It's very important to understand the mortgage financing process as well as the requirements in acquiring mortgage financing. Below are some common questions asked by many of our borrowers:
What credit score does TKM of LA require?
Turn Key Mortgage of Louisiana offers mortgage financing to borrowers with scores as low as a 580 mid score however this may come with additional requirements such as a larger down payment amount and/or additional "reserve" funds. 620 is the ideal mid credit score. Contact Turn Key Mortgage of Louisiana for additional information.
Do I need to remain on my current job for a full 2 years before i can apply for mortgage financing?
Turn Key Mortgage of Louisiana, LLC would prefer to see a full 2 years of consistent employment history however you are NOT required to show proof of employment with the same employer. There is not a requirement to maintain employment in the same line of work however it's preferred. New graduates are exempt from the 2 year employent requirement!! Contact Turn Key Mortgage of Louisiana for more details!
How much do I need to bring to closing?
Closing Costs consist of any applicable down payment requirements, lender fees, title fees, prepaids, etc. collected at closing.
Down Payment requirements are determined on the borrower's program selection. (Down payment assistance programs are available).
Prepaids consist of homeowners insurance, flood insurance and/or property taxes that are placed in an escrow account at closing. The monthly mortgage payment consists of these premiums to be paid out annually by the mortgage company. Contact Turn Key Mortgage of Louisiana for additional information.
What is PMI?
PMI is Private Mortgage Insurance. This is not be confused for Homeowners Insurance. Homeowners Insurance is paid and obtained by the borrower and protects the homeowner in the event that their home sustain damage. Private Mortgage Insurance is paid by the borrower and protects the lender in the event that the borrower defaults on their mortgage loan. In some instances, if a borrower places a larger down payment towards the purchase of their home, certain programs will allow the elimination of the Private Mortgage Insurance premium. Contact Turn Key Mortgage of Louisiana for additional information.