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 is several ways to do both simultaneously. Be sure to ask your Realtor, your Home 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 can range from 30 to 45 days. With the Ark Express Mortgage, you can go from Completed Application (after all requested income and asset information has been submitted and credit report pulled) to Close in as short as 21 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. The qualification factors may differ between different loan programs, so please call a Mortgage Advisor for more information.
How do I know how much home I can afford?
It depends on your income versus 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.).
How do I know if I qualify to buy a home?
It all starts with you contacting one of our Ark Mortgage Advisors who will walk you through the home financing process. This can include:
- Reviewing Credit
- Obtaining Income information
- Reviewing the funds that will be used to purchase
There are many different loan programs designed to suit most borrowers’ financial situations. We even have products available for low-to-moderate income earners, one of our specialties. The first thing to do is request an Ark Certified Pre-Approval to determine what purchase price and terms best fit your needs.