Below are answers to some of the questions we receive most frequently from borrowers.
Didn’t find the answer you were looking for below? Please give us a call at (916) 669-1682. During your consultation, we can give you the detailed answers you need to all of your mortgage questions.
Q: How much do I need to make my down payment?
The down payment amount varies depending on your individual qualifications and the mortgage type.
We offer conventional mortgages as well as government-backed loans like FHA, VA and USDA loans, any of which may feature low down payments with the right qualifications. In fact, VA and USDA mortgages feature zero down payment.
If you are a first-time homebuyer, we can help you apply for the CalHFA MyHome Assistance Program, which provides down payment assistance.
Q: How much cash do I need to close?
The closing costs depend on the specifics of your individual loan. For some types of mortgages, closing costs may be capped or paid by the seller.
Q: How much can I qualify for?
The amount you can qualify to borrow toward the purchase of your home is based on your credit score, DTI ratio, income, and other metrics as well as the type of mortgage for which you are applying.
For example, if you want to take out a conforming loan, you can borrow up to the Fannie Mae and Freddie Mac loan limits. But if you want to take out a jumbo loan, you can borrow more.
Q: How much will my payments be?
The amount of your payments depends on the amount you are borrowing in total as well as your interest rate and loan term. There may also be additional costs such as mortgage insurance.
During your consultation, we can help you assess what you can afford and explain what monthly costs you can expect if you take out a particular hypothetical loan.
Q: What will my mortgage rates be?
Multiple factors impact mortgage rates, including what rates are at the time you apply for a home loan and how strong your profile is as a borrower.
Your credit score has a large effect in determining your rates. If you need to raise your score, ask us during your consultation for personalized recommendations.
Q: What credit score do I need?
The minimum credit score is dependent on the type of loan you apply for. There are some programs that have relaxed credit score requirements, like FHA, VA and USDA.
Q: What areas do you serve?
We work with customers in Rancho Cordova, Gold River and throughout Sacramento, El Dorado, Placer, San Joaquin and Stanislaus Counties. We can also can help you buy a home or refinance anywhere in the state of California.
Ready to get in-depth answers to your questions about applying for a mortgage, or want to take the next steps in purchasing a home or refinancing? Please contact us today at (916) 669-1682 to schedule your consultation. We look forward to working with you on your home loan.
Brian, Kim, and Mitzie all did an amazing job on helping my wife and me purchase our first home. I would recommend them to any, and everyone and appreciate all the hard work they put into our process! Thanks guys!
Really felt like the team was on my side and were always available. For a first time experience I don't think it could have gone better thanks to Brian and team!
Smooth and easy, he is very knowledgeable and ready to help every way possible. His whole team is the dream team.
I really appreciate Brian, Katie, and Mitzi, the way they have communicated. I really impressed with their dedication on my loan processing. I am truly grateful for all their help..
I explained my goals and was presented with multiple options. Brian and his team made the process stress free and was well executed. Any questions or concerns I had were quickly addressed.
As a new homeowner, there’s a lot of terms and processes that I don’t understand but with Brian Musket and his team, I immediately felt comfortable and trusted them through the process. I’ve recommended Brian to several people since buying my home.
Brian, Katie, and Mitzi were all terrific to work with. Always responsive and addressed my questions and concerns immediately. I always was informed of each step and what to expect next. Thank you for helping me get the home I wanted and in less than 30 days!
© 2023 Mortgage Consultants Group a Division of American Pacific Mortgage Corporation, NMLS 1850. For informational purposes only. No guarantee of accuracy is expressed or implied. Programs shown may not include all options or pricing structures. Rates, terms, programs and underwriting policies subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans subject to underwriting approval. Some products may not be available in all states and restrictions may apply. Equal Housing Opportunity.