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In it together!
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Our Purpose

Home ownership is fundamental to intergenerational wealth in the United States. Ownership opportunity has been inequitable throughout history and many barriers still exist. Neighborship Mortgage Inc. works hard to break down barriers and create opportunity. We also work within a finance system centered on profits and not people. At Neighborship Mortgage Inc., we strive to serve as a model of what the mortgage industry should be: access to fair pricing and products; dignity throughout the process; and equity for all, especially those who have been underserved.

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Your Mortgage Journey

Neighborship is here for you
every step of the way.

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Discovery

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Financial

Preparation

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Property

Search

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Loan

Details

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Closing

Process

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Future

Considerations

  • What is typically included in a monthly mortgage payment?
    a. Principal - the amount that goes towards equity b. Interest - the rate you pay on the balance of your loan c. Taxes - determined by the County based on your property's value d. Insurance - determined by your homeowner's insurance provider based on the coverage you choose e. Mortgage Insurance - if your down payment is less than 20% of the purchase price, mortgage insurance may be required and is determined by the lender
  • What will my mortgage loan interest rate be?
    The interest you'll be charged will depend on a number of factors starting with current market rates. Your credit score and financial history also play a key role in determining your rate: higher credit scores tend to lead to lower interest rates, and lower credit scores tend to lead to higher interest rates. Income amount and stability also impact your interest rate based on your qualifying Debt-to-Income (DTI).
  • How much do I qualify for?
    a. The amount you qualify for depends on what your income and debt responsibilities are. Lenders use Debt-to-Income (DTI) ratios to help answer how much home you can afford. b. DTI ratios measure your debts as a percentage of your income: i. Monthly debt obligations (divided by) Monthly income (times) 100 (equals) DTI Example: For someone who owes $1,000 in debt each month and earns $3,000 in wages, the equation would look like this: $1,000 ÷ $3,000 x 100 = 33.3% DTI c. Different types of loans have different DTI maximum limits that lenders have to comply with, but these rules don't always apply to all borrowers in the same way. Example: Even if your DTI meets your loan's requirements, you won't be guaranteed approval. Your credit score, down payment amount, or income still impact your loan approval/eligibility. It works the other way too: some borrowers whose DTI ratios come in too high may still qualify if they have excellent credit or can make a larger-than-required down payment.
  • Can I get a mortgage loan if I have "bad" credit?
    We believe everyone has a path to homeownership! If you have questions about your situation, we'd love to meet with you and discuss what your path looks like.

The History of Mortgage

The history of mortgage in the United States has been one of limited opportunity and access. Barriers still exist today. The financial world’s focus on profit leaves many individuals, families, and communities struggling to find their path to home ownership.

 

Click here to learn more about how we got to today’s current mortgage environment.

Contact us if you have more information to share – we love to learn! 

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We're here to help!

Get Pre- Approved!

With one of our neighborly local mortgage brokers 

Your experience is important to us!

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