What is the home loan process?

The home loan process can sometimes be confusing for first time home buyers and seasoned home owners.  There are a lot of confusing industry terms and steps that have to be taken. Unless you work in the industry and have experience you will likely have a hard time understanding the loan process.  For that reason we created this step by step home loan process flyer. 

Want to get pre-approved for a home loan? 

Nevin Williams Fairway Independent Mortgage Corporation Apex NC

Licensed by the
Department of Business Oversight under the California Residential Mortgage
Lending Act, License No 41DBO-78367.  Licensed by the Department of
Business Oversight under the California Financing Law, NMLS #2289.  Loans
made or arranged pursuant to a California Residential Mortgage Lending Act
License.  Fairway Independent Mortgage Corporation NMLS Entity ID #2289 (http://nmlsconsumeraccess.org/EntityDetails.aspx/company/2289).

Let me be your lender for life

You have one doctor, one
CPA and likely one financial planner. Why use different mortgage lenders each
time you need a home loan? I get to know you and understand your needs. This
makes it easier for me to properly structure your loan to meet your long and
short term needs.

Licensed by the
Department of Business Oversight under the California Residential Mortgage
Lending Act, License No 41DBO-78367.  Licensed by the Department of
Business Oversight under the California Financing Law, NMLS #2289.  Loans
made or arranged pursuant to a California Residential Mortgage Lending Act
License.  Fairway Independent Mortgage Corporation NMLS Entity ID #2289 (http://nmlsconsumeraccess.org/EntityDetails.aspx/company/2289).

What are mortgage rates like?

I am often asked, what are mortgage rates like?  I tell them mortgage rates are low!  Looking at historical rates can really help you realize just how low they are in comparison to years past. Although mortgage rates fluctuate and can change throughout the day, when you look at the big picture mortgage rates are very low. Mortgage rates might rise before you can lock in your rate but again if you look at the history of rates you are choosing a great time to buy or refinance your home. 

Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, License No 41DBO-78367.  Licensed by the Department of Business Oversight under the California Financing Law, NMLS #2289.  Loans made or arranged pursuant to a California Residential Mortgage Lending Act License.  Fairway Independent Mortgage Corporation NMLS Entity ID #2289 (http://nmlsconsumeraccess.org/EntityDetails.aspx/company/2289).

You could get a mortgage from a vending machine!

Opinion:

I found a lower rate so I am going with XYZ bank. Sounds great! Unfortunately the way your loan was structured could cost you more money than a slightly higher rate would have. How can that be?! Getting a "good deal" on mortgage loan is not as easy as just shopping the rate. There are other factors that mitigate the expense of the loan. Structuring PMI, Paying points vs. not paying points, time the loan will be kept, how the home will be used as a few examples. I'm willing to bet the "low rate lender" didn't take the time to explain all of these things to you. Having a lower rate is fine and dandy until your loan is structured improperly and ends up costing you more money than what you would have saved with the lower rate. Isn't the purpose of the lower rate to save money? This is why my profession requires a State and Federal license. If it was as simple as getting a low rate, loan officers would not be needed. You could get a mortgage from a vending machine!

Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, License No 41DBO-78367.  Licensed by the Department of Business Oversight under the California Financing Law, NMLS #2289.  Loans made or arranged pursuant to a California Residential Mortgage Lending Act License.  Fairway Independent Mortgage Corporation NMLS Entity ID #2289 (http://nmlsconsumeraccess.org/EntityDetails.aspx/company/2289).

Getting a "good deal" on mortgage loan is not as easy as just shopping the rate

Opinion:

I found a lower rate so I am going with XYZ bank. Sounds great! Unfortunately the way your loan was structured could cost you more money that a slightly higher rate would have. How can that be?! Getting a "good deal" on mortgage loan is not as easy as just shopping the rate. There are other factors that mitigate the expense of the loan. Structuring PMI, Paying points vs. not paying points, time the loan will be kept, how the home will be used as a few examples. I'm willing to bet the "low rate lender" didn't take the time to explain all of these things to you. Having a lower rate is fine and dandy until your loan is structured improperly and ends up costing you more money than what you would have saved with the lower rate. Isn't the purpose of the lower rate to save money? This is why my profession requires a State and Federal license. If it was as simple as getting a low rate, loan officers would not be needed. You could get a mortgage from a vending machine!

Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, License No 41DBO-78367.  Licensed by the Department of Business Oversight under the California Financing Law, NMLS #2289.  Loans made or arranged pursuant to a California Residential Mortgage Lending Act License.  Fairway Independent Mortgage Corporation NMLS Entity ID #2289 (http://nmlsconsumeraccess.org/EntityDetails.aspx/company/2289).

What makes a mortgage calculator different from a regular calculator?


The mortgage calculator has a special feature that calculates the monthly payment with principal and interest.

The mortgage calculator includes a place to add property taxes

The mortgage calculator includes a place to add home owners insurance premiums

The mortgage calculator includes a place to add HOA dues if they are applicable.

The mortgage calculator through my FairwaNow mobile app has mortgage insurance payments built in based on the type of loan you are doing and other factors.  Missing this part of a monthly payment can really throw off the estimated monthly mortgage payment.  FHA loans have a different mortgage insurance premium than a conventional loan and conventional loans have multiple options based on things like loan to value, credit score & loan amount as examples. USDA loans also have completely different mortgage insurance premiums than FHA and conventional.

To get an accurate quote it is best to contact a licensed loan officer because rates change and there may be programs available to you to help reduce the monthly payment. If you just want an idea of what a monthly payment might look like the mortgage calculator on my mobile app is going to be pretty close if you enter the information correctly.

Here is a preview of my FairwayNow mobile app:

(919) 714-8796

Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, License No 41DBO-78367.  Licensed by the Department of Business Oversight under the California Financing Law, NMLS #2289.  Loans made or arranged pursuant to a California Residential Mortgage Lending Act License.  Fairway Independent Mortgage Corporation NMLS Entity ID #2289 (http://nmlsconsumeraccess.org/EntityDetails.aspx/company/2289).

VA Loan information

The VA loan is an important Veteran benefit. Learn more or contact me today!

There are a lot of companies offering VA loans that advertise like Veterans United, Navy Fed, USAA & New Day USA but did you know that Fairway Independent Mortgage Corporation is #4 in the USA for VA purchase loan volume?

Learn More

Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, License No 41DBO-78367.  Licensed by the Department of Business Oversight under the California Financing Law, NMLS #2289.  Loans made or arranged pursuant to a California Residential Mortgage Lending Act License.  Fairway Independent Mortgage Corporation NMLS Entity ID #2289 (http://nmlsconsumeraccess.org/EntityDetails.aspx/company/2289).