Mortgage Resources and Tools
Empowering Your Mortgage Journey with Monarch Mortgage
About Monarch Mortgage Group
Conventional Loan Calculator
Frequently Asked Mortgage Questions
What types of mortgages does Monarch Mortgage offer?
Monarch Mortgage Group offers a wide range of mortgage options to suit various
needs, including:
- Fixed Rate Mortgages
- Adjustable Rate Mortgages (ARMs)
- Conventional Mortgages
- FHA Loans
- VA Loans
- USDA Loans
- Jumbo Loans
- Home Equity Lines of Credit (HELOCs)
- Bank Statement Loans for Self-employed
- Rehabilitation/Renovation Loans
- Reverse Mortgages
- Commercial Loans
- ITIN Loans
For more information about our Mortgage Loan options please visit our Mortgage Solutions Page.
How can I get pre-qualified for a mortgage with Monarch Mortgage?
Getting pre-qualified with Monarch Mortgage is easy. You can start the process by clicking here or by contacting one of our experienced loan officers. We’ll guide you through the necessary steps and help you understand your pre-qualification status quickly.
What are the benefits of working with a local mortgage lender like Monarch Mortgage?
Choosing a local lender like Monarch Mortgage ensures personalized service, deep community connections, and a commitment to your unique financial goals. We provide hands-on support throughout the entire mortgage process, from application to closing.
How does Monarch Mortgage ensure transparency throughout the mortgage process?
Transparency is core to our values at Monarch Mortgage. We communicate openly with our clients, providing clear explanations of terms, fees, and options. Our goal is to empower you with knowledge so you can make informed decisions confidently.
What are the current mortgage rates offered by Monarch Mortgage?
For the most current mortgage rates, please contact us directly. Our rates are competitive and tailored to market conditions, ensuring you receive the best possible financing options.
Does Monarch Mortgage offer special programs for first-time homebuyers or veterans?
Yes, Monarch Mortgage Group proudly offers special programs for first-time homebuyers, veterans, and other eligible individuals. These programs may include lower down payment options, reduced interest rates, or waived fees to facilitate homeownership.
How long does the mortgage approval process typically take with Monarch Mortgage?
The timeline for mortgage approval can vary based on factors like the complexity of the application and responsiveness in document submission. We are often able to provide same day pre-approvals; however, we strive to expedite the process and keep you informed every step of the way.
What documents do I need to apply for a mortgage with Monarch Mortgage?
Typical documents needed include proof of income, employment verification, tax returns, bank statements, and identification. Our team will provide you with a detailed checklist tailored to your specific loan application.
Does Monarch Mortgage offer refinancing options?
Yes, Monarch Mortgage Group offers refinancing options to help you lower your monthly payments, shorten your loan term, or access equity for home improvements or other financial needs. Our experts will evaluate your situation to find the best refinancing solution for you.
What factors determine mortgage eligibility with Monarch Mortgage?
Eligibility factors include credit score, income stability, employment history, debt-to-income ratio, and the type of mortgage you’re applying for. Our loan officers will assess your individual circumstances to determine your eligibility.
Debt Service Coverage Ratio (DSCR) Loans for Investors:
DSCR loans evaluate the property’s income potential rather than the borrower’s personal income, making them suitable for real estate investors. They are suitable for investors purchasing rental properties or commercial real estate.
- Evaluation based on property income.
- Ideal for rental property investors.
- Tailored financing for income-generating properties.
How does Monarch Mortgage support clients with credit challenges?
At Monarch Mortgage, we understand that credit challenges can happen. We offer personalized guidance and alternative loan programs designed to help clients improve their creditworthiness and achieve their homeownership goals.
What makes Monarch Mortgage different from other mortgage lenders?
Monarch Mortgage stands out for our commitment to integrity, personalized service, and dedication to serving the members of our communities. We prioritize building long-term relationships based on trust and reliability, ensuring a positive experience for every client.
Understanding Mortgage Terminology
Common Mortgage Terms and Definitions:
Amortization:
The process of paying off a debt, such as a mortgage, with regular payments that cover both principal and interest over a specified period.
Annual Percentage Rate (APR):
The total cost of a loan, expressed as an annual percentage of the loan amount. It includes interest and certain fees.
Closing Costs:
Fees and charges associated with finalizing a mortgage loan, including appraisal fees, title insurance, and attorney fees.
Debt-to-Income Ratio (DTI):
A borrower’s total monthly debt payments divided by gross monthly income, used by lenders to assess loan eligibility.
Down Payment:
The initial payment made toward the purchase price of a home, not financed by the mortgage loan.
Escrow:
Funds held by a third party (usually the lender) to cover property taxes, homeowners insurance, and other expenses included in the mortgage payment.
Fixed-Rate Mortgage:
A mortgage with a fixed interest rate for the entire loan term, providing predictable monthly payments.
Home Equity:
The current market value of a home minus any outstanding mortgage balance.
Loan Estimate:
A standardized form that provides estimated loan terms and closing costs to help borrowers compare mortgage offers.
Private Mortgage Insurance (PMI):
Insurance that protects the lender if the borrower defaults on the loan, typically required for loans with less than a 20% down payment.
Principal:
The original amount of money borrowed in a mortgage, excluding interest and other charges.
Refinancing:
The process of replacing an existing mortgage with a new loan, often to obtain better terms or cash out equity.
Underwriting:
The process used by lenders to assess the risk of lending to a borrower, including evaluating credit history, income, and assets.
Adjustable-Rate Mortgage (ARM):
A mortgage with an interest rate that may change periodically based on changes in a specified index.
Appraisal:
An assessment of the value of a property conducted by a licensed appraiser to determine its market worth.
Balloon Mortgage:
A short-term mortgage with regular payments that do not fully amortize the loan by the end of the term, requiring a larger final payment.
Closing Disclosure:
A form provided to the borrower at least three days before closing that outlines the final loan terms and closing costs.
Equity:
The difference between the market value of a property and the amount still owed on the mortgage.
FHA Loan:
A mortgage insured by the Federal Housing Administration, often requiring a lower down payment and more flexible credit requirements.
Interest Rate:
The percentage charged by a lender for borrowing money, expressed as an annual percentage of the loan amount.
Mortgage Broker:
An intermediary who connects borrowers with lenders and helps facilitate the mortgage application process.
Origination Fee:
A fee charged by a lender to cover the cost of processing a mortgage loan application.
Points:
Prepaid interest charges paid at closing to reduce the interest rate on a mortgage loan.
Pre-Approval:
A preliminary assessment of a borrower’s creditworthiness based on income, assets, and credit report, indicating the maximum loan amount for which they qualify.
Second Mortgage:
A subordinate mortgage taken out on a property that already has an existing mortgage, often used for home improvements or debt consolidation.
Title Insurance:
Insurance that protects against financial loss from defects in a property’s title or ownership rights.
Usury:
The illegal act of charging interest rates above the legal limit set by state law.
VA Loan:
A mortgage guaranteed by the U.S. Department of Veterans Affairs, available to eligible veterans, active-duty service members, and certain military spouses.
Verification of Employment (VOE):
Documentation provided by an employer confirming a borrower’s job status and income.
Walkthrough:
A final inspection of a property before closing to ensure that agreed-upon repairs have been completed and the property’s condition is satisfactory.
