Mortgage Specialists, LLC - Omaha, Nebraska

I really want to own my own home, but I'm not sure I can afford it. Where do I start?
Some people don’t even consider buying a home because they don’t think they can afford it. Today, home ownership is within everyone’s reach. Mortgage Specialists, LLC has a variety of loan programs designed to help people get into a home.

The best place to start is with a Mortgage Specialists loan officer, they can help you explore all the options of home ownership.

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How hard is to apply?
Simple, all you have to do is call or apply online. It takes about ten minutes of your time and you will get a decision back within 24 hours. There is no obligation and all your information is strictly confidential.

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How do I know how much house I can afford?
Each individual and family is different. The general rule is to multiply your annual household income by 2 to 3 times, but it really depends on what type of loan you choose and your spending habits.

If you'd like to know exactly how much you can afford, talk to a Mortgage Specialists loan officer.

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When should I talk to a mortgage lender?
The short answer: when you start thinking about buying a home. One of the most important aspects of buying a home is: How are you going to pay for it? A Mortgage Specialists loan officer can put together a plan for you before you ever make an offer.

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Should I refinance?
There are a variety of different reasons you may consider refinancing: lower your interest rate, taking cash to pay off debt or home improvements, getting rid of your private mortgage insurance. All of these are common reasons people will refinance, but talk to your loan officer about the immediate and long term financial benefits.

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What is a Fixed-Rate Mortgage?
With this type of mortgage your monthly payments for interest and principal never change. Property taxes and homeowners insurance may increase, but generally your monthly payments will be very stable.

Fixed-rate mortgages are available for 30 years, 25 years, 20 years, 15 years and even 10 years.

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What is an Adjustable-Rate Mortgage (ARMS)?
These loans generally begin with an interest rate that is 2-3 percent below a comparable fixed rate mortgage, and could allow you to buy a more expensive home.

However, the interest rate changes at specified intervals ( for example, every year) depending on changing market conditions; if interest rates go up, your monthly mortgage payment will go up, too. However, if rates go down, your mortgage payment will drop also.

There are also mortgages that combine aspects of fixed and adjustable rate mortgages. You can get a combination of a 1, 3, 5, 7, or 10 year fixed rate and after that time your rate can then adjust.

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How do I know which type of mortgage is best for me?
Again, everyone is different. Here are a few questions that help us determine the best loan for you.

What is current financial picture?
How you expect your finances to change?
How long you intend to keep your house?

And how comfortable you are with your mortgage payment changing from time to time?

For example, a 15-year fixed-rate mortgage can save you many thousands of dollars in interest payments over the life of the loan, but your monthly payments will be higher. And an adjustable rate mortgage may get you started with a lower monthly payment than a fixed-rate mortgage -- but your payments could get higher when the interest rate changes.

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Do they really need to know everything about me for the application?
It may seam like a lot, but the information you give to Mortgage Specialists, LLC is completely confidential. The information that you provided is used to find you the best loan possible and not disclosing a certain aspect of your finances could prevent you from getting the loan you deserve.

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How much will my credit history affect my ability to get a mortgage?
Not as much as you think. There are a variety of different loan programs that help people refinance or purchase a house with past credit problems and most people don't need to worry about the effects of their credit history. However, you can be better prepared if you get a copy of your credit report to review before you apply for your mortgage. That way, if there are any errors you can take steps to correct them before you make your application.

If you have had credit problems, be prepared to discuss them honestly with your loan officer -- and come to your application meeting with a written explanation. Good loan officers know there can be legitimate reasons for credit problems, such as unemployment, illness or other financial difficulties. If you had a problem that's been corrected, and your payments have been on time for a year or more, your credit will probably be considered satisfactory.

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How much will I need for the down payment?
It's probably less than you think. Many first-time buyers are surprised to learn there's no set answer to this question. Generally, though, your down payment can be anywhere from three to twenty percent of the home's value. Down payments can be lower for some special, first-time buyer loans, and veterans or those on active military service can obtain loans with no down payment at all.

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What is an escrow account?
An escrow account is an account set up by the lender to pay for your property taxes and for your homeowner’s insurance. A portion of your monthly payment is placed in this account and the lender pays them when they come due.