Do you have a question? We can help. We guarantee your privacy. By checking the box, you agree that Primary Residential Mortgage Inc. may call/text you about your inquiry, which may involve use of automated means and prerecorded/artificial voices. Message/data rates may apply. First time home buyer? USDA? VA? Conventional? FHA?. Deciding to purchase a house or refinance a mortgage is an important step.
You can count on us to guide you to the loan program that's the right fit for you. Our team of mortgage experts is eager to walk you through this important financial commitment. We are one of the ONLY remaining independent mortgage companies in the Shenandoah Valley - all of the others have been bought up by banks. As such we work with all types of loans and not just the ones that banks handle in-house.
For assistance in selecting the perfect loan program for your unique situation please contact us at 540-433-6611.
You can count on us to guide you to the loan program that's the right fit for you. Our team of mortgage experts is eager to walk you through this important financial commitment. We are one of the ONLY remaining independent mortgage companies in the Shenandoah Valley - all of the others have been bought up by banks. As such we work with all types of loans and not just the ones that banks handle in-house.
For assistance in selecting the perfect loan program for your unique situation please contact us at 540-433-6611.
Services
Government Loan Programs
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An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD).
The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations.
Available to all buyers, FHA loan programs are designed to help creditworthy low-income and moderate-income families who do not meet requirements for conventional loans.
FHA loan programs are particularly beneficial to those buyers with less available cash.
The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations.
Available to all buyers, FHA loan programs are designed to help creditworthy low-income and moderate-income families who do not meet requirements for conventional loans.
FHA loan programs are particularly beneficial to those buyers with less available cash.
Refinancing Options
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When you are overwhelmed with all the options, it may seem like there are even more refinance loan programs than borrowers!
Contact us at 540-433-6611 and we'll work with you to qualify you for the right refinance loan program to fit your financial situation.
There are some general questions to ask yourself while you look at the options.
Are achieving reduced mortgage payments and a better rate your main refinance goals?
If so, the best option could be a low fixed-rate loan.
Maybe you are now in a mortgage loan with a high, fixed interest rate, or a mortgage loan in which the rate of interest varies : an adjustable rate mortgage (ARM).
Contact us at 540-433-6611 and we'll work with you to qualify you for the right refinance loan program to fit your financial situation.
There are some general questions to ask yourself while you look at the options.
Are achieving reduced mortgage payments and a better rate your main refinance goals?
If so, the best option could be a low fixed-rate loan.
Maybe you are now in a mortgage loan with a high, fixed interest rate, or a mortgage loan in which the rate of interest varies : an adjustable rate mortgage (ARM).
Reverse Mortgages
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In a reverse mortgage (also called a home equity conversion loan), homeowners of a certain age may use home equity for anything they need without selling their homes.
The lender gives you funds determined by your home equity amount; you receive a lump sum, a payment every month or a line of credit.
The loan does not have to be paid back until the borrower sells the home, moves out, or passes away.
After your house sells or is no longer used as your main residence, you (or your estate) have to pay back the lending institution for the cash you got from the reverse mortgage plus interest among other finance charges.
The lender gives you funds determined by your home equity amount; you receive a lump sum, a payment every month or a line of credit.
The loan does not have to be paid back until the borrower sells the home, moves out, or passes away.
After your house sells or is no longer used as your main residence, you (or your estate) have to pay back the lending institution for the cash you got from the reverse mortgage plus interest among other finance charges.
The Loan Process
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There's quite a lot to do in order to get a mortgage loan.
You wouldn't be looking up loan information if it were possible to get a loan in one day with a simple application.
We do most of the heavy lifting for you, so you can concentrate on what's important - preparing to move into your new home or saving money.
A couple of factors determine this amount.
What kind of monthly payment are you looking for?
And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you?
You wouldn't be looking up loan information if it were possible to get a loan in one day with a simple application.
We do most of the heavy lifting for you, so you can concentrate on what's important - preparing to move into your new home or saving money.
A couple of factors determine this amount.
What kind of monthly payment are you looking for?
And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you?
What is a credit score
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Before lenders decide to lend you money, they need to know that you're willing and able to repay that mortgage loan.
To assess your ability to pay back the loan, lenders assess your debt-to-income ratio.
To assess your willingness to repay, they use your credit score.
Fair Isaac and Company formulated the original FICO score to help lenders assess creditworthiness.
We've written more about FICO here.
Your credit score comes from your repayment history.
They never consider your income, savings, amount of down payment, or demographic factors like sex ethnicity, national origin or marital status.
To assess your ability to pay back the loan, lenders assess your debt-to-income ratio.
To assess your willingness to repay, they use your credit score.
Fair Isaac and Company formulated the original FICO score to help lenders assess creditworthiness.
We've written more about FICO here.
Your credit score comes from your repayment history.
They never consider your income, savings, amount of down payment, or demographic factors like sex ethnicity, national origin or marital status.
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