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CONSULTATION
A consultation covers all aspects of buying and owning a home as it pertains to financing and current residential market dynamics. Regardless if you are a first-time or seasoned homebuyer, our clients have found our consultations to be extremely beneficial.
During the consultation we will discuss your individual profile which will enable us to recommend the optimal loan program and loan structure based on your needs and goals. We will provide you with a complimentary FICO credit report from the three major credit bureaus; Trans Union, Equifax and Experian. We will also discuss the variables which determine your credit scores and look for opportunities to enhance your scores.
At the end of the consultation you will have absolute clarity in regards to your financing options and certainty in your decisions.
In our experience we have found that educated homeowners make better decisions.
PRE-APPROVAL
A Pre-Approval will put you in the strongest possible negotiating position and will provide you with certainty that if your offer is accepted you will be purchasing your new home.
Ping Home Loans will provide you and your real estate agent with a comprehensive Pre-Approval Letter that can be presented to a prospective seller in conjunction with a purchase offer that indicates you have made a complete loan application and have been conditionally approved subject to acceptable collateral (property) conditions.
You can get Pre-Approved either by scheduling a phone call below or going to our online application portal using the "apply now" button above.
During the Pre-Approval process we will determine your unique needs and goals and determine the optimal loan type and loan structure based on your individual profile.
EXISTING MORTGAGE REVIEW
The purpose of an Existing Mortgage Review is to ensure that you are in the best possible mortgage position based on the current interest rate environment, your equity position and your changing needs.
One of the ways Ping Home Loans differentiates itself is that we do not service mortgage loans and our fiduciary is you, not shareholders. As a result, we have significant interest in you always having the lowest possible interest rate and effective borrowing cost over the life of the loan.
If you are unsure if you are in the best possible position please schedule a 10 minute call using the button below.
LOAN PROGRAMS & TERMS
Conventional Loans
Conventional Loans are loans which are saleable to Fannie Mae and Freddie Mac. They require as little as 3% down and offer the lowest interest rate and fees. Loan limits are determined by the county the property is located in.
USDA Loans
United States Department of Agriculture (USDA) offers financing options for properties located in designated areas with zero down and low monthly mortgage insurance. Income limits are applicable.
Home Ready & Home Possible
These are Conventional Loans that offer even lower interest rates and lower mortgage insurance for the applicant who completes a 1 hour homebuyer education course. Income limits are applicable.
Loan Terms
In today's market we can offer fixed-rate terms anywhere from 1 to 30 years, depending upon an individual borrower's financial objectives. Our goal is to structure the loan so that it supports an overall financial plan.
Rehab Loans
A Rehab Loan enables a borrower to make a wide range of home improvements, whether it be a purchase or refinance. This improvement can be cosmetic or structural depending upon your vision. Ping offers a Fannie Mae Homestyle & FHA 203(K) option.
VA Loans
Qualified service members, veterans and their spouses can apply for VA Loans which allow for zero down and no monthly mortgage insurance. VA Loans are more flexible in regards to credit and offer a streamlined (IRRRL) refinance.
FHA Loans
FHA Loans are insured by the Federal Government and allow for higher debt-to-income ratios and lower credit scores. All things being equal an FHA Loan will enable you to purchase the most home with the least amount down.
Jumbo Loans
Jumbo Loans are those loans which are in excess of the Conventional Loan limit in the county that the property is located in. Jumbo loans traditionally are a higher interest rate than a Conventional Loan.
Loan Structures
At Ping Home Loans we can structure your loan so that part or all of your closing costs are offset by a slightly higher interest rate. The right loan structure is unique to each borrower and each transaction. Our goal is to produce the lowest effective borrowing cost.
Alternative Loans
Ping Home Loans offers a wide array of unique loan options serving the needs of unique homebuyers and unusual properties. Terms range from 10 - 40 years, can be interest-only payments and accommodate all credit profiles.