Frequently Asked Questions

The amount of cash you need to purchase a home depends on a number of items. Most homebuyers will need to supply:

1. Down payment – A percentage cost of the home that is paid upfront.

2. Closing Costs – Various costs associated with buying your home.

3. Earnest money – Required deposit when committing to a house.

4. Reserves (Investment property only) – Required amount for vacancies and maintenance

Trustworthy Mortgage does offer programs for as low as 1% down payment and no closing costs. Please call in to check for eligibility.

You should consider refinancing you are interested in:

1. Securing a currently lower interest rate.

2. Shortening the term of your loan.

3. Tapping into your home equity in order to pay off major expenses or consolidate debt (Cash-out refinance).

4. Converting between adjustable-rate and fixed-rate mortgages.

Whatever your needs, we can help you determine whether to refinance and which loan is best for you.

The amount you can borrow will depend on your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. If you are a first time home-buyer, you can take advantage of our unique loan programs to purchase a home with a higher value. Give us a call or apply online and we can help you determine exactly how much you can afford.

Yes, keep in mind that lenders don’t just look at your credit history, but also at your ability and willingness to pay in the future. Here at Trustworthy Mortgage, we may be able to help you buy a home, even if your credit isn’t perfect. We can even help you repair your credit so that you may qualify for better programs geared toward better scores.

There is no set amount for a down payment; however, Trustworthy Mortgage can offer programs to qualifying customers for as low as 1% down. Keep in mind that for down payments of less than 20% on conventional loans, private mortgage insurance (PMI) will be required.

With a fixed rate mortgage, the interest rate remains the same throughout the life of the loan while an adjustable rate mortgage (ARM loan) has the potential to change periodically.

If you plan to be in your home for seven years or more, a fixed-rate loan offers predictable payments and long-term protection against rising interest rates.

If you plan to be in your home for seven years or less, an ARM loan may offer a lower interest rate for a fixed number of years, but adjust once the term is up.

In any case, the best way to select a product is by consulting your broker.

The best way to select a mortgage product is by talking to your broker. Trustworthy Mortgage offers a variety of programs and mortgages such as Conventional, FHA, VA, and Jumbo Loans. Give us a call today or apply online and we will match you with a program that is tailored to your specific needs.

For most homeowners, monthly mortgage payments include:

1. Principal – The actual amount of your loan.

2. Interest – The amount a lender charges you for how much you borrowed.

3. Tax and Insurance – Monthly payments made into an escrow account to pay for property tax and hazard insurance. You may opt out of an escrow account and manage payments yourself if you so chose.

Most traditional loans will require documents that verify your employment, income, and assets. Please refer to our Client Checklist for a complete list of documents that you may need to apply. You can apply online or through the phone at 703-827-0899.


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