About The Mortgage Process
What are the different types of Mortgages?
What is the mortgage application process like?
What is the mortgage application process like?
There are several types of mortgages, including fixed-rate mortgages, adjustable-rate mortgages, FHA loans, VA loans, jumbo loans, and interest-only loans. We also have access to resources for those who need help with down payments and closing cost. The terms and conditions of each type of mortgage vary, so it is important to research each option thoroughly to determine which is right for you.
What is the mortgage application process like?
What is the mortgage application process like?
What is the mortgage application process like?
The mortgage application process typically involves filling out an application, submitting documentation such as proof of income and assets, undergoing a credit check, and getting an appraisal of the property. The lender will then review your application and either approve or deny your loan. If approved, you will need to sign the loan ag
The mortgage application process typically involves filling out an application, submitting documentation such as proof of income and assets, undergoing a credit check, and getting an appraisal of the property. The lender will then review your application and either approve or deny your loan. If approved, you will need to sign the loan agreement and complete any other necessary paperwork before closing on the loan.
How much can I afford to borrow?
What is the mortgage application process like?
How much should I put down on a home?
The amount you can afford to borrow depends on several factors, including your income, debt-to-income ratio, credit score, and the cost of the property you want to buy. Most lenders use a formula to determine the maximum amount you can borrow, based on your financial circumstances.
How much should I put down on a home?
How much should I put down on a home?
How much should I put down on a home?
The general rule of thumb is to put down at least 20% of the purchase price as a down payment. This can help you avoid paying private mortgage insurance (PMI) and can also help you get a lower interest rate. However, some lenders may allow you to put down less than 20%.
What is PMI and When is it Required?
How much should I put down on a home?
What is PMI and When is it Required?
PMI stands for private mortgage insurance, which is a type of insurance that protects the lender in case the borrower defaults on the loan. PMI is typically required if the borrower puts down less than 20% of the purchase price as a down payment. The cost of PMI varies depending on the size of the down payment, the loan amount, and the borrower's credit score.
Mortgage Calculator
How much should I put down on a home?
What is PMI and When is it Required?
Use our free mortgage calculator to estimate your monthly mortgage payments. The default figures shown are hypothetical and may not be applicable to your individual situation.
Meet our branch manager
Kris Heichel
As a dedicated Mortgage Advisor, I have a genuine passion for helping individuals and families achieve their homeownership goals. As of 2022, I've proudly served more families purchasing homes in Minnesota than any other mortgage loan officer, as recognized by the prestigious Scottsman Guide. This accomplishment underscores my unwavering dedication to guiding clients through the intricacies of the mortgage process with care and precision.
With over two decades of experience, I bring a wealth of knowledge and a seasoned perspective to the table. Having weathered various market conditions and economic landscapes, I ensure that clients make well-informed decisions, navigating the ever-changing mortgage landscape with confidence.
Elevating my commitment to excellence, I hold the title of a Certified Mortgage Advisor, showcasing my dedication to continuous learning and staying ahead of the latest trends and regulations in the industry. My local operations team, all licensed and based in Southeast MN, is a testament to my commitment to providing personalized and efficient service. By understanding the local market, my team can navigate potential challenges seamlessly, ensuring a smooth and successful homeownership journey for every client.
In every interaction, I go above and beyond, driven by the desire to exceed expectations and deliver exceptional results. Whether you're a first-time homebuyer or a seasoned homeowner, I am the trusted ally you need for a successful and stress-free mortgage experience.
Contact Us
We have your best interest in mind!
Working with the right mortgage team is like having a trusted partner by your side through the home loan process. We make everything easy and stress-free. With our expert knowledge, we find the best rates and handle all the paperwork, so you don't have to worry. Our clear communication and friendly support make you feel confident and excited about getting your new home.
The Heichel Team
Kris Heichel BRANCH MANAGER NMLS #27180 teamheichel@fairwaymc.com 507.460.4500 (CALL / TEXT) 1403 15th Avenue Northwest, Austin, MN 55912 3273 19th St NW, Ste 3 Rochester, MN 55901 204 Lake Ave, Ste 204 Fairmont, MN 56031
