Knox Mortgage Team FAQ

We offer a range of mortgage loans including fixed-rate, adjustable-rate, FHA, VA, and jumbo loans. Each option has its own benefits and is suited to different financial situations. Our team at Knox Mortgage Team is here to guide you through understanding mortgage rates and choosing the best loan options.

Talk to your lender. Allow your lender to review your credit, income and asset profile long before you are ready to purchase. This will allow time to improving your credit score, reduce your debt-to-income ratio, and or save for a down payment. At Knox Mortgage Team, we provide personalized mortgage solutions and guidance to help you meet these goals.

The mortgage process involves obtaining a loan pre-approval, house hunting, making an offer, underwriting, and closing. Our team ensures transparency in mortgage services, guiding you every step of the way to make the process smooth and understandable.

Since the housing crisis of 2007, almost all owner occupied loans are fixed rate mortgages. Variable rate mortgage rates are typically not as competitive as fixed rate loans thus the risk is not mitigated by a reward of a lower rate and payment. Choosing between a fixed-rate and an adjustable-rate mortgage depends on your financial goals and how long you plan to stay in the home. We offer flexible mortgage solutions and can help you understand which option aligns best with your needs.

First-time homebuyers should understand their budget, get pre-approved, and consider additional costs like property taxes and insurance. Knox Mortgage Team specializes in first-time homebuyer education and provides local expertise to guide you through the process.We love wokring with first time home buyers and seeing them acheive the dream of home ownership. 

To secure the best mortgage rates, first determine what it means to have the "best rate". Most borrowers are not aware than there are many different rates available everyday. Lowest rates cost more and higher rates cost less. The Knox Mortgage Teams quotes rates spanning as much as 2 percentage points for every borrower so they can make an informed decistion about thier interest rate selectoin. Maintaining a good credit score has a significant impact on the mortgage interest rate a borrower can obtain. Working in partnership  with the Knox Mortgage Team to time the day you lock your interest rate also can save thousands of dollars for a borrower. We provide mortgage guidance to help ou navigate these options effectively.

The term "Closing Costs" can be misleading in that it is a generic term for three different categories of costs: 1) Cost to orignate the loan including underwriting fee, processing fees, and appraisal, 2) Prepaids including property taxes, interest, HOA dues, and homeowners insurnace, and 3) "Points" which is a fee assocaited with which interest rate you choose.. Points are referred as the "Fee for Interest Rate Chosen". As part of your preapproval meeting with the Knox Mortgage Team we will provide a detailed cost break down and more specifically how much cash on hand you will need at closing. This is a crucial step in planning for purchasing a home and qualifying for a home loan. 

Yes. Refinancing can lower your monthly payments or change your loan term from a 30 year term to either a 25, 20, 15, 10 or even a customer loan term. It's beneficial when interest rates drop or if your financial, or credit profile improves. Refinancing may also remove monthly mortgage insurnace. The Knox Mortgage Team offers flexible mortgage solutions to help you decide if refinancing is right for you. 

Mortgage pre-approval involves a lender reviewing your financial information to determine which loan program options you qualify for and which is the best for your scenario. Being fully preapproved is important as it shows sellers you are a serious buyer and makes it more likely a seller will accept your purchase offer. Mortgage Preapproval also helps you understand your budget and what payment and how much funds you will need at closing. We emphasize trust in mortgage services, ensuring you have a clear understanding of this process.