Mortgage Company in Madison Heights, MI
What a mortgage experience should look like.
Our mortgage company in Madison Heights, MI is redesigning the mortgage experience. We bring together the tools and service to make your mortgage experience exceptional. Contact us today and get started on your mortgage journey.
Why LoanVision Mortgage?
7 reasons to work with us…
Simple, online application process
Extremely responsive
Competitive rates and loan options
Customer service focused
Detail-oriented loan advisors
Local market experts & advisors
A reputation for service
We treat you like our own family
Mortgage FAQs
Answers to common mortgage questions…
How can I qualify for a mortgage loan?
Everyone’s situation is different and will depend upon the mortgage program you choose. The basic idea is that in order to qualify for a loan, you need to submit documentation proving your ability to repay the mortgage. For an FHA loan, your credit score needs to meet the current FICO credit score requirements in order to qualify (in addition to other requirements). Loans requirements vary depending on the loan.
How much can I afford when buying a home?
That depends on your personal situation, but many people find it useful to follow the 28/36% rule. In this scenario you mortgage payments should not exceed 28% of your gross monthly income. In addition, your mortgage and all other debts shouldn’t be more than 36% of your income. These are simply guidelines, and you have to choose numbers that work for you and your family.
What is a prequalification vs. a preapproval?
A prequalification usually just means that your credit score was pulled. A preapproval is a more comprehensive verficiation that you are capable of paying back a long. With a preapproval your lender collected all income and asset documentation to help them understand what you can and cannot afford. If you’re serious about buying a house, you need to get your preapproval ASAP.
What is included in my mortgage payment?
Your monthly mortgage payment includes assets allocated to the principle of the laon, loan interest, taxes, and home insurance premiums. In some cases, home buyers can also choose to finance some or all of their closing costs into the loan.