Mortgage
Financing
Understanding your mortgage
A mortgage is a loan secured by the home you buy. You put money down, borrow the rest, and repay it over a set term, most often 15 or 30 years. Your monthly payment covers principal, interest, property taxes, and homeowners insurance.
Rivermark Realty does not lend. We refer three vetted local lenders so you can compare rates and terms side by side, then bring your pre-approval to the search.
Getting financed
Five steps to a pre-approval
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Check your credit
Pull your report and score. A higher score lowers your rate, so it is worth cleaning up errors before you apply.
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Gather documents
Lenders ask for pay stubs, W-2s or tax returns, bank statements, and photo ID. Having them ready speeds up approval.
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Compare lenders
Request quotes from two or three lenders on the same day so the rates are comparable. We can introduce you to three local ones.
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Get pre-approved
The lender verifies your income and issues a pre-approval letter with your maximum loan amount and estimated rate.
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Lock your rate
Once you are under contract, you can lock the rate so a market shift before closing does not raise your payment.
Mortgage questions
What is the difference between pre-qualification and pre-approval?
Pre-qualification is a rough estimate based on numbers you report. Pre-approval is a verified review of your documents and credit, and sellers take it far more seriously.
How much house can I afford?
A common guideline keeps your housing payment near 28 percent of gross monthly income, but your lender will give a precise figure based on your debts and down payment.
What loan types are available?
Conventional, FHA, VA, and USDA loans each fit different buyers. Term lengths of 15 and 30 years are the most common. A lender helps you match one to your situation.
Do I need 20 percent down?
No. Many buyers put down 3 to 10 percent. Below 20 percent on a conventional loan you pay private mortgage insurance, which drops off once you reach enough equity.
Ready to get pre-approved?
We will introduce you to a local lender
Tell us where you are in the process and we will connect you with lenders who close on time in this market.