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We Offer Mortgage Loans to Meet Your Needs
You can count on the knowledge, products, and service you’ll find at Citizens Bank. We’d be happy to help you with the following:
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Most lenders require a score of 600 or above. The higher the credit score the lower the rate. If you are using certain down payment programs the minimum score is 640.
The amount of cash required is set by the loan program you are applying for; for instance, if you are applying for a FHA loan, 3.5% is the minimum cash amount required, while conventional loans require a minimum of 3-5%. VA loans have no down payment requirements.
The amount of house you qualify for is based on your current gross monthly income and your current monthly debt. The less debt you have, the more house you can afford.
Pre-qualification simply means a lender has quoted an amount you may qualify for based on your income and assets you provided. Pre-approval means the lender has reviewed your credit, income and assets and issued a conditional pre-approval.
Refinancing means you are paying off your current mortgage with a new mortgage. Refinancing is a transaction you may consider if you want to reduce your interest rate, pull out some of the equity in your home, or shorten your current mortgage term.