PrimeOne Financial, LLC

Prequalification requires only a brief discussion with your lender about your income, assets, and down payment. Preapproval involves a more thorough process where your lender verifies your financial information and submits your loan for preliminary underwriting review. While preapproval requires additional time and documentation, it provides significantly more credibility in the home buying process.

Purchasing more home than you can comfortably afford can transform your home from an asset into a financial burden. Understanding your budget before viewing properties with your realtor is essential. As a best practice, avoid maximizing your purchase price based solely on qualification limits. A prudent approach is to keep your total mortgage payment at 25% or less of your gross monthly income. While this guideline may vary based on individual circumstances, it provides a solid starting point. For instance, with a monthly income of $6,000, your mortgage payment should not exceed $1,500. You can go higher, but this helps prevent becoming house-poor. Remember that homeownership means you handle all maintenance costs, not a landlord. Repairs such as water heaters or roofing represent significant expenses that become your responsibility. Plan your budget accordingly.

PrimeOne Financial recommends a down payment of at least 5-10%, though 20% is preferable because it eliminates the need for private mortgage insurance (PMI). PMI adds an additional cost to your monthly payment that doesn't reduce your mortgage balance. It solely protects the lender against borrower default. PMI remains in place until you achieve 20% equity in your home, requiring you to work with your lender for removal, or it automatically terminates at 78% of your home's original value at purchase or refinance. While accumulating a larger down payment requires time and discipline, the advantages-including immediate equity and a lower monthly payment-make it worthwhile.

The mortgage market offers numerous loan options, ranging from standard 30-year fixed-rate conventional loans to FHA adjustable-rate mortgages. A mortgage professional should guide you through these options. Consider the risk versus reward when evaluating mortgage products. The most common loan types include: conventional fixed-rate loans, which serve as the industry standard; adjustable-rate mortgages (ARM), which can adjust the interest rate annually based on an underlying index; Federal Housing Administration (FHA) loans, which require smaller down payments but typically involve more qualification documentation; Department of Veterans Affairs (VA) loans, available to military service members and veterans with no down payment requirement; and other specialized programs such as non-QM, bond loans, and negative amortization loans available through certain lenders. A helpful recommendation is to evaluate your personal situation when purchasing a home. Individual circumstances vary based on future plans. The 25% guideline for your payment as a percentage of income remains a useful benchmark.

Since mortgage interest rates fluctuate daily, locking your rate represents an important step in the mortgage process. No mortgage officer or company can accurately predict rate movements in the coming days or weeks. The decision to lock is yours. Ensure you lock for a sufficient term (typically 30 days) to reach your closing date. Expired locks are generally repriced under the worst-case scenario, meaning if your lock expires and rates have increased, you receive the higher rate. Most lenders allow you to lock your interest rate once your initial loan receives approval. Some lenders offer the option to lock before finding a home (lock and shop), though this service usually involves a small fee. One final note regarding rates: many lenders provide a rate and estimate with the promise to match any better offer you find. We do not endorse this business practice. Your lender should offer their best rate initially, not after you've invested time comparing their pricing to other lenders.

The mortgage industry has long promoted paying points and origination fees to clients. This practice essentially means prepaying interest to reduce your rate upfront. One point equals one percent of your loan value. On a $500,000 loan, one point costs $5,000. This might lower your rate by 0.25% to 0.375%, depending on how mortgage coupons are priced. Paying points typically proves disadvantageous because it takes considerable time to recover the upfront cost. Additionally, if you refinance before recouping this expense, that money is lost. Unless you receive an exceptional point value-such as 0.125% to 0.25% in points yielding a 0.125% rate reduction-decline the points and direct as much money as possible toward your down payment. Closing costs generally range from 3-4% of the loan amount (including escrows). Adding points only increases this total.

Your monthly mortgage payment serves multiple purposes beyond reducing your principal. A typical monthly mortgage payment includes: principal and interest, homeowners insurance (escrowed), property taxes (escrowed), and private mortgage insurance (PMI) if you made a down payment of less than 20%. Your mortgage payment may incorporate additional costs such as homeowner's insurance and property taxes. These annual homeownership expenses matter to the lender because they assume risk if you fail to make these payments. If you wish to pay extra on your mortgage, specify that any additional funds should apply to principal only, not as an advance payment that prepays interest.

This is an excellent question. The traditional guideline suggested a two percent rate difference, but consider this scenario: if you could reduce your payment modestly without extending your term, bringing no money to closing, and not increasing your loan amount, would a $50 monthly savings be worthwhile? It might be-and could result from just a 0.5% rate decrease or less, depending on your loan size. Here are several factors to consider about refinancing: how much will my loan amount increase (rolling costs into the rate rather than the loan results in a higher rate but lower costs), how will my loan term change (many lenders can customize a term to match your remaining loan period), how much do I need to bring to closing (if you're bringing no more than your current house payment, your new payment is lower, and your term remains the same, you're in a favorable position). If you are taking cash out, please use those funds responsibly. Avoid placing yourself in a more difficult financial situation. Refinancing serves as a valuable financial tool, but work with a reputable lender to ensure you're not being misled for the sake of someone earning a commission.

WYO Mortgage Advisors strive to price competitively so customers don't have to shop around to get the best rates.

To qualify for a loan, you need to provide employment and income verification (generally for 2 years), credit information for debts, assets details via bank statements, and information about your down payment and purchase price. Mortgage professionals will guide you through the process.

Prequalification is a quick conversation about your income, assets, and down payment. Preapproval involves verifying your financial information and submitting your loan for preliminary underwriting, carrying more weight in the buying process.

A conservative approach is to budget your total mortgage payment at 25% or less of your gross pay to avoid being house-poor and to handle maintenance costs responsibly.

It's recommended to put at least 5-10% down, but 20% is ideal to avoid paying private mortgage insurance (PMI), which increases monthly payments and only insures the lender.

Common options include Conventional Fixed-Rate loans, Adjustable-Rate Mortgages (ARM), FHA loans, VA loans, and other specialized programs. Mortgage professionals help you decide based on your personal circumstances.

They are open Monday through Thursday from 9:00 AM to 2:00 PM, Friday from 9:00 AM to 12:00 PM, and closed on Saturday and Sunday. Appointments are available by calling.

Their office is located at 1902 Thomes Avenue, #201, Cheyenne, WY 82001, USA.

Customers can visit nearby places such as Republic Free Choice (flowers and gifts shop), I.Qlinary (grocery store), and Outcast Vintage (clothing and vintage store) for shopping needs before or after mortgage consultations.

Yes, nearby are Arena Training Institute PINK GLOVES BOXING (boxing gym), Wyoming Liberty Group (community services and legal services), and Care.Trials (doctor and fitness trainer) that customers might find useful in the area.

They are associated with Cheyenne Frontier Days, Habitat for Humanity of Laramie County, Cheyenne Board of Realtors, and Cheyenne Meals on Wheels.