Frequently Asked Questions
A Premier Mortgage Broker in MI, FL, & MN
How Long Does the Mortgage Process Take?
Elementary Lending has simplified the mortgage process to bring you an easy stress-free experience. Our loans average 25 days or less from application to the closing table. We are striving everyday to simplify the process even further to get you into your new loan in record speed.
What is the difference between an Adjustable Rate Mortgage(ARM) and a Fixed Rate Loan?
A Fixed Rate Mortgage is simply a loan where the interest rate will not change throughout the life of the loan. On an Adjustable Rate Mortgage, the interest rate will be fixed throughout a pre-determined period (Usually 3, 5, or 7 Years). After the initial fixed period has expired the interest rate on this loan will adjust annually based on the market (could go up, could go down). Adjustable Rate Mortgage, have a lower introductory rate during their fixed period and have a lifetime cap that will prevent them from ever going over a certain threshold if the market should reach those conditons.
Both loans have their pros/cons and can be tailored to fit your financial goals. For more information on which option would be best for you, contact your Licensed Mortgage Expert at Elementary Lending today.
What are the Down Payments required to get a mortgage?
With Down Payments as low as 1% for qualified clients the funds required to purchase a home have never been lower. Depending on your Veteran Status or location of the property we have options for 100% financing. Call us or Apply today to see which options you qualify for.
What is the first step to home ownership?
The first step is to get pre-approved for a mortgage to see what your home purchasing power will be and to establish a budget that will work for you. Upon completion of your pre-approval with Elementary Lending you will be able to shop for the best realtor to help you with your search. The home buying process can be an overwhelming event for any first-time home buyer. We are here to help you from start to finish and educate you on your options to ensure you get the best deal possible. Elementary Lending hosts private and group First-Time Homebuyer classes along with our informative Learning Center to help you all year round.