FAQ

How do I know which loan is right for me?

When it comes to home loans you have a variety of options. It is important to do your research. Getting with a Bank of England mortgage professional to go through your specific scenario will help us figure out the right one for you.

Do I have to be pre-qualified?

Getting pre-qualified can be essential to search for the right home loan. It provides you with a budget that helps guide your search in the right direction.

What interest rate will I get?

Interest rates depend on multiple factors: credit score, loan program, and financial markets. They can also change daily and sometimes multiple times a day. It is best to speak with a Bank of England mortgage professional to determine where interest rates are.

What should my credit score be to get a home loan?

Credit score requirements depend on the type of loan. Each program could have a minimum credit score to qualify. Your credit score could also affect your rate. It is important to pay attention to changes to your credit score and fix any blemishes as quickly as possible. Speaking with a Bank of England mortgage professional can help walk you through the loan programs and see what you qualify for.

What is included in my mortgage payment?

Your mortgage payment generally consists of principal, interest, homeowners’ insurance, property taxes, and in some cases PMI (Private mortgage insurance).

What does it mean to lock your interest rate?

Interest rates can change multiple times a day. It is hard to time the market. Working with a mortgage professional can help guide you to the best time to lock in your rate. This usually happens when you have found the home you want, and your loan is approved. Getting your rate locked will secure your loan for 30 to 60 days ensuring you do not lose out on the rate you wanted.

What is a down payment?

Down payment is the money you pay upfront to purchase your home. This amount goes towards the principal loan amount. The more of a down payment you put the lower your interest rate could be and the lower the principal balance of your mortgage is.

What is debt-to-income ratio?

Your debt-to-income ratio (DTI) is your monthly income and how much debt you pay each month. Great example of this could be mortgage payments, care payments, credit card balances, etc. To calculate your DTI, divide your monthly expenses by your gross monthly income. A great rule of thumb is to keep it under 40%.

How long does it take to get a mortgage?

A mortgage can take 30-60 days depending on the complexity of the situation and other factors. Speak to a Bank of England mortgage professional to discuss your timeframe.

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