How Much Do I Need For A Downpayment?

As you might imagine, this is the question that is often foremost on the minds of potential homebuyers. Many think they need to save tens of thousands of dollars before considering a home purchase. The good news is that this is far from the truth!

Happy Homebuyer’s With Their Keys!

As you might imagine, this is the question that is often foremost on the minds of potential homebuyers. Many think they need to save tens of thousands of dollars before considering a home purchase. The good news is that this is far from the truth!

At Bank of England Mortgage, we offer a wide array of mortgage programs with a broad mix of downpayment options. For instance, VA loans for veterans of the armed forces or USDA loan for properties in eligible areas require no downpayment at all. Conventional loans can be done with as little as 3% down and FHA loan require a 3.5% downpayment.

What about closing costs? Closing costs vary by home and by area but, these can also be supplemented by seller or lender credit. This is where a seller, as part of the purchase negotiation, agrees to pay a portion of your closing costs when the home purchase is completed. This is not at all uncommon in today’s market. We also offer loans where we provide lender credits towards closing costs, helping to offset the out of pocket costs of a real estate transaction.

The bottom line is that every scenario is different but, you do not need tremendous savings to buy a home. Give us a call today or start the process online at BOEPhilly.com and we can tailor a program to fit your needs and abilities.

We’re here to help and we look forward to hearing from you. You can reach us today in Yardley at 215.493.3752 or online at BOEPhilly.com.

Why Choose Bank of England Mortgage

An Experienced Staff, Supported With The Broadest Array Of Mortgage Products In The Industry. We deliver outstanding products and the best service in the industry – that leaves us ahead of the competition in the eyes of borrowers. For instance, we provide competitive rates, the most knowledgeable, professional loan officers in the industry.

An Experienced Staff, Supported With The Broadest Array Of Mortgage Products In The Industry. We deliver outstanding products and the best service in the industry – that leaves us ahead of the competition in the eyes of borrowers. For instance, we provide competitive rates, the most knowledgeable, professional loan officers in the industry.

Because of their expertise, they can qualify more borrowers, identify their needs, and ensure that each person buys the loan that is right for them and their family.

Why Choose Bank of England Mortgage, A Local Lender? Because we know the community, we are able to provide a well-rounded review of a loan application.

We do not just rubber stamp the decisions that an impersonal automated underwriting system produces, and that many lenders use as the sole criteria for a lending decision.

The result is that Bank of England Mortgage collects and analyzes more information on the borrower and can make a better decision – one that saves time and money.

We’ve Been Meeting The Needs Of Home Buyers Since 1898. Bank of England Mortgage is dedicated to working with clients to help find the right home loan, or refinancing option for them. Our loan specialists and our clients work together to identify the loan that best fits their needs and lifestyle. That’s why we offer one of the most comprehensive selections of mortgage and refinance options on the market.

Our Goal Is To Exceed Your Expectations. The combination of our excellent staff, superior operations, and devotion to customer service, means one thing to all of us at Bank of England Mortgage: We will not stop until we have exceeded our clients’ expectations. We look forward to that opportunity.

Contact us today in Yardley 215.493.3752 or BOEPhilly.com. We’re here to help and can lend nationwide from our office right here in town.

How Much House Can We Afford?

This is always the first question that we hear, and it’s a good one. As you might imagine, one size does not fit all. We offer a wide array of mortgage programs with an even larger number of qualification variations. We’ll give some general guidelines and we’ll also say that the best way to truly find out is to take advantage of our no cost pre-approval process.

What Can We Afford?
How Much Can We Afford?

This is always the first question that we hear, and it’s a good one. As you might imagine, one size does not fit all. We offer a wide array of mortgage programs with an even larger number of qualification variations. We’ll give some general guidelines and we’ll also say that the best way to truly find out is to take advantage of our no cost pre-approval process.

For a quick rule of thumb, if you calculate your gross monthly income (that is your annual pay divided by 12, before any taxes are deducted) and multiply it by 40%, you’ll arrive at an approximate number of what your housing expense (principal, interest, taxes, insurance, mortgage insurance and association fees) PLUS any debt on your credit report AND any child support or alimony should add up to.

There are programs that go to 45%, 50%, even 55% but, this is a safe first step. So, if you have $90,000 in annual income, that is $7,500 (90,000/12)per month so you can use $3,000 ($7,500×40%) per month. If you have a $500 car loan, $350 per month in student loans and $100 in credit cards, you will qualify for a home up to $2,050 per month.

Again, this is very Conservative and does not take into account differences in qualifying credit scores and other factors.

The best way to find out what you can afford is to go through our easy pre-qualification process. Start right here https://3387702546.mortgage-application.net/WebApp/Start.aspx

Ten Tips For First Time Buyer’s

All renters reach this point at some time and want to say “enough is enough”. You send your landlord a check every month, which he or she turns around and uses to pay their mortgage on the home they own but you live in.

Tired of Paying Your Landlord’s Mortgage?

All renters reach this point at some time and want to say “enough is enough”. You send your landlord a check every month, which he or she turns around and uses to pay their mortgage on the home they own but you live in. Guess who’s enjoying all the increase in value and end of year tax deductions for mortgage interest and real estate taxes: Your landlord. If you’ve reached this point, you’re ready to become a first time home buyer.

We offer the following 10 Tips for some great information for first time buyers.  If you’re ready to invest in YOUR future, give us a call today at 215.493.3752.

http://www.boephilly.com/articles/index.php?article=buyertips