Navigate your journey to home ownership with AFC Mortgage Group
Learn about our Loan Process
Find Out How Much You Can Borrow
The important first step in the loan process is understanding how much you can afford. An accurate assessment takes into consideration income, current debt, credit score, and assets. This will generate guidance on how much house you can afford. Your Loan Expert will recommend loan programs that best suit your individual needs and will get you pre-approved! Our team will be able to provide you with a budget, anticipated monthly mortgage payments, and an estimate of what you will need for closing costs.
The Pre Approval
This is a powerful tool for a buyer when purchasing a home. It offers you crucial leverage when negotiating, especially in a highly competitive market, and can help you close quicker on your new home.
DTI or Debt-to-Income Ratio
DTI is used to evaluate how much a borrower can afford to pay monthly on a new home by measuring monthly debt versus gross monthly income.
Find your Home
Once you have an understanding of how much you can afford to borrow and have your pre-approval letter in hand, you’re ready to shop with confidence. As you search, remember to keep track of variables like local property taxes, any home owner association fees, and anticipated maintenance or renovations. When you find your dream home, contact your team at AFC Mortgage for a strategic offer consultation to put you in the best position to win the house. We are also happy to offer recommendations if you’re in need of an experienced realtor.
Appraisal and Inspection
Home Appraisal
A home appraisal is used to help determine the fair market value of a home. As a buyer, you want to know that this home is worth the price you have offered. The appraisal value needs to adequately support the conditions of your loan. A real estate agent can offer guidance as to home values in your area and may suggest adding an appraisal contingency to the contract as a layer of protection.
Home Inspection
While the home appraisal is an overview of the market value for a specific property, the home inspection is a detailed review of the structure and property. A professional home inspector will examine inside and out including foundations, drainage, roofing, septic, basements, decks, attics, electrical systems, heating and cooling, plumbing, kitchen and bathrooms, among other items. A certified home inspector will generate a written report that includes any issues you should be aware of.
Loan Processing
Congratulations on finding your home! Now it’s time to get your loan processed. A member of your loan team will review your initial documents and follow up with any updates that may be needed. This can include your most recent paystubs, bank statements, any new tax filings, employer contact information, and a copy of the purchase agreement. You’ll also need to select your home owner’s insurance policy and upload this paperwork to the online portal. Forwarding all required documents promptly will help keep your loan on schedule. Your loan team will send you an initial disclosure form to review and sign. This form specifies important financial details relating to your loan. It’s important to keep us updated on any changes to your purchase contract, employment, and income. An underwriter will review your loan details and ensure your financial details are in place so your loan will be ‘clear to close’.
Closing Disclosure
This document specifies important details relating to your loan including: loan term, amount, interest rate, estimated monthly payment, closing costs, money you’ll need to bring to closing, and any loan disclosures.
Homeowner’s Insurance
Proof of a homeowner’s insurance policy is required for closing. The cost of your plan will depend on the home you are purchasing and the deductible you select.
Closing
The time has finally come. You will have the opportunity to walk through your new home to make sure everything is in good condition. This usually happens either the day before or the day of the closing. Depending on your specific circumstance, the closing may occur in person at the seller’s attorney’s office. But often you won’t need to be physically present at the closing, if you’ve uploaded the signed documentation as required by your attorney and lender. Congratulations!
Start your journey today - AFC Mortgage Group is here to help you purchase your new home!
Explore Our Loan Programs
Conventional Loans
Conventional Loans are widely used for both purchasing and refinancing, especially if your credit score allows. This loan type offers both fixed and variable rate options. Your AFC Loan Expert will review your specific financial situation to determine if you qualify for a Conventional Loan. Your credit history, income, debt, and down payment resources are factors that are used to make this determination. In some cases, you may be able to avoid paying PMI, or private mortgage insurance payments. Your Loan Expert will also be able to help you decide which loan term is the best option for you, a 15, 20 or 30-year term.
Fixed Rate Loan
A fixed rate mortgage loan utilizes the same interest rate for the life of your loan. This rate will stay the same regardless of market fluctuations.
Variable Rate Loan
A variable rate mortgage loan uses an interest rate that fluctuates according to the loan structure. The prime interest rate determines if your monthly payments increase or decrease.
Loan Term
The term of your mortgage loan is how long you have to repay the loan.
Not sure whether this loan is right for you? Reach out today and a Loan Expert will be able to guide you!
First Time Home Buyer, FHA, Assistance Programs
As a first-time home buyer, it’s especially important to understand your options to be sure you’re saving as much money as possible. Depending on your situation, several programs may offer flexible eligibility, and assistance with down payments and closing costs. These programs can include Federal and State backed loans that allow some borrowers with lower credit scores or limited funds to pursue home ownership. Your AFC Mortgage Loan Expert will be able to provide you with specialized guidance and determine which program(s) you qualify for. One of the most popular is an FHA loan.
FHA Loan
FHA loans are backed by the Federal Government through the Federal Housing Authority. This program was established to offer more flexibility in qualifying along with lower down payments.
FHA 203K Rehab Loan
This loan allows FHA qualified home buyers to combine a mortgage and home renovation costs into a single loan.
State Sponsored Loans such as CHFA
The Connecticut Housing Finance Authority is just one example of a specific state backed assistance program offering lower interest rates and down payments. Your loan expert will be able to review any possible opportunities with you.
VA Loan
A VA Mortgage is a loan that is guaranteed by the Department of Veterans offers for active or veteran service members. See our section on VA Loans for more details!
Reach out today for personalized guidance from AFC Mortgage Group
Self Employed and Bank Statement Loans
Self Employed Loans
As a self-employed buyer, AFC Mortgage Group can help you achieve your goal of home ownership. Careful attention to detail will help with the home buying process and we’re here to assist. An AFC Loan Expert will review your circumstances and provide guidance as to the types of documents that will be required. Aside from the criteria commonly used to evaluate other loan types, the loans for self-employed borrowers will also look at tax returns and business documentation.
Bank Statement Loans
Bank Statement Loans can provide a solution for borrowers who might not otherwise qualify for a home loan. This type of loan uses a history of bank statements to help calculate a borrower’s income. An AFC Loan Expert can help walk you through your options.
Contact an AFC Loan Expert for answers to your question
VA Loans
VA Loans are backed by the Department of Veterans Affairs for eligible service members, veterans, or surviving spouses. If you meet eligibility guidelines, this type of loan can offer substantial benefits including lower interest rates, no down payment, and no required private mortgage insurance (PMI). Your Loan Expert at AFC Mortgage Group will be able to guide you through the process which starts with requesting your Certificate of Eligibility from the Department of Veterans Affairs if you haven’t already obtained one. Not all lenders offer VA loans, AFC Mortgage Group is proud to support our Veterans.
Reach out to an AFC Loan Expert today for answers to your questions. We’re here to serve you!
Refinance, and Home Improvement Loans
AFC Mortgage provides a range of loan programs that can offer homeowners significant financial benefits, including cash-out refinances, home equity or home improvement loans, and line of credit loans. Refinancing can allow borrowers to pull cash from their home’s equity, consolidate debt, pay off their mortgage faster, or even their lower their monthly payments. Your Loan Expert will work with you to identify a loan program tailored to your specific needs. When applying, we will review your credit score, current income and debt, and the amount of equity in your home. AFC Mortgage Group is committed to helping you achieve your financial goals.
Cash Out Refinance
A cash out refinance loan allows you the opportunity to access cash by replacing your current loan with a new mortgage loan.
Conventional Rehab Loan
A conventional renovation loan offers the ability to combine a mortgage loan with the projected costs associated with repairs or upgrades to the property.
Home Equity Lines of Credit
A line of credit that allows you to tap into your home's equity without affecting your first mortgage.
Reach out to today for answers to your questions!
Investment Property Loans
For those interested in generating income and building wealth through real estate investing, AFC Mortgage Group can provide guidance from loan experts that know the questions to ask. We offer specialized loan products, including DSCR loans, and creative strategies to help you achieve your financial goals. A key member of our team, experienced in property investment, will be able to help you review potential opportunities and create a custom loan plan. Our private money loans are asset-based loans, secured by the value of the property being purchased! You don’t have to qualify based on the traditional models that banks use!
- Flexible terms for repayment schedules and loan structures
- Opportunity to qualify for those denied traditional financing
- Quick and easy approval process
DSCR Loans
Designed to assist real estate investors, this loan is based on a property’s ability to generate enough rental income to cover loan payments.
Conventional Investment Loans
Loans for a qualified borrower looking to purchase a condo, townhouse or 1-4 unit property.
Fix and Flip Loans
A fix and flip loan offers shorter term financing for real estate investors
Private Money Loans
For experienced fix and flip, and buy and hold investors that need to access capital to purchase their next investment property.
Commercial Loans
For investors looking to purchase a larger multi-family, retail, office, self-storage, industrial or mixed-use property.
Our Investment Loan Expert is ready to work with you!
Take the first step towards your dream home
Become homeowners. AFC Mortgage Group will help you navigate the loan process, secure financing, and purchase your dream home.
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