Stearns Home Loan, Process and Mortgage Payments

Stearns home loan for the past 28 years, Has been helping customers navigate the home buying and refinancing process by giving customers a personalized mortgage experience.

Things to note about Stearns Home Loan

Stearns lending has been making the American dream of home ownership come true for families through out the United States by revolutionizing home financing so as to make the process of mortgage faster, simpler and more secure.

Process

  • Talk to Stearns Mortgage Loan Originators (MLOs)
  • Get a Pre-Approval before start your search: this will make the sellers know you are a serious candidate.
  • Make an Offer: your agent will present an offer to the homeowner which includes
  1. Your proposed purchase price
  2. Any established contingencies

Application: your realtor will provide your MLO with the home purchase contract, other additional information needed to underwrite the home loan so as to guide you through the application process.

Verification: your income, employment and assets will be verified but, you simply have to provide your Social Security Number and bank information.

Underwriting: Accessing your appraisal and underwriting your home loan is not time consuming but an average of 48 hours.

Closing: so as to close your loan as quickly as possible, your MLO will work alongside any pertinent parties such as lawyers and escrow agents (takes a minimum of 14 days).

 

Types of Stearns Home Loan

  • USDA Loan ( United States Department of Agriculture): this loan does not require down payment and offers easier credit qualification.

Available options: Fixed-Rate: 30-year

  • FHA Loan ( Federal Housing Administration): offers loan with as little as 3.5% down payment.
  • VA Loan ( Veterans Administration): offers qualified veterans, active military duty and their family members benefits to get into their first home.

Available Options: ARM: 5-year

Fixed-Rate: 15, 25, 30-year

  • Conventional Home Loan: you can pay as low as 3% interest rate for your down payment and once 20% of your loan (AKA 80% Loan-To-Value) has been paid, your mortgage insurance goes away.

Available Options: ARM: 5, 7 and 10-year

Fixed-Rate: 10 to 30-year

  • Jumbo mortgage: Jumbo loan come with flexible rates and terms and it is available to qualified borrowers who want to finance properties worth $417,000 up to $3 million.

Available Options: ARM: 5, 7, 10-year

Fixed-Rate: 15, 30-year

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