MORTGAGE FAQS

 
 

What will my payment be?

  • Go to Calculators on KIT's website to compute payments.  Do not forget taxes & Insurance!

How much do I have to put down?

  • At least 5% unless USDA or 3% for FHA
  • Entire down payment can be gifted; most mortgage companies limit gifts for down payment and who they come from.
  • No PMI

Please keep in mind, just because you can afford the payment on a $200,000 house doesn't mean you can buy one--if the loan amount is $200,000, your purchase price would have to b at least $210,500 because you can't borrow more than 95%.  That means you will have to put $10,500 down.

Can I lock my rate?

  • Yes, if it is a fixed rate loan.
  • KIT will quote you a rate when you apply and it will be locked for 45 days

How long will it take to get my loan?

  • Average 30 days but we will work with you and try to get it done sooner.

Any penalty for early payoff?

  • No penalty for early payoff

Can I get my payment lowered once I pay down the loan balance for a few years?

  • Only if you refinance.

Which is better, a fixed rate mortgage or a variable?

  • Either may be right for you

Do I have to may my payments here?

  • "Servicing" means accepting the payments and managing the escrow account.  KIT never sells their servicing, so if you make the loan directly with KIT, you will always make your payment to KIT (at KIT, online, automatically, or however you choose to pay.)

Can my payment go up?

  • It is possible. Taxes and insurance can increase even on a fixed loan.

Closing Costs:

  • Varies widely. Plan on $3500-$5000.  Not all of that is fees; some is a deposit to your escrow.  Closing costs are lower with a KIT loan (no odd days interest, no overnight fees, etc.)

What if my credit score is not so good or I took bankruptcy?

  • Minimum score is 650; if your score is lower, we would like to work with you to increase your credit score. 
  • Bankruptcy must be discharged and at least 3 years old.