finance your purchase With Josh Lewis

Choose The Loan Option That's Right For You

At BuyWise Mortgage, our goal is to empower you with the knowledge of your different financing options so you can decide on the home that is right for you. Our loan programs are straightforward and allow you to pick the offer that is best for you. Our lending services have allowed thousands of clients to become homeowners. 

What's Next?

Schedule a quick call

We’ll answer all your questions and help clarify your goals so we can chart a path to home ownership.

SCHEDULE A CALL

Complete Your Application

Complete our quick online application and securely upload your supporting documents. 

Review Your Loan Options

In a call or online meeting, we’ll review and compare the loan programs you qualify for before selecting the optimal mortgage for you.

Start House Hunting

With your pre-approval letter in hand, you and your real estate professional can confidently shop for the right home.

Secure a Home and Open Escrow

Once you have a home under contract, we’ll coordinate with escrow, title and the appraiser to prep your file for underwriting.

Underwriting

With a complete package, we’ll submit to underwriting and have full loan approval typically within 7-10 days of securing a property.

Close Escrow

Once all underwriting conditions are cleared, we’ll prepare loan docs for you to sign for a successful, on time closing.

Welcome Home!

Pre-Approval

This step will help determine the price range that feels comfortable for you.

APPLY NOW

Shop for a New Home

If you've already found a home within your pre-approval range, that's great! If not, don't worry. We have various resources to assist you in finding the right home.

Get Personalized Loan Options

Everyone's financial situation is unique. That's why we take the time to understand your needs and offer personalized loan options tailored just for you.

Underwriting

We strive to provide you with the best rate, fastest turnaround, and optimal parameters for your loan. You can choose any three of these options.

Closing

We are committed to making the process as easy as possible for you, and we'll be there with you every step of the way. There's nothing more exciting than finally putting a welcome mat in front of your new home.

We're Here to Answer Your Questions

Frequently Asked Questions

  • What is the minimum down payment required for a home purchase?

    The minimum down payment required depends on the type of mortgage you're getting. For a conventional loan, you might need to put down as much as 20%, but there are programs that allow for lower down payments. FHA loans, for example, require a minimum down payment of 3.5%. Some VA and USDA loans may not require a down payment at all.

  • What fees are included in the mortgage process?

    The fees associated with a mortgage often include an application fee, loan origination fee, appraisal fee, home inspection fee, closing costs, and potentially private mortgage insurance (if your down payment is less than 20% of the home price). These costs can vary greatly, but they typically range from 2% to 5% of the loan amount.

  • What is a good interest rate for a mortgage?

    The interest rate for a mortgage can vary based on your credit score, the type of mortgage, and the current market rates. As of my knowledge cutoff in September 2021, the average interest rate for a 30-year fixed mortgage was around 3%. However, rates can fluctuate, so it's best to do research or consult with a mortgage professional to get current rates.

  • What is the process for applying for a mortgage?

    The mortgage application process involves several key steps. First, you should seek pre-approval or pre-qualification from a lender, which will give you an estimate of how much you can borrow. With this knowledge, you can start house hunting and make an offer on a home. Once your offer is accepted, you'll formally apply for a mortgage, providing detailed financial information to your lender. Your application then undergoes loan processing and underwriting, during which your lender verifies your details and evaluates your creditworthiness. Meanwhile, a home appraisal will be conducted to determine the property's value. If all goes well, your loan will be approved and you'll move to closing, where you'll sign the mortgage documents, pay any necessary costs, and the loan amount will be paid to the seller. Now, you're a homeowner! Remember, this process can vary slightly depending on your lender and personal circumstances.

  • What is a mortgage and how does it work?

    A mortgage is a loan that you use to buy a home. The home itself serves as collateral for the loan. You'll make monthly payments to repay the loan over a set term (like 15 or 30 years). Your payments will be divided between paying off the loan principal, the interest that accrues on that principal, and any taxes and insurance if those are included in your mortgage payment.

  • What types of mortgages are available?

    There are many types of mortgages available to homebuyers. Some common types include Conventional Loans, FHA Loans (insured by the Federal Housing Administration), VA Loans (for military veterans), and USDA Loans (for rural areas). Each of these loans has different requirements and benefits, such as different minimum down payments and credit score requirements.

  • How much can I afford to borrow for a mortgage?

    The amount you can afford to borrow for a mortgage depends on several factors. These include your income, your existing debts, your credit score, and the current interest rates. As a general rule, most financial advisors recommend that your mortgage payment (including taxes and insurance) should not exceed 28% of your gross monthly income.

  • What is the difference between pre-qualification and pre-approval?

    Pre-qualification is an initial evaluation of your creditworthiness, based on information you provide. It gives you an idea of how much you may be able to borrow. Pre-approval, on the other hand, is a more formal process where a lender reviews your financial situation and credit history in detail to offer a specific loan amount. This is usually subject to a property appraisal.

  • What is the role of a mortgage broker?

     A mortgage broker acts as a middleman between you and potential lenders. The broker's role is to compare various mortgage options and find the best deal based on your individual situation. This can save you time and potentially help you secure a better loan term or interest rate.

  • What is Private Mortgage Insurance (PMI) and when is it required? -

    Private Mortgage Insurance (PMI) is a type of insurance that a borrower might be required to pay for if they have a conventional loan and make a down payment of less than 20% of the home's purchase price. PMI protects the lender in case the borrower is unable to make their mortgage payments.


    Typically, PMI is added to your monthly mortgage payment. However, the cost can vary depending on your loan amount, loan-to-value ratio, and your credit score.


    PMI isn't permanent. It is typically canceled automatically when your mortgage balance falls to 78% of the original value of the home. You can also request cancellation of PMI when your balance reaches 80% of the original home value. Your lender will provide you with specific instructions on how and when you can terminate your PMI.

REACH OUT TO JOSH LEWIS

Do You Have Mortgage Questions?

Let's chat! During this initial consultation, we'll learn more about your situation and what you're seeking in a home or loan. We'll provide advice and address any concerns you may have, in order to determine the best approach to achieving your goals. By the end of our conversation, we'll have a solid plan of action and next steps for moving forward.

SCHEDULE A CALL
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