FAQ

MORTGAGE DICTIONARY

HOMEBUYER'S GUIDE

REFINANCE GUIDE

HOMEPATH AND HOMESTYLE LOANS

You need mortgage professionals you can trust. You need a company that values honesty and integrity throughout the entire organization. You need mortgage planning specialists who give you their best consistently. You need to find strength, stability and opportunity—especially now. You need New Century Realty & Lending!

When dealing with your home financing, we are not only working with one of your largest personal financial investments; we also are handling one of your biggest dreams. Since we work with matters so close to the heart, we serve you from ours.

New Century Realty & Lending can meet you where you are and help you where you are going. Let us provide you a mortgage without obstacles.

Getting the 'green light'

Just like you wouldn't dive into a pool without knowing how deep it is, you wouldn't want to house hunt without knowing how much you could afford. That's why once you have decided buying a home is your best option and you've examined what your finances will allow, it's a good time to talk with your New Century Realty & Lending Loan Officer about being prequalified.

Prequalified

In a prequalification letter, the lender has been provided the buyer's financial details and, based on verification of these details, agrees to give a loan to the buyer. A credit report is not required at this point.

Typically referenced as PITI, your monthly mortgage payment is comprised of Principal, Interest, Taxes and Insurance.

Why Bother?

Knowing how excited many homebuyers can be, it can seem frustrating to add a step before the house hunt. However, there are several advantages to being prequalified/preapproved that can make it worthwhile.

  • Credit challenges or problems that might prevent qualification are discovered and addressed early in the process
  • You will be able to house hunt with confidence knowing that the financial backing that is available to you.
  • Home sellers typically see more strength in offers from prequalified buyers.
  • For self-employed or commission-based buyers, a prequalification letter can demonstrate financial backing for buyers whose incomes may fluctuate more than those of salaried buyers and therefore possibly demonstrate more risk.
  • Prequalification letters show that the lender is willing to move forward with the loan for first-time homebuyers even though they may lack a credit history that demonstrates their ability to make monthly mortgage payments. It helps equalize their offer with similar offers made by previous homeowners.

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