Lendmire is a contraction of the words “lend” and “admire.” We admire our employees, clients, and everyone whose lives are touched by our work. Admiration to us means we endorse you, see the best in you, and we are advocates for your success. We’re bringing admiration back to the mortgage industry!
We embrace technology to make our processes efficient, however the human element of our service is truly what makes our company great. We will never lose sight of that.
Founder & CEO, Lendmire
Lendmire is on a mission to blend state-of-the-art technology with an attitude of admiration to create a new mortgage experience that’s simple, fast, and easy. When it comes to finding the right mortgage, pricing, payment, and speed to approval matter. Lendmire simply does it better than our competitors. We know that what really creates a great experience, is the attitude and knowledge of the person you’re working with. We, Admire You. #BeAdmired, #ChooseLendmire.
What Information Should I Have Available When I'm Ready To Apply?
For your initial pre-approval we’ll ask questions about your income, assets, credit history and employment. In addition, you will be required to pay a minimal fee to cover the cost of your credit report so that we can verify your credit history.
Once you start the application process we’ll need to verify the information you gave us with specific documentation, such as your last two years of income tax returns, bank statements, pay stubs and documents pertaining to other personally owned real estate. You’ll receive notification in writing of required documentation needed to obtain a final approval. In some cases, our Underwriting Department may request additional information.
Do I Need To Find a Home Before I Apply?
No! Getting started before you find a home may be the best thing you could do!
If you get started before you have a property to purchase, we can issue a pre-approval subject to you finding the perfect home, which you can use to assure real estate brokers and sellers that you are a qualified buyer. Getting pre-approved for a mortgage will even give more weight to any offer that you make.
When you find the perfect home, you’ll need to call your Mortgage Expert and provide your signed purchase agreement to complete your application. You’ll then have the opportunity to lock in your rate and finish the loan process.
What Are The Advantages Of Owning a Home Vs Renting?
There are many advantages to homeownership:
A sound investment – When you carefully choose a home you can afford, the payoff can be great. As a homeowner, instead of paying rent to a landlord, each month when you make your mortgage payment, you are building equity in a place of your own. The more mortgage payments you make, the more equity you’ll have. And unlike most things you buy, a home can actually appreciate in value as time passes, building more equity.
*Tax advantages – The mortgage interest and real estate taxes you pay are tax deductible which can reduce your tax bill.
*Real estate is marketable.
*You can make your own decisions about design and décor.
*You can invest in upgrades that will not only bring you pleasure but can also add to the value of the property over time.
*You have complete control over the property. You are not answering to a landlord.
I’ve Heard About Getting Pre-Approved But I Haven’t Found a Home Yet?
You wouldn’t go shopping for a new car without knowing how much you can afford. Why would buying a home be any different?
Pre-Approved Today = Less Stress House Shopping Tomorrow!
Let’s face it. One of the most stressful things about buying a home is adjusting to your new mortgage payment. Knowing your family’s financial boundaries before shopping for your new home can make the process go much more smoothly.
Your pre-approval is an essential tool when house shopping, because it…
*Determines what homes are in your price range
*Assures real estate brokers and sellers that you are a qualified buyer
*Can be used to your advantage in future negotiations
Payment Breakdown
A breakdown of your total payment so you can see where money is allocated.
per month
- Principal & Interest
- Taxes
- Insurance
- HOA Dues
- PMI
- Extra Payment
- Monthly Payment
- Total Payment
- Home Value:
- Mortgage Amount:
- Monthly Principal & Interest:
- Monthly Extra Payment:
- Monthly Property Tax:
- Monthly Home Insurance:
- Monthly PMI:
- Monthly HOA Fees:
- Total # Of Payments:
- Down Payment:
- Principal:
- Total Extra Payment:
- Total Interest Paid:
- Total Tax, Insurance, PMI and Fees:
- Total of all Payments:
Early Payoff Strategy
Add an extra payment and see how many months you can eliminate on the back end of the loan.
Lump Sum Payment
Shorten your loan term by paying a lump sum all to principal.
Savings
A breakdown of your total payment so you can see where money is allocated.
Cash Savings
Add an extra payment and see how many months you can eliminate on the back end of the loan.
| Origin Loan | New Loan | +/- | |
|---|---|---|---|
| Closing Cost | |||
| Principal | $446.61 | $396.84 | $778.35 |
| Interest | $450.54 | $490.51 | $630.44 |
| Cash savings | $219.78 | $710.68 | $782.01 |
Difference in Equity
Shorten your loan term by paying a lump sum all to principal.
| Original Principal Remaining | |
| New Principal Remaining | $446.61 |
| Difference in Equity | $450.54 |
Payment Breakdown
A breakdown of your total payment so you can see where money is allocated.
per month
- Principal & Interest
- Taxes
- Insurance
- HOA Dues
- PMI
- Extra Payment
- Monthly Payment
- Total Payment
- Home Value:
- Mortgage Amount:
- Monthly Principal & Interest:
- Monthly Extra Payment:
- Monthly Property Tax:
- Monthly Home Insurance:
- Monthly PMI:
- Monthly HOA Fees:
- Total # Of Payments:
- Down Payment:
- Principal:
- Total Extra Payment:
- Total Interest Paid:
- Total Tax, Insurance, PMI and Fees:
- Total of all Payments:
Early Payoff Strategy
Add an extra payment and see how many months you can eliminate on the back end of the loan.
Lump Sum Payment
Shorten your loan term by paying a lump sum all to principal.
The calculator located throughout our website is made available by one or more third-party service providers. The pre-selected interest rate of 6.375%, (6.580% Annual Percentage Rate) known as “APR” will cost the borrower $3,057.60 in points paid at closing.
In addition to discount points provided, the APR also includes an average of costs a borrower would pay for tax service, flood hazard determination, and closing-related services, as permitted by regulation and law. Other charges may include, as applicable to the loan program and permitted by regulations, those for appraisals, credit reports, title insurance, and other miscellaneous costs. This rate calculation was performed on 9/23/2022 at 10:57 AM EST. Note that your actual rate, payment, and costs could be higher. Rates change daily, Talk to a Lendmire mortgage expert to get an official loan estimate before choosing a loan.
Assumptions:
Lenders Calculate Rates Using Assumptions: The 6.375% Pre-Selected Rate Used By Our Calculator Assumes The Following:
- You’re Buying a Single-Family, Primary Home Residence.
- Purchase Price-$350,000.
- Loan Amount-$280,000.
- Monthly Property Taxes-$175.00(350,000 Purchase Price x .60% Estimated Tax Rate = $2,100 Per Year / 12 Months = $175.00 Per Month.
- Monthly Homeowners Insurance-$100.00
- Monthly HOA Fee-$0.00
- 30YR Fixed Rate Conventional Mortgage.
- Fees Estimated by Smartfees For Zip Code 28607.
- Closing Costs To Be Paid Up Front, Not Rolled Into Loan.
- Your Debt-to-Income Ratio Is Less Than 30%.
- Your Credit Score Is 740 or Higher.
- A Loan to Value Ratio (LTV) of 80%.
- You Will Escrow Taxes and Insurance.
- 30 Day Rate Lock.
- You Will Not Make Additional Monthly Payments.
Note these amounts are for illustrative purposes only and are subject to change. The actual payment amount will be greater. This calculator is not intended to be an advertisement for a product or service at any of the terms used herein. It is not intended to offer any tax, legal, financial, or investment advice. All examples are hypothetical and are for illustrative purposes. Lendmire does not provide legal or tax advice. We cannot guarantee that the information provided is accurate, complete, or timely. Federal and state laws and regulations are complex and are subject to change. Changes in such laws and regulations may materialize pre-and/or after-tax investment results. Lendmire makes no warranties about this calculator or the results obtained by its use. Lendmire disclaims any liability arising out of your use of, or any tax position taken in reliance on, this calculator. Always consult an attorney or tax professional regarding your specific legal or tax situation.
Applicants should not assume that any debt will be eliminated by refinancing since the debts are consolidated into a new loan. As a result of refinancing, your total finance charges may be higher over the life of the loan. Payments may reflect longer loan terms and higher interest charges over the life of the loan. Interest and other charges, if assessed, will accrue from the date of disbursement of the loan funds until the first payment is due. Low documentation programs may have a higher interest rate, more points and more fees than other products requiring documentation.
Lendmire is happy to provide specific information on your transaction upon request. The following APR examples are for a typical transaction and are only examples. Please call (828) 256-2183 or email us at brandonmiller@lendmire.com to learn more about a specific APR for your transaction. Monthly payments shown do not include PMI, taxes, insurance, or other applicable escrows. Your actual savings will vary, and your payment obligation will be higher. The stated interest rate may change or not be available at the time of loan commitment or lock-in. Get an official loan estimate before choosing a loan. This is not a commitment to lend. Rates and terms are subject to change at any time. Rates and terms are also subject to change based on the borrower’s eligibility and market conditions. Not all borrowers will meet the requirements necessary to qualify.
Whether you are a first time homebuyer or an experienced real estate investor, having a mortgage team you can count on is crucial.
We pride ourselves on excellent communication and easy accessibility when you need us. Our experienced staff is here to guide you every step of the way.
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