Title insurance is purchased for every loan in order to protect the lender in case of a title defect. Optionally, the owner can purchase title insurance to protect themselves. Title insurance, will pay for an attorney in the event of a title defect.

There are loan programs for first-time home buyers that only require 3% down and on conventional loans if your credit score is above 760 these funds can be a gift. FHA loans require 3.5% down and these funds can be gifted regardless of credit. There are also KHC loans which offer a down payment assistance program for up to $6,000 which is made as another loan is is payable over 10 years. MOMS can also work to reduce the closing costs to you while negotiating the rate.

There are individual factors for every loan that affect how long they will take to finish. For the majority of loans M.O.M.S. can finish a loan from application to closing within 30 days.

There is no exact answer for when you should refinance since all loans are different.The M.O.M.S. team can help look at your individual circumstances and help you make the best plan for you.

Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. Give us a call, and we can help you determine exactly how much you can afford.

For most homeowners, the monthly mortgage payments include three separate parts:

• Principal: Repayment on the amount borrowed
• Interest: Payment to the lender for the amount borrowed
• Taxes & Insurance: Monthly payments are normally made into a special escrow account for items like hazard insurance and property taxes. This feature is sometimes optional, in which case the fees will be paid by you directly to the County Tax Assessor and property insurance company

For loans that require mortgage insurance there will also be a monthly charge for that. The cost of mortgage insurance is dependent on a number of factors including loan program, credit score, LTV, loan amount and more.

The amount of cash that is necessary depends on a number of items. Generally speaking, though, you will need to supply:

• Earnest Money: The deposit that is supplied when you make an offer on the house
• Down Payment: A percentage of the cost of the home that is due at settlement
• Closing Costs: Costs associated with processing paperwork to purchase or refinance a house