FAQs

What are the steps to buying my first home?

Start by assessing your finances and determining your budget. Speak with a Lender to discuss your financing goals and any concerns. Complete the pre-approval process with your Lender and get comfortable with the figures and expectations. Once this is done you can seek out a realtor to help you find your new home.

What should I consider when picking a Lender?

A mortgage transaction is an important process - be sure the lender you choose not only offers a competitive rate but also provides you with an option that suits your financing goals, visual estimates so you understand the payment and funds to close before moving forward, answers your questions thoroughly, provides consistent communication, is transparent and accountable, ensures you understand the process and sets proper expectations.

What is the minimum credit score required?

For most programs you need a minimum 620 credit score but there are programs with lower credit score requirements. Even if you aren't quite there or have other credit concerns, it is still good to discuss the process as a good Lender will be a guide and help you prepare for a future transaction.

When should I start the pre-approval process?

Even if you’re considering buying in the next year, start the pre-approval process so at minimum you know what to expect once you are ready. Your realtor is going to need your pre-approval letter to submit an offer a seller will want to consider.

Do I need a large down payment to buy a home?

There is a common misconception you need 20% down to buy a home when in reality you can buy with with as little as 3% - 3.5% down, depending on the program.

What is mortgage insurance?

This is an insurance policy, required for any down payment lower than 20%, to protect the loan servicer and borrower in the event the borrower defaults on their mortgage.

Is it the right time to buy?

Buying a home is a long term investment in your future self. Since you always need a place to live, you might as well be paying towards your future instead of your landlords. That said, it does have to be right for you personally and having a discussion specific to your finances will help you make an informed decision.

What are the benefits of refinancing?

Mortgage refinancing offers several potential benefits, including lower monthly payments, reduced interest costs over the life of the loan, the opportunity to tap into home equity for other financial needs and the ability to position yourself for future plans.

I've been turned down by another lender, is it worth it to get a 2nd opinion?

It's typically good to have another lender look at your scenario, even if the denial reason is due to a low credit score. Every lender is different and the new one may have access to a program allowing you to proceed.

Let's schedule some time to discuss your financing goals and prepare you for the process.

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Having your finances reviewed is the first step in the process. Start now and secure a Lender Letter so you can make an offer!

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Contact Info

Rachel Vigil

NMLS | 955528

303.506.8533 Rachel@trunorthmortgage.com

Address:

10303 East Dry Creek Road, STE 100

Englewood, CO 80112

NMLS | 1907235

Empowering people and improving communities through education to build lasting wealth with homeownership.

Equal Opportunity Lender

Synergy One Lending, Inc. | NMLS 1907235 | http://www.nmlsconsumeraccess.org | 610 W. Ash Street, Suite 1505, San Diego, CA 92101 | (888) 995-1256

| © 2024 | Not affiliated with any government agency. All Loans are subject to underwriting approval. Terms and Conditions apply. Some loan products may not be available in all states. Subject to change without notice.

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§HELOC loan preapproval may be granted in as little as five minutes, but ultimately depends on individual speed at entering all required information. The S1L Texas HELOC requires a property condition report of greater than or equal to average. HELOC not available in all states. Not a commitment to lock or lend. Funding timelines will vary based on a variety of things, such as verifying property condition. Actual loan amounts will vary based on your home value and equity at the time of application, as determined by Synergy One Lending using independent data sources and automated valuation models. Not all applicants will qualify.

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