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You are here: Home / FAQs / Top 7 Frequently Asked Home Buying Questions

Top 7 Frequently Asked Home Buying Questions

June 15, 2020 By Ralph Gates

The home buying process can create many emotions and can sometimes be confusing. Whether this is your first home or second, it is good for the buyer to be educated and prepared for the process ahead. If you are unsure of something during the process, just ask! Remember, when it comes to home buying, there are no dumb questions. Here are the top 7 frequently asked questions from home buyers.

Q: What is a “good” credit score?

A: A good credit score is 720 or higher. However, that doesn’t mean if your score is lower than a 720 we can’t help you get a loan. We have loan options that will accept lower scores.

Q: Can I buy a house with no money down?

A: Yes, we offer USDA and VA loans that do not require a down payment. The USDA loans are for borrowers with no down payment, possibly a lower credit score and lower income. Borrowers must meet property and income eligibility. VA loans are for veterans, spouses or eligible dependents.

Q: How can I establish credit history?

A: You will need to have some type of revolving and or installment debt to establish reportable credit history. Something important to note here is to ensure you make all of your payments on time. We recommend opening a credit card and pay it in full each month.

Q: Should I buy a home or continue renting?

A: Look at your financial situation. Are you prepared for the maintenance cost of homeownership? Owning a home is a big responsibility — you must make sure that you make your monthly mortgage payments on time. And if the property needs maintenance, it is now your responsibility, not the landlord’s. For more information on this, check out our blog Renting vs. Buying a Home.

Q: Do I need reserves?

A: Most loans will require that you have 3 months of mortgage payments saved as reserves.

Q: How do my student loans affect my ability to get a home loan?

A: Some loans require that one percent of the loan balance be used as a payment if the loan is currently in deferment. If there is a payment listed and you have a payment history, we may be able to count only that payment. A payment must be calculated even if the loan is in deferment.

Q: Can I calculate my estimated payments?

A: Yes, our loan calculator does the math for you. Please keep in mind that this is your principle and interest only. This won’t be your total payment as it does not include escrows (your taxes and insurance.)

Final Thoughts

When buying a home, being prepared and educated makes all the difference. It is critical that you stay organized and remain focused throughout the process. After reading through these questions, you should have a better understanding of what to expect and how to approach the home buying process. Finally, make sure you are partnering with the right lender who has years of knowledge and expertise to answer any of your questions.

Mid America Mortgage is happy to answer any questions you may have! Whether you are just starting the process or in the finishing stages, we are here to guide you every step of the way.

Filed Under: FAQs

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Mid America Mortgage Services, Inc, NMLS #1142067
200 E Walnut St.
Columbia, MO 65203

Phone: (573) 875-1100

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"I knew Jeanie Byland for a long time. She made the process so easy. One of the things I probably appreciated the most was that she didn't want to spoil the excitement of closing on a new house by showing up on closing day finding out that we owe a lot more than we thought. They were upfront with that information right from the get-go, and that’s because it’s just like they say, ‘They wouldn’t put you in a loan that they would be comfortable taking themselves.’”

Jamie

"I’m a very loyal customer at Mid America Mortgage Services, Inc. I have an addiction to building houses and designing them, and they are always right there with me every step of the way helping me get the best loan product and the best rates whenever I am ready to build. They make sure you don’t get a loan that you can’t afford. The whole process was very smooth. I would recommend Mid America Mortgage Services, Inc to anyone because they are always there to teach you, help you, and make it easy for you every step of the way."

Kate

"I have had mortgages since 2004 in Columbia and have gone through a couple of banks, but over the last several years, the last couple of houses have been with Mid America Mortgage Services, Inc. Michelle has told us many times, 'I am not going to put you in a situation I am not comfortable with you being in, regardless of what it means for our company'.

Heidi always has a smile on her face and when you walk through the door, they recognize you and say “Hi”. I definitely recommend anyone who is in the home buying, purchasing, refinancing, upgrading business to go to Mid America Mortgage Services, Inc, ask for Michelle because they are going to be the best person you can work with."

John

Selling our home of 17 years and building a new home was a very emotional time for our family. We were ready for the next adventure in our lives but knew there were numerous steps involved. The search for a mortgage officer was simple, Michelle was our choice. Her guidance and knowledge made the process as easy as possible. When we had questions, she was always there to give us an answer and discuss our options. The employees of Mid America Mortgage Services, Inc like Michelle will keep us returning for our mortgage needs.

Chad and Julee

"One of the main things that I loved about Michelle was she was so organized. She would meet us at any location she needed to, and to be honest she had the absolute lowest interest rate. They were always very transparent with fees so there were no surprises. Michelle was always super easy and we would always run in talk to her even it was for a few minutes. The best thing was the process was very, very smooth."

Chris and Jamie

"My wife and I have moved around quite a bit with my job so we have been through the process before, but we have never had anybody help us as much as Michelle West Mid America Mortgage Services, Inc did. We needed a loan for a new construction home and they were able to help us out with all of our needs and make us feel comfortable with what we were doing moving forward. They did a good job of walking us through the paperwork to make sure that we were pre-approved for a certain amount."

Jason

"They really explained the process to us very well and made us feel very comfortable, specifically Jeanie Byland. I have never asked a question that I felt dumb about. They really wanted to educate us and have been fantastic. The interest rates changed one day and they called me to say, ‘Hey we might ought to look into refinancing your loan’. I really felt like they had our best interest at heart."

Steve

Michelle, I want to thank you for all of your efforts on the loan. I never knew how much information the needed! I appreciate your personal nature and ease of working together. Thank you for making this happen! :)

Amy

"When we were 18 and 19 years old no one wanted to help us get started. But Michelle took us under her wing 6 years ago next month. There is a lot of people out there that could of taken advantage of us many of times because we had no idea what was going on. For Michelle to stand beside us and walk us through, and not let us get into something that could get us in a lot of trouble means the world. We thank Michelle and we are extremely blessed to be able to work with her and her team. I have never even thought about talking to another lender and will always be loyal to Mid America Mortgage Services, Inc."

Cody and Morgan

"My family owns Tiger Ice Company. My experience with Ralph at Mid America started with Tiger Ice because we needed to expand our facility. When we went in to talk to Ralph at Mid America, he pretty much was straight up with us and told us we needed to go back to the drawing board. We came back with new numbers and a new plan, and we built the facility and everything was fine. Our dream of that would not have been possible at all without Mid America Mortgage Services, Inc and Ralph. They don’t tell you what you want to hear, they tell you the truth and that's what we weren't getting from other banks."

Andy


Phone: (573) 875-1100
200 E Walnut St, Columbia, MO 65203

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