford.
A pre-qualification is an estimate of what you may be able to borrow. This is a fast way to get a look into the price range for your home. Pre-approval means a financial institution has partnered to work with you and has reviewed your finances arming you with more leverage when making an offer.
A pre-approval is the lender’s written commitment to finance your home purchase up to a specific amount. Getting pre-approved is a smart idea for the serious home buyer. Real estate agents and sellers of homes want to make sure you are a bona fide buyer. With a pre-approval letter in hand, they will not have to wonder if they are wasting their time with you. You have the clout of a buyer ready to make a valid offer right now!
The good news is you no longer need 20% for a down payment! There are different loan options, but the average down payment is now 3% to 5%. You also don’t have to put any money down if you, or the property you’re purchasing, qualifies for a VA or USDA loan. Learn more about the different types of loans Ultimate Lending Team offers.
Mortgage insurance compensates a lender for losses in the event of a default on a mortgage loan. In other words, if a borrower falls behind on obligations, mortgage insurance covers the lender. PMI is generally required for mortgage loans for those who cannot generate at least a 20 percent down payment for the conventional loan, however there may be options available to you that we can tell you about!
An escrow is used to fund insurance, property taxes, and homeowner’s association dues. This is managed by a third-party, done through your mortgage payments. It tends to prevent late fees, coverage delays, or liens on your home.
You can always walk away from a deal, but in some cases you might have to give up your earnest money. This normally amounts to about 1%-2% of the price of the house.
The Ultimate Lending Team is built for speed. You can close on your new loan in as soon as 2 weeks.
Loans Offered
Conventional Mortgages
Keep a low rate from the beginning of your mortgage to the very end! We will help you find the lowest rates possible at a term that makes sense for you.
Jumbo Mortgages
Looking to buy high-value or luxury real estate? Our jumbo mortgages have low rates for higher valued homes.
FHA Loans
Down payment got you down? Don’t worry! We provide FHA loans with down payments as low as 3.5%.
VA Loans
We offer $0 down mortgage options available to veterans, service members, and select military spouses.
Investment Properties
We have home loan experts who specialize in investment property mortgages to get you earning a return on the investment ASAP.
Additional Options
We have loans for virtually any situation. Adjustable-rate or interest only mortgages and cash-out refinances. Contact us to see what is best for you!