Financial Services - Matthews Homes

Premier Home Loans | Frequently Asked Questions | Mortgage Calculator

FREQUENTLY ASKED QUESTIONS

Picture of calculator, pencil and accounting sheet Buying a new home is an exciting time. To help you with this process, here are some frequently asked questions regarding home purchase and finance.

Do I need to pick the property I want to buy before I fill out the application?

No, you can complete the application first and once your loan is approved you can make changes until the time your loan rate is locked.

How expensive a home can I buy?

There is an often-quoted rule of thumb that says you can afford a house that costs up to one-half times your annual gross income (that is, the amount you make before taxes are deducted). If you are buying a home with someone else (spouse, parent, adult child, partner/companion, brother or sister etc.) you can also consider the co-purchaser’s annual gross income in deciding how expensive a home you can buy. Take a look at our mortgage calculator to estimate your monthly payment. The use of Internet loan approval systems provides tremendous flexibility in many areas. Let Premier Home Loans run a loan through for you!
How do I increase my borrowing power?

Reduce you’re existing long term debts or find a financing option that results in a lower down payment and lower monthly mortgage payments.

What documentation is required?

One most recent pay stub that reflects your year to date earnings, previous years W-2 form and a current bank statement (If you are self employed, tax returns may be required.)

What is a credit score?

Credit scoring is a method used to predict the likelihood that a potential borrower will repay a credit obligation such as a mortgage loan. Most investors require the use of credit scoring therefore we recommend that you obtain a copy of your report. There are many variables that create your score. If you would like to complete our mini application we would be more than happy to order a report and explain your score to you.

What does it cost to submit a loan application?

Nothing. You can submit your application and become pre-approved for a loan without incurring any charges. Later on, fees may be incurred for a property appraisal and eventually closing costs.

How can I apply for a loan with Premier Home Loans?

Please complete the registration from within the website and we will call you or email you within 24 hours for a personal phone interview or a face-to-face interview if you prefer.