If you are looking to purchase a home, we rec­ommend getting pre-approved as soon as possi­ble. Even if you aren’t looking to buy immediately, getting pre-approved will give you time to correct anything on your credit report and time to in­crease your credit score to ensure you get the best interest rate.

A pre-approval is valid for four months. After four months, the credit report expires and a new credit report must be pulled.

Yes, you can use SharePoint as little or as much as you’d like.

Yes, we are able to assist you with your mort­gage in all 50 states.

The first step would be for you to complete a personal budget to determine how much you can afford to spend on a home. Once you com­plete a budget, you will want to start the pre-ap­proval process to determine how much you will qualify for.

To avoid paying mortgage insurance on a con­ventional loan, a 20% down payment is required.

VA loan – A loan that is available for eligible veterans. VA loans typically do not require a down payment, will be more lenient on credit history, and have a lower interest rate. If you are a veteran or active-duty military, SharePoint can help you determine if you are eligible for a VA loan.

Conventional – Conventional loans are your best option if you have good credit and are able to contribute 3%-5% (depending on if you are a first-time homebuyer) or more as a down payment. When you have less than a 20% down payment mortgage insurance will be required on a Conventional loan, but will drop off when your loan balance gets paid down to 78% of the initial purchase value of the property.

FHA - FHA loans are insured by the Federal Housing Admin­istration. FHA loans provide a low-down payment option at 3.5% and are more lenient on credit issues. However, there are more fees asso­ciated with an FHA loan and mortgage insurance does not drop off on an FHA loan.

VA loan – no down payment requirement

Conventional – 3% for first-time home buyers, if you have owned a home in the past 3 years then 5% is the minimum down payment requirement.

FHA – 3.5% down payment requirement

SharePoint is a local, not-for-profit member owned financial cooperative that is easy to do business with. Our knowledge­able mortgage team will provide choice, conve­nience, and flexibility while we work to give you the best value to reach your goals. You will receive exceptional service during your loan process, as well as any future needs you may have.