finance your New Home with Peace of Mind
For most people, a home purchase will be the largest financial investment of your life. An experienced Mortgage Advisor can help ease your mind by guiding you through the countless details and tough decisions. And Ark Mortgage Advisors give you an added benefit: because Ark is a mortgage lender, not just a broker, your Advisor stays with you every step of the way, right up to closing.
Ark can get you a Certified Pre-Approval to show sellers you’re likely to qualify for financing on a particular property. We’re specialists in working with self-employed borrowers. And with every eligible Ark loan (second-lien loans excluded), you’re backed by our Lifetime Guarantee: if you qualify to refinance with Ark, you won’t pay origination fees again and we’ll reimburse your appraisal fee at closing, up to $750.
Calculate your payments
Depending on your situation, owning a home may cost more or less than renting. Plug in your numbers to get an estimate of the monthly payments for a fixed or adjustable rate mortgage (ARM).
FAQs
How do I know if I qualify to buy a home?
Start by contacting an Ark Mortgage Advisor who will walk you through the home financing process. This can include reviewing credit, obtaining income information, and reviewing the funds that will be used to purchase. We have many different loan programs designed to suit most borrowers’ financial situations, including low-to-moderate income earners and self-employed borrowers. The first thing to do is request an Ark Certified Pre-Approval to determine what purchase price and terms best fit your needs.
How do I know how much home I can afford?
It depends on your income and your other financial obligations (debt). You can determine your purchasing power by using Ark’s Home Affordability Calculator. This will analyze your monthly income, living expenses, liabilities reported on your credit report (car payments, credit cards, etc.) and the amount of funds available to purchase (savings, gifts, etc.).
Can I buy a home and sell my current one at the same time?
Absolutely, but it does create some risk. For example, if you buy a home before you sell your home, you could find yourself overextended financially. If you sell your home before you buy a new one, you might need to rent during the interim. However, there are several ways to do both simultaneously. Be sure to ask your Realtor, your Mortgage Advisor, and your attorney for more information as it pertains to your particular situation.
How quickly can I close on a home loan?
Typically, escrow periods range from 30 to 45 days. Having your required income documents (W2s, pay stubs, and tax statements) readily available can help expedite the process.
Can I keep my current home and use rental income to qualify for a new home?
Yes. We have a number of programs, some allow you to purchase an investment property using only rental income to qualify. The qualification factors differ between loan programs, so call a Mortgage Advisor for more information.