ApplicationsBack to Top
Express Prequalification Form
This short form will take approximately ten minutes to complete. You will need to provide basic information about yourself, your Co-borrower, if applicable and, upon submission; you will be contracted by your loan officer approximately one business day with an estimate loan amount for which you may be qualified to borrow.
Detailed Loan Application
This application will take approximately 15 to 20 minutes to complete. You should be prepared to provide complete information about yourself and your co-borrower, if applicable, including address, date of birth, social security number, and address. You will also need to provide information about the property, if already selected. Upon submission, you will be contacted by your loan officer within approximately one business day to discuss your loan amount and any other pertinent loan information.
CalculatorsBack to Top
This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
ProgramsBack to Top
Fixed Rate Mortgage
The most common type of mortgage program where your monthly payments for interest and principal never change. Property taxes and homeowners insurance may increase, but generally your monthly payments will be very stable.
Fixed rate mortgages are available for 30 years, 20 years, 15 years and even 10 years. There are also "biweekly" mortgages, which shorten the loan by calling for half the monthly payment every two weeks. (Since there are 52 weeks in a year, you make 26 payments, or 13 "months" worth, every year.).
Fixed rate fully amortizing loans have two distinct features. First, the interest rate remains fixed for the life of the loan. Secondly, the payments remain level for the life of the loan and are structured to repay the loan at the end of the loan term. The most common fixed rate loans are 15 year and 30 year mortgages.
During the early amortization period, a large percentage of the monthly payment is used for paying the interest. As the loan is paid down, more of the monthly payment is applied to principal. A typical 30 year fixed rate mortgage takes 22.5 years of level payments to pay half of the original loan amount.
Adjustable Rate Mortgage (ARM)
These loans generally begin with an interest rate that is 2-3 percent below a comparable fixed rate mortgage, and could allow you to buy a more expensive home.
However, the interest rate changes at specified intervals (for example, every year) depending on changing market conditions; if interest rates go up, your monthly mortgage payment will go up, too. However, if rates go down, your mortgage payment will drop also.
There are also mortgages that combine aspects of fixed and adjustable rate mortgages - starting at a low fixed rate for seven to ten years, for example, and then adjusting to market conditions. Ask your Aspire Lending mortgage professional about these and other special kinds of mortgages that fit your specific financial situation.
Standard ARMs and the differences
A few options are available to fit your individual needs and your risk tolerance with the various market instruments.
ARMs with different indexes are available for both purchases and refinances. Choosing an ARM with an index that reacts quickly lets you take full advantage of falling interest rates. An index that lags behind the market lets you take advantage of lower rates after market rates have started to adjust upward.
The interest rate and monthly payment can change based on adjustments to the index rate.
6-Month Certificate of Deposit (CD) ARM
This program has a maximum interest rate adjustment of 1% every six months. The 6-month Certificate of Deposit (CD) index is generally considered to react quickly to changes in the market.
1-Year Treasury Spot ARM
This program has a maximum interest rate adjustment of 2% every 12 months. The 1-Year Treasury Spot index generally reacts more slowly than the CD index, but more quickly than the Treasury Average index.
6-Month Treasury Average ARM
This program has a maximum interest rate adjustment of 1% every six months. The Treasury Average index generally reacts more slowly in fluctuating markets so adjustments in the ARM interest rate will lag behind some other market indicators.
12-Month Treasury Average ARM
This program has a maximum interest rate adjustment of 2% every 12 months. The Treasury Average Index generally reacts more slowly in fluctuating markets so adjustments in the ARM interest rate will lag behind some other market indicators.
When money is tight, you need a loan that won't empty your bank account. FHA Loans (Federal Housing Administration) are government-backed loans that make it easy to qualify while keeping more of your money in your pocket during the down payment process.
The down payment for an FHA mortgage can be 100% gift funds. This is one of the key benefits to the FHA program.
Verification of the source of gift money is not required. However, it is necessary that the gift funds be deposited in the borrower's bank or savings account, or in an escrow account, prior to underwriting approval. Proof of deposit is required.
Gift donors are restricted primarily to a relative of the borrower. They can also be certain organizations, such as a labor union or charitable organization. Contact your mortgage professional for complete information.
Some people believe that FHA is only for first time homebuyers, or for people who have had credit problems in the past. Actually, FHA is a great loan for everyone. Even if you’ve owned a home previously, and have perfect credit, FHA may still be the best loan for you.
There are several advantages to an FHA loan. There is a low minimum down payment of 3.5%. The seller can contribute up to 6% of the purchase price toward the buyer’s closing costs and prepaid expenses, which can significantly reduce your out of pocket expense. Streamline refinances are available for FHA customers who have acceptable mortgage pay history for the most recent 12 months. With a streamline refinance the document requirements are greatly reduced. It’s a great option to ensure your ability to take advantage of lower rates down the road without having to re-qualify!
Contact your Aspire Lending FHA mortgage professional today to find out if an FHA loan is right for you.
You've served your country and a benefit that is well deserved is the VA Loan.
VA loans are government-backed loans for qualifying veterans who have served or who are serving in the United States military and for qualified reservists.
There are several advantages to a VA loan. The program does not require a down payment and the seller may pay the buyer’s closing costs and/or prepaid expenses up to 4% of the loan amount. In addition, the loan limits are significantly higher than the FHA limits, and there are many closing costs that VA does not allow the Veteran to pay, which reduces your out of pocket expense. The Veteran can move into a home for as little as $1.00.
Whether you are currently serving in the military, have served in the past with an honorable discharge or are the surviving spouse of a Veteran, give us a call to prequalify for the best loan available – you’ve earned it!
A jumbo loan is defined as a loan whose loan amount exceeds the Fannie Mae conforming loan limit of $417,000. In high cost states, such as California and Alaska, the loan limit is as high as $729,750. Many lenders do not have access to jumbo loan products, but at Aspire Lending, we have many available and at considerably lower rates than the competition. Give you’re Aspire Lending mortgage professional a call today to discuss our available jumbo options.
The USDA Guaranteed Loan Program is a federal program offered through the United States Department of Agriculture. Rural Housing through the USDA program provides a number of homeownership opportunities to rural Americans, as well as programs for home renovation and repair. This is an excellent product and benefit for those individuals that qualify. Rural Housing also offers 100% financing opportunities for those who qualify.
Rural Housing loans are now easier to qualify and are a financially secure option for home financing regardless of your situation.
There are several advantages to using USDA's Home Loan Program.
- 100% Financing
- No Monthly Mortgage Insurance(MI)with a USDA loan
- Low USDA Mortgage Interest Rates
- USDA Low Closing Costs
- USDA Zero Down Payment.
- Easy Credit Qualifying with USDA
- Never a Pre-payment Penalty with USDA
USDA Rural Home Purchase?
Whether you are buying your first home or looking to move up the USDA Home Loan Purchase Program is one of the best purchase programs available today for our rural communities. Click on Apply Now to see if you qualify.
USDA Rural Home Refinance?
If you bought your home through a USDA home purchase program then you are eligible for a USDA home streamline refinance. Call your Aspire Lending mortgage professional now to see about qualifications
Choosing a Loan Program
There isn't a single or simple answer to this question. The right type of mortgage for you depends on many different factors:
- Your current financial pi
- How you expect your finances to change
- How long you intend to keep your house
- How comfortable you are with your mortgage payment changing
For example, a 15-year fixed rate mortgage can save you many thousands of dollars in interest payments over the life of the loan, but your monthly payments will be higher. An adjustable rate mortgage may get you started with a lower monthly payment than a fixed rate mortgage, but your payments could get higher when the interest rate changes.
The best way to find the "right" answer is to discuss your finances, your plans and financial prospects, and your preferences frankly with your Aspire Lending mortgage professional.
TermsBack to Top
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