Buying or Refinancing a Home
Whether you’re buying your first house or building your dream home, we can help you own the home you’ve always desired.
There are many benefits to homeownership, but going from renting to owning can seem overwhelming. We’re here to help you through every step of the home buying process, so you can submit an offer with confidence. If you’re looking to reduce your monthly mortgage payment or use your equity for home improvements, refinancing your home loan can help you achieve your goals.
Know your FICO credit score
Better credit means better access to credit and lower interest rates. A few months before applying for a mortgage, get your credit report from annualcreditreport.com and check for errors. The service is federally backed and allows you to obtain a free copy of your credit report annually. Get your free credit report
Determine your budget
Get an idea of the price range that's right for you with our home affordability calculator.
Get the house you want
Sellers will pay more attention to your offer if you have a home loan prequalification letter. Meet with a mortgage account executive before house hunting. Contact a mortgage account executive
For first-time home buyers
Get a lower down payment and more relaxed qualification guidelines with a Federal Housing Administration (FHA) loan. These loans are great for first-time homebuyers and are also available to repeat homebuyers looking for help with a down payment.
For active, reservist or veteran members of the armed forces
Much like an FHA loan, a Veterans Administration (VA) mortgage offers a lower down payment and relaxed qualification guidelines for members of the armed forces.
For experienced homebuyers
For seasoned homeowners, a conventional loan gives you greater flexibility to maximize your investment and savings.
Application process
The mortgage process includes a formal application and a number of documents from the applicants. This includes the last two paystubs, federal tax returns, W-2s, bank statements, driver's licenses and other supporting documentation. Once the application is started, the appraisal, title work and tax transcripts are ordered. Your mortgage lender will complete a number of reviews before the final file goes to the title company to prepare documents for the closing. This entire process can take a few weeks to complete.
Down payment
Down payments are typically 3.5-20% of the home purchase price. A higher down payment could lower your interest rate and/or monthly mortgage payment.
Closing costs
Closing costs are the fees associated with buying a house and range between 2-5% of the home purchase price on average.
Discount points
Buying mortgage points can help reduce your interest rate. One point is equal to 1% of your rate. Contact us to talk to a Mortgage Account Executive to learn more.
Other costs
Additional costs to consider when buying a home include taxes, insurance, moving expenses and home furnishings. Estimate your monthly payment
Refinancing your home can reduce your monthly payment by giving you a lower rate or a longer loan term. It's important to know that a lower rate means you pay less in interest, but a longer term means you pay more interest over the course of the loan. Preview your refinanced monthly payment
Reduce the total cost of your home
When you switch to a loan with a shorter term (e.g. go from a 30-year to a 15-year term) your monthly payment may go up, but the amount of interest you'll pay over the life of the loan goes down. As a result, you'll pay less for your house overall.
Lock in a lower rate
If you have an adjustable rate mortgage (ARM), you might want to switch to a fixed rate mortgage to lock in a specific rate. Unlike an ARM, a fixed rate mortgage ensures you'll pay the same amount each month.
Get money to use for other things
A cash-out refinance gives you a lump sum of money in addition to your refinanced loan. It borrows against the equity in your home, and you can use the cash to pay for anything.
Check what your monthly savings would be from a refinance to determine if it would be beneficial for you. See what your new monthly payment would be
Consider timing
Refinancing replaces your existing mortgage. That means the term length of your mortgage starts over on the day you close.
Conventional Fixed Rate Mortgage
With the best rate and term combinations available, you can purchase or refinance your dream home and never have to worry about your rate changing.
FHA Mortgage
These government-backed loans are great for first-time buyers, offering lower down payments and closing costs with flexible qualifying guidelines.
VA Mortgage
Open to active, reservist and veteran members of the armed forces, a government-backed VA loan offers low to no down payments and relaxed qualifying guidelines.
Down Payment Assistance
MidFirst Bank participates in bond programs to help with your down payment and closing costs on certain mortgages so you can own a home you love.