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That means more transparency, more options and less jargon. Service is our #1 goal and we will strive to serve you with stellar customer service from start to finish.
From first time buyers to downsizers, jumbo loan-seekers to those without a down payment saved, the Motto Mortgage network has access to a wide variety of mortgage products. Each network expert can search home loan options to fit your unique financial situation and home ownership aspirations. Visit our full website here.
What you need to know about the CARES Act, mortgage loan forbearance and more. Your first step is determining whether your loan is a “federally backed mortgage loan.” This guide clarifies who to contact to request forbearance (mortgage deferral) and outlines all the major players involved in your home loan.READ ARTICLE HERE
Because Motto Mortgage loan experts are the full package.
Motto Mortgage Partners loan originators use one of the best loan application systems in the business so you can apply for your mortgage loan from the comfort of your own home. Don’t want to change out of those cozy PJs? No one will ever know.
Find your local loan originator for a mortgage expert who understands your community. Stop by in person or communicate digitally for an experience tailored to you.Find Loan Originator
There are several documents that are required when you apply for a mortgage. However, every situation is unique and you may be required to provide additional documentation. So, if you are asked for more information, be cooperative and provide the information requested as soon as possible. It will help speed up the application process.
Mortgage Loan Originator NMLS# 1958526 email@example.com Phone: (509) 720-4951Apply Now
Mortgage Loan Officer NMLS# 1140092 firstname.lastname@example.org Phone: (509) 329-2718Apply Now
The first step in obtaining a loan is to determine how much money you can borrow. In the case of buying a home, you should determine how much home you can afford even before you begin looking. Get in touch with us and we can help you figure this out. We can also get you pre-qualified for a loan.
Home loans come in many shapes and sizes. Deciding which loan makes the most sense for your financial situation and goals means understanding the benefits of each. Whether you are buying a home or refinancing, there are two basic types of home loans. Each has different reasons you'd choose them.
After your loan is approved, you are ready to sign the final loan documents. You must review the documents prior to signing and make sure that the interest rate and loan terms are what you discussed. Also, you need to verify that the name and address on the loan documents are accurate. The signing normally takes place in front of a notary public.
When you're buying a home, mortgage lenders don't look just at your income, assets, and the down payment you have. They look at all of your liabilities and obligations as well, including auto loans, credit card debt, child support, potential property taxes and insurance, and your overall credit rating. Use our new house calculator to determine how much of a mortgage you may be able to obtain.
Over the last couple of years with interest rates at a 40-year low, many people refinanced their mortgages. Even though rates have crept up over the last couple of months, refinancing may make sense for you. Use our refinance calculator to analyze your situation today!
Different mortgage terms and rates can make the loan selection process confusing, especially if you don't plan on keeping the loan for the full term. Use this calculator to determine the total cost in today's dollars of various mortgage alternatives taking into account your opportunity cost of money.
Many lenders will offer a 'no-cost' loan in lieu of a traditional mortgage. 'No-cost' loans are generally priced at a higher interest rate than a traditional mortgage. The higher rate allows the lender to make enough money on the interest rate spread from the underwriter to pay for all your closing costs and provide them with their profit. Use this calculator to help determine if a no-cost loan with your lender is better than a traditional mortgage.
With the interest on a mortgage being deductible when you itemize deductions, it may surprise you how much you can save in taxes. Use this calculator to determine your potential tax savings with a mortgage. (Consult your tax advisor regarding the deductibility of interest.)
Unlike fixed rate mortgages, the payments on an adjustable rate mortgage will vary as interest rates change. Use our adjustable rate mortgage (ARM) calculator to see how interest rate assumptions will impact your monthly payments and the total interest paid over the life of the loan.
In addition to the calculated monthly payments, annual percentage rate (APR) offers a good apples-to-apples comparison between loans. APR takes into account the varying discount points, closing costs and fees that are typically added into the loan amount and financed over the term of the loan. If the fees are paid "out-of-pocket" then the APR will be the same as the stated interest rate. Use this calculator to help determine the best loan option for you.
Fixed Rate Mortgages (FRM)
The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan’s lifetime.
Adjustable Rate Mortgages (ARM)
Adjustable-rate mortgages include interest payments which shift during the loan’s term, depending on current market conditions. Typically, these loans carry a fixed-interest rate for a set period of time before adjusting.
Hybrid ARMs (3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM)
Hybrid ARM mortgages combine features of both fixed-rate and adjustable rate mortgages and are also known as fixed-period ARMs.
FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no down payment requirement. This program was designed to help military veterans realize the American dream of home ownership.
Interest Only Mortgages
Interest only mortgages are home loans in which borrowers make monthly payments solely toward the interest accruing on the loan, rather than the principle, for a specified period of time.
Components of an ARM
Prior to choosing a home loan, you should know the advantages and risks of adjustable-rate mortgages to make an informed, prudent decision.
Balloon mortgages include a note rate that remains fixed initially, and the principal balance becomes due at the end of the mortgage term.
Reverse Mortgages allow senior homeowners to convert a portion of their home equity into cash while still living in the home.
Graduated Payment Mortgages
Graduated Payment Mortgages are loans in which mortgage payments increase annually for a predetermined period of time (e.g. five or ten years) and becomes fixed for the remaining duration of the loan.
What kind of loan program is best for you?
Should you get a fixed-rate or adjustable rate mortgage? A conventional loan or a government loan? Deciding which mortgage product is best for you will depend largely on your unique circumstances, and there is no one correct answer.
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