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1. When should I start shopping for a mortgage and how do I know what I can afford? Answer
2. Can I be pre-approved for a loan if I have a credit problem? Answer
3. How do I know how much house I can afford? Answer
4. How can I get the lowest monthly payment? Answer
5. How can I put down the lowest down payment Answer
6. How can I have the fasted closing? Answer
7. How do I get rid of Mortgage Insurance without putting down 20%? Answer
8. How much cash will I need to purchase a home? Answer
9. What does my mortgage payment include? Answer
10. How do I know which type of mortgage is best for me? Answer
11. What is the difference between a fixed-rate loan and an adjustable-rate loan? Answer
12. How is an index and margin used in an ARM? Answer

Q : When should I start shopping for a mortgage and how do I know what I can afford?
A : The best time to look for a mortgage is before you look for a house.  This way you'll know 3exactly the amount of money you can borrow.  You can use the calculators on this site to help you determine these numbers as well as your extimated monthly payments.  Get pre-approved for a mortgage before you start shopping for a home and you'll maximize your negotiating power. It's free and will take only a matter of minutes to get a decision, and ther's no obligation until you want to reserve your funds.
 
Q : Can I be pre-approved for a loan if I have a credit problem?
A : We offer mortgage loan options to customers who may not have perfect credit. 
 
Q : How do I know how much house I can afford?
A : Generally speaking, you can purchase a home with a value of two or three times you annual household income.  However, the amount tha you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make.  You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value.  Give us a call, and we can help you determine exactly how much you can afford.
 
Q : How can I get the lowest monthly payment?
A :

Pay less each month -

  • Interest Only - Savings upto 45% every month.
 
Q : How can I put down the lowest down payment
A :

New home owners spend 55% more the first year in their new home.....

  • Put down as little as 3% with an FHA housing program
  • Make a down payment as low as 5% with no requirement for tax or insurance reserve account
 
Q : How can I have the fasted closing?
A : You can be at settlement within 10 business days from application...

  • Get single-point-of-contact approval
  • Complete our simple 10-minute Application Online (click APPLY NOW on your left)
  • Avoid most supporting documentation

 
 
Q : How do I get rid of Mortgage Insurance without putting down 20%?
A : With Mortgage Insurance you are paying for  an insurance policy that protects your lender incase you stop making  your mortgage payments, while you are making timely payments $80, $100, $200/mo.

Who Benefits? Your lender.  Who is paying for it? You.

*OPTION 1*

Get rid of MI by splitting you mortgage loan onto a 1st and 2nd mortgage. Instead of one loan at $100,000 + MI of $45/mo you borrow $90,000 1st mortgage adn $10,000 2nd mortgage.  You no longer are required to pay for MI, and your payment on the 1st and 2nd vs. one loan +MI typically save you thousands and many years of extra payments.

*OPTION 2*

  • Tax advantage MI (self-insured program)           
  • All interest paid for a home mortgage is tax deductible            
  •  Any MI fees monthly or otherwise are not tax deductible

 
 
Q : How much cash will I need to purchase a home?
A :

The amount of cash that is necessary depends on a number of items.  Generally speaking, though, you will need to supply:

  • Earnest Money - The deposit that is supplied when you make an offer on the house
  • Down Payment - A percentage of the cost of hte home that is due at settlement
  • Closing Costs - Costs associated with processing paperwork to purchase or refinance a house
 
Q : What does my mortgage payment include?
A :

For most homeowners, the monthly mortgage payment includes three separate parts:

  • Principal -  Repayment on the amount borrowed
  • Interest - Payment to the lender for the amount borrowed
  • Taxes and Insurance - Monthly payments are normally made into a special escrow account for items like hazard insurance and property taxes.  this feature is sometimes optional, in which case hte fees will be paid by you directly to the County Tax Assessor and property insurance company. 
 
Q : How do I know which type of mortgage is best for me?
A : There is no simple formula to determine the type of mortgage that is best for you.  This choice depends on a number of factors, including your current financial picture and how long you intend to keep your house.  Spurr Mortgage can help you evaluate your choices and help you make the most appropriate decision.
 
Q : What is the difference between a fixed-rate loan and an adjustable-rate loan?
A : With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest rate changes periodically, typically in relation to an index.  While the montly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan will likely change.  There are advantages and disadvantages to each type of mortgage, and the best way to select a loan product is by talking to us.
 
Q : How is an index and margin used in an ARM?
A : An index is an economic indicator that lenders use to set the interest rate for an ARM.  Generally the interest rate that you pay is a combination of the index rate and a pre-specified margin.  Three commonly used indices are the One-Year Treasury Bill, the Cost of Funds of the 11th District Federal Home Loan Bank (COFI), and the London InterBank Offering Rate (LIBOR).