With us that is easy. We have a special program including an onsite or online meeting, for customers who are intersted in (their first) Mortgage. The idea of meeting with mortgage specialist can be intimidating, especially if you’re buying your first home. After all, this is probably the biggest purchase you’ll ever make! Medallia Finance is offering assistance through our enhanced Client Experience Program

This is one of the most commonly asked mortgage questions, and the answer may surprise you. If you’ve paid off all your debt—and we recommend you do before buying a home—it is possible you won’t have a credit score when you meet with a lender. That might make you nervous. But don’t worry; you can still get a mortgage.

A quick conversation with your lender about your income, assets and down payment is all it takes to get prequalified. But if you want to get preapproved, your lender will need to verify your financial information and submit your loan for preliminary underwriting. A preapproval takes a little more time and documentation, but it also carries a lot more weight.

Buying "too much house" can quickly turn your home into a liability instead of an asset. That’s why it’s important to know what you can afford before you ever start looking at homes with your real estate agent.

We recommend putting at least 10% down on a home, but 20% is even better because you won’t have to pay private mortgage insurance (PMI). PMI is an extra cost added to your monthly payment that doesn’t go toward paying off your mortgage

With so many mortgage options out there, it can be hard to know how each would impact you in the long run. Click below for more info on the most common mortgage loan types.

High interest rates bring higher monthly payments and increase the overall interest you’ll pay over the life of your loan. A low interest rate saves you money in both the short and long term.
Of course, just like you can’t time the stock market, it’s nearly impossible to time your home purchase with the best interest rates. The past five years have held some of the most affordable interest rates ever, according to the Federal Home Loan Mortgage Corporation, and their recent forecast predicts the trend will continue.

Because mortgage interest rates can change day to day, locking your rate is an important part of the mortgage process. Locking your interest rate guarantees a certain interest rate for a specific period of time, usually between 30 and 60 days.

Mortgage points, or discount points, are a way to prepay interest to get a lower interest rate on your mortgage. We don’t recommend discount points because of how long it takes to break even on that cost. In most cases, you’ll sell your house or could even pay it off before you recoup the money you paid up front in points.

Your mortgage payment may include additional costs like your homeowner’s insurance and property taxes. These are annual expenses that are part of homeownership, and the lender is at risk if you don’t make those payments.

It’s probably not worth it to refinance if you could lower your interest rate by half a percent. But let’s say it’s going to take another eight years for you to pay off your house and you could lower your interest rate from 6% to 4%.