Q. How do I get started buying a home?
A: The first step is to obtain a pre-approval from Your Mortgage Company Inc.. Next we will show you a simplified step-by-step guide to buying a home. Our pre-approval process and guidance has saved thousands of dollars for our customers in comparison to those proceeding without good advice. We will help you analyze your finances and identify a program that best fits your personal needs.

Q. How do I get a mortgage?
A:The first step is to talk with one of our experienced loan officers to determine the best approach to obtain your loan. Your options include: apply on line, application by phone or a personal appointment. You will need to complete an application and may need to provide employment and/or financial documentation for each option.

Q. What is the best mortgage for me?
A: The best mortgage is one you can afford as long as you plan to remain in the home and save the most money. Affordability varies with the type of mortgage. The two most common are fixed and adjustable-rate mortgage.

A fixed-rate mortgage is consistent for the length of the loan, usually 30 years. Shorter term mortgages may offer lower interest rates however higher payments will apply but less money paid out than a longer-term loan. Long term fixed-rates have a smaller monthly payment and are easier to budget.

ARMS's (adjustable rate mortgage) initially comes with rates lower than a fixed rate mortgage but may periodically rise or fall, depending on economic factors. Its lower initial rate (which can be fixed for up to 10 years) can help you qualify for a larger loan. this type is recommended if planning to move in a few years.

Q. What should I do if I get turned down for a loan?
A:Increasing numbers of loan applications are finding ways to buy their own home despite past credit problems, a lack of a credit history or debt-to-income ratios that fall outside of traditionally acceptable ranges. Ask the lender for a full explanation, then appeal the decision in writing.

Q. How is a home's value determined?
A: You have several ways to determine the value of a home. An appraisal is a professional estimate of a property's market value, based on recent sales of comparable propertied, location, square footage and construction quality. This service varies in cost depending on the price of the home. On average, an appraisal costs about $300 for a $250,000 house.

Q. What type of mortgage best fits my financial status?
A: Depending on your yearly income is the only way you can determine your minimum monthly payments. There are ratio guidelines that analyze your expenses and those ratios can range anywhere between 28-55%.

Q. When is the best time to refinance?
A: When rates are lower than your original loan, if you would like to use the equity that has built up in your home, if you wish to decrease your mortgage payment period, or you have an adjustable rate and you want to convert it to a fixed rate.

Q: What is a second mortgage?
A: You may have heard the name home equity loan or home equity line of credit, which is the same thing as a second mortgage. If you would like to take advantage of your equity rather than refinance your first mortgage would be a reason to get a second mortgage. Depending on the type of loan you are interested in, they can be done over the phone and closed in one business day. Even if your credit history is not perfect, you may still qualify for a second mortgage.

Q. What options exist for first time buyers?
A: If you are a first time home buyer, loans will typically require less money down and good credit. One of the most popular programs is the 0% down payment loan. Which would be the best option for those looking to minimize expenses when buying their first home. There is also the benefit of rolling in up to 3% of your closing costs; if you qualify.

Q. Who if a first-time buyer?
A: A first-time buyer is someone who has not owned any real estate, like a personal residence, vacation home, or investment property during the past three years. Your tax income is reviewed to verify that the lender did not take any deductions for mortgage interest or property taxes.

Q. How do I determine the value of my home?
A: For one, an appraiser can determine the value of your property by the market value, based upon the location, recent sales of comparable propertied, and the construction quality. For a $250,000 house, and appraisal can cost about $300.

Another option would be that you could get a comparative market analysis which is informal market value determined by a real estate agent. In most cases they offer a free anlaysis. Real estate data companies offer a comparable sales report for a fee.

Q. How can I determine if I have bad credit?
A. There are many ways in which you can have bad credit. If you have ever had any late credit card payment, filed for bankkruptcy in the past seven years, defaulting on a previous loan, not paying your taxes, if any judgements have been filed against you, or any accounts that may still be pending in collections. Bad credit can result in the rejection of loan approvements.

If you feel that your credit history is incorrect, you may contact any of the following companies listed below to inquiry about a copy of your credit report. It may take from six months to a year to prove to lenders that your late payments can be improved. If any charges on your report are not yours, they can be disputed through investigation by the company.

Experian (800)-392-1122
Equalifax (800)- 685-1111
Trans Union (312)- 408-1050

Q. How can I improve my credit?
A. There is no way easy way to fix your credit rating. Any delinquincies may remain on your report between 7-10 years. The first step is to request of copy of your credit report and review it carefully. If you feel that there are any charges on there that are not yours, then dispute them by calling one of the agencies listed above. If you have any outstanding accounts, we recommend you clear them up first.

Q. How long do bankruptcies and foreclosures stay on a credit report?
A: Bankruptcies and foreclosures can remain on a credit report for 7-10 years. Some lenders will consider a borrower earlier if they have reestablished good credit. The circumstances surrounding the bankruptcy can also influence a lender's decision. For example, if you went through a bankruptcy because your employer had financial difficulties, a lender may be more sympathetic. If, however, you went through bankruptcy because you overextended personal credit lines and lived beyond your means, the lender probably will be less inclined to be flexible.

Q: Where do I get information on consumer credit laws?
A: For information on consumer credit laws, contact:

The National Foundation for Consumer Credit
8701 Georgia Ave., Suite 507
Silver Springs, MD 20910
(301) 589-5600

Q: Is a low offer a good idea?
A: while you low offer in a normal market might be rejected immediately, in a buyer's market a motivated seller will either accept or make a counteroffer. Full-price offers or above are more likely to be accepted by the seller. But there are other considerations involved:

Is the offer contingent upon anything, such as the sale of the buyer's current house? If so, a low offer, even at full price, may not be as attractive an offer without that condition.

Is the offer made on the house as is, or does the buyer want the seller to make some repairs or lower the price instead?

Is the offer all cash, meaning the buyer has waived the financing contingency? If so, then an offer at less than the asking price may be more attractive to the seller than a full-price offer with a financing contingency.