Whether you are looking to buy your first home, move home or refinance
You may have come upon United Premier Funding, LLC website with a number of questions about the home mortgage
What is a mortgage loan?
Now you're ready to buy a house. Perhaps you need help financing such a large purchase, which usually means getting a mortgage. A mortgage is an interest in property, created by a legal written document that secures the repayment of a loan. When you take out a mortgage loan to buy a home, the home becomes the collateral for the loan. If you don't repay the loan as agreed, the lender may take your property and sell it to satisfy the debt.
What is the right time to apply for a home loan?
Getting a mortgage for your first home is a big financial commitment. Before you start looking at houses, you need to start saving for a deposit. Generally, you need to try to save at least 10% to 20% of the cost of the home you would like. Such as, if you want to buy a home costing $150,000, you’ll need to save at least $7,500. Saving more than 10% will make it easier for you to apply for a wider range of Mortgage options. Also, think about to keep up repayments and the running costs of owning a home such as household bills, property tax, and home insurance. Lenders will want to see proof of your employment, income and certain expenditure, and if you have any debts.
What kind of documents required for a home mortgage loan pre-qualification?
It is recommended that you obtain for a loan pre-approval to ensure you know the loan amount for which you are qualified before you begin touring potential homes. Whichever mortgage you apply for, the majority of documents necessary to process and secure your mortgage will be gathered and reviewed. Basically, you will need to prove your income, and show the lender evidence of any outgoings, including debts. You may have to provide documents such as, pay stubs, W-2s, tax returns and bank statements. If you are self-employed you could be asked for business tax returns and business accounts prepared by an accountant etc. (Documentation requirement may vary, it depends on each borrower’s financial situation)
What is a credit report and credit history?
Mortgage lender will obtain a copy of your credit report before accepting you for a mortgage loan. They take a look at what information on your financial history and how to build and protect your credit report. The Credit Bureau Agency of Experian, Equifax and TransUnion is a credit reference agencies, they collect and gather information about all of your financial dealings. This way they can build up a financial picture of each person they hold information on. This data is then, with consumer consent, a mortgage lender will use your credit report to help them decide whether they should lend to you.
How can I maintain a good credit history?
Maintain a good credit history from day one, looking after your credit history can be extremely important later in life when you may need to use borrowing products such as mortgages and personal loans. Manage your bill payments effectively to avoid missed payments. If payment are missed contact your provider immediately, only take on borrowing that is affordable to you.
How much can I borrower?
The actual amount you’re eligible to borrow will be determined by the cost of the property you wish to purchase and by how much money you make. Lender will use credit scoring methods whereby they compare your income with your outgoings. The reason for this is that each prospective borrower will have unique circumstances. For more information, please contact our mortgage loan consultant at 1.855.901.8633 (Toll Free)
How can I get a mortgage loan?
Loans may be applied after selection of your property. Before you apply for a loan, talk to a professional mortgage loan consultant, he or she will consider your income to determine the amount of and look at your debt to income ratio to determine the amount of loan you will qualify for. In other words, the balances on your credit and other loans will reduce the amount of the mortgage loan you will qualify for. Your credit score determines the amount of interest and type of loan you can qualify for. For more information, please contact our mortgage loan consultant at 1.855.901.8633 (Toll Free)
What type of mortgages for the Self-Employed?
Many people think that self-employed people do not have the same choice of mortgages as employed people. In practice, there is a wide choice of mortgages for the self-employed, and there should be no reason not to get the mortgage you need as a self-employed worker. For more information, please contact our mortgage loan consultant at 1.855.901.8633 (Toll Free)
How much can the Self Employed borrow?
When assessing a self-employed applicant’s eligibility for a home loan, lenders looks for consistency of income. They want to see that business has been ticking along steadily and maintaining a level of income that is suitable to meet their minimum borrowing requirements.
When to search for a home?
If you are ready and decided to own your own home, a local licensed real estate agent can be helpful because buying a home requires understanding the many rules and requirements that have to be met locally by a buyer and seller.
What type of mortgage and terms of loan should I get?
Understanding different types of mortgage will help to determine the type of mortgage you need. There are many types of mortgages used worldwide, but several factors define the characteristics of the mortgage. All of these may be subject to states regulation and legal requirements. Speak to your mortgage loan consultant, as they’re able to look at a range of mortgage products and recommends the most suitable for you. For more information, please contact our mortgage loan consultant at 1.855.901.8633 (Toll Free)
What is a Private Mortgage Insurance (PMI)?
Private Mortgage Insurance (PMI) is one of the ways to help you achieve the dream of homeownership more readily without having the 20% down payment for a mortgage Loan which is typically required by most mortgage lenders. With Private Mortgage Insurance, lender may allow you to borrow a higher percentage of the purchase price. The lender is the insured party, not the borrower. Private Mortgage Insurance protects the lender against a loss should the borrower no longer be able to afford their loan repayments is unable to meet the liability. Private Mortgage insurance should not be mistaken for Homeowner Insurance, which covers your mortgage.
What is a conditional approval for a mortgage
A conditional approval is based upon the information provided in borrower’s credit application and present condition of an under contracted property. All initial approval conditions must be satisfied by underwriting before funds can be released.

It’s never too early for you to start thinking about arranging a mortgage as this can be time-consuming. We can help you every step of the way at United Premier Funding, LLC.

To learn more about Buying a House, please contact us at 1-855-901-8633 (Toll Free)

Our professional team of loan mortgage consultants are ready to assist you. They can help you navigate the loans you can choose from, calculate the benefit, and help you understand the features. They can also assist with making the application process straightforward and will keep you updated so you know what is happening.