What credit do I need to be able to qualify?
Answer: Great question. Most people think you need near perfect to perfect credit to qualify for a mortgage. However, we know that under FHA, you can qualify with a lesser credit score, such as a 500-579… Putting a 10% down Payment, or with a 580 FICO and above you can qualify with a 3.5% down payment. Reach out to one of our mortgage professionals to better inform you! People whom have lower credit, can even get a obligation free consultation to see where they are at, and prepare them with the ‘Adler Game Plan’, to be able to get qualified in the near future on the individuals wants/needs
Why work with an independent Mortgage Broker?
Answer: Why a mortgage broker you ask yourself. Here at The Adler Group with Barrett Financial Group, we make it REAL SIMPLE. Here are the facts… Brokers have lower rates because we work wholesale and not retail. Our company does not need to Bump up the rates to help cover the companies overhead. Being independent mortgage brokers, our company does not spend thousands of dollars on advertising and marketing. Also very important, since we work with over 50 different lenders directly, you will always see lower fee’s with a broker as the borrowers would not have to play closing fee’s commonly paid, for an example, like an Underwriting fee, typically seen with banks and other corresponding lenders. With a Broker, you have access to all Kinds of different rates, and many different kind of unique loan products that your local Banks, credit unions, and private lenders cannot offer! This is why we know… Brokers are Better!
How much do I need for a down payment?
Answer: 20 % Down? Not!!! Depending on your credit score, you can qualify with as little as 3% Down!!! Yes, that is correct, only 3% down. We work with many kinds of different mortgage products, and you can be in your dream home with as little 3% down. No down payment? Yes, we do that too! Here at The Adler Group, we make your needs ours! Finding a solution is inevitable with The Adler Group.
If I had a foreclosure or filed for bankruptcy, when can I qualify?
Answer: First most important fact we would need to know, is what type of bankruptcy it was, and when was the discharge date. You might be thinking you can never own a home again… but you might be a couple of months or years from being able to apply depending on your type of bankruptcy or when your foreclosure date was. Our mortgage professionals at The Adler Group are always prepared and have options for all of our clients. You may not be able to qualify currently with a regular loan, but we have products where you can qualify with No Documentation!
Do I have to sell my current home to buy a new one?
Answer: No! Of course not. Whether you’re planning on renting your current property and buying a new primary residence. Or even looking for second home or Investment property, we would love to help! Our team is very diverse and have Mortgage professionals whom specialize in a variety of different areas. Whether you are looking for your primary residence, or a second home. Or you are looking to acquire more Wealth through money generating properties. Even for our savvy Investors looking to purchase commercial real estate. Schools, Apartment buildings, raw land… Whatever your goals are…. Talk to us, we’ll work together and make it happen!
When should I refinance?
Answer: It’s generally a good time to refinance when mortgage rates are 2% lower than the current rate on your loan. It may be a viable option even if the interest rate difference is only 1% or less. Any reduction can trim your monthly mortgage payments. Example: Your payment, excluding taxes and insurance, would be about $770 on a $100,000 loan at 8.5%; if the rate were lowered to 7.5%, your payment would then be $700, now you’re saving $70 per month. Your savings depends on your income, budget, loan amount, and interest rate changes. Your trusted lender can help you calculate your options.