Buyer Resources
Glossary
This section explains some of the words and phrases you will hear as we work toward closing
Appraisal
A third party estimate of a home's value required to approve your loan
Closing Costs
Fees paid at closing, including lender, title, attorney & insurance fees
Equity
The difference between your mortgage payoff and your home's current value
Pre-Approval
A written estimate of how much you can borrow, based on verified income, assets and credit
Understanding Your Loan Options
You've found the right house, now it's time to discuss the best product. Below is a quick breakdown of mortgage options available through Momentum:
Conventional
Best for buyers with good credit, want competitive rates and flexible terms
FHA
A dream for first-time buyers with lower credit scores and smaller down payments
VA
Veterans can enjoy putting $0 down
USDA
100% financing available for anyone shopping in an approved USDA zone