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Purchasing a Home

Choosing to finance a home with Elite Mortgage Group LLC means you're not just getting a mortgage broker, you're gaining a dedicated partner who has your best interests at heart. Our team provides local expertise and personalized service to meet your unique needs and help make your home buying journey enjoyable.
Let Elite be your dedicated partner for home financing.

Intro to homebuying

We leverage our extensive network of lenders and a vast array of loan programs to find the perfect match for your financial situation. Whether it's a conventional, government-backed, jumbo, or adjustable-rate mortgage, we offer our expertise and local, personalized service to secure the best options for your specific situation.

Types of Loans

Choose Elite Mortgage Group LLC – your local guide to a successful home buying journey, providing the ideal blend of personal touch and professional expertise to find the best mortgage solution for you.
A type of mortgage offered by private lenders, such as banks or mortgage companies, that is not insured by the federal government. Conventional loans are often popular because of their flexibility, with terms typically ranging from 10 to 30 years, and can be either fixed or adjustable rate. Borrowers seeking conventional loans often need to have a good credit score and a stable income, and may need to provide a down payment of at least 3% to 20% of the purchase price.
Three types of mortgages that are guaranteed by the federal government:
  • Federal Housing Administration (FHA) loans are popular with first-time homebuyers because they allow for lower down payments and have less stringent credit requirements compared to conventional loans.
  • Veterans Administration (VA) loans are offered to military service members, veterans, and their spouses. They typically require no down payment and offer favorable interest rates.
  • United States Department of Agriculture (USDA) loans are designed for homebuyers in rural and some suburban areas. They offer low interest rates and the option to put no money down.
A type of mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). Because a Jumbo is non-conforming, it cannot be guaranteed by Fannie Mae or Freddie Mac, which can make it a bit riskier for lenders. As a result, Jumbo loans often have stricter underwriting requirements and may require a larger down payment, a higher credit score, and a lower debt-to-income ratio compared to conventional or government loans.
A type of mortgage in which the interest rate applied on the outstanding balance varies throughout the life of the loan. ARMs are initially set up like a fixed-rate mortgage during the initial period (from 3 to 10 years), after which the rate can change periodically based on an index reflecting the cost to the lender of borrowing on the credit markets. The appeal of an ARM is that it often starts with a lower interest rate compared to a fixed-rate mortgage, but there is the risk that interest rates (and therefore monthly payments) may go up over time.

When Should I Start Talking to a Mortgage Professional?

If you're planning to buy a home, consulting a mortgage professional early on is essential. We'll help you understand the mortgage process, assess your financial readiness, and guide you in improving your credit or financial situation. With a realistic budget and pre-qualification or pre-approval, you can focus on attainable homes and make stronger offers with confidence.

Opportunities for financing

Buying a second home or investment property?

Unlock the opportunities of non-primary residence mortgages with Elite Mortgage Group LLC. Our experienced team excels at navigating the complexities of these unique situations, providing tailored solutions and guiding you towards successful financing for your second home or investment property.
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Seven Steps

The Loan Process

As there is no one-size-fits-all mortgage, there is no exact timeline for the loan process. For some customers, we can provide same-day prequalification. For most, the entire process can range up to several weeks. Here are the general steps for the mortgage loan process:


Get prequalified

Sit with one of our loan officers and they can help you determine the home price range you want to look for, based on your credit, income, and assets


Once you've found the property you want to purchase, or if you're refinancing, you'll fill out a mortgage application for a specific loan amount. Your loan officer will help find a product that fits your needs. We'll issue disclosures and you'll want to provide any/all documentation needed, as soon as possible

File opening

When your disclosures and documentation come back in, we'll order the title, appraisal, and tax transcripts. Your initial employment verifications (if applicable) are completed. Flood certificates (if applicable) are obtained, and then your file moves into processing.


The lender reviews the initial file and verifies that sufficient information has been provided. Your file is submitted to underwriting.


The underwriter ensures your loan meets all guidelines, then issues an approval with any outstanding conditions, or a Mortgage Commitment if only minor conditions remain.

From approval to Clear to Close

Your processor will work to obtain any documentation to clear any remaining conditions. This is resubmitted to underwriting, where it is reviewed, and when cleared, the underwriter issues a Clear to Close. With this in hand, the file moves to the closing department.


Our closing department and closing agent work together to finalize numbers. There is a final verification of all debts, employment, and assets used for closing. Closing documents are drawn up. You'll meet with the closing agent, sign the documents, and receive the keys to your new property!

    finance your dream property

    First-Time Homebuyers

    Elite Mortgage Group LLC specializes in assisting first-time borrowers, who have not owned a home in at least three years, to explore available programs and benefits. While not universally applicable, these opportunities may encompass a lower down payment, reduced private mortgage insurance (PMI), potential interest rate reductions, and down payment assistance. Our expert team can guide you through the process, helping you leverage the program(s) tailored to your needs when the time comes to make your home purchase.

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    Self-Employed Borrowers

    Are you self-employed and hitting roadblocks for home ownership because you can't provide proof of a standard W-2? Have other mortgage companies told you there isn't any way they can help?

    Elite Mortgage Group LLC works with any type of borrower, so if you're self-employed and want to purchase or refinance a home, give us a call!


    We are experienced loan officers who can understand your self-employed tax returns.


    We cooperate with qualified underwriters who will do the work to qualify self-employed borrowers.


    Our team has specific training for how to properly assist self-employed borrowers.


    There are multiple products geared toward self-employed borrowers - you can use bank statements or portfolio loans*.
    *These products may have a higher interest rate, more points or more fees than other products requiring documentation.

    Will I Qualify?

    It's the question that often keeps homebuyers up at night. Don't fret! Our user-friendly tool takes the stress out of the equation by asking a few simple questions and providing you with a preliminary answer, helping you gauge your qualification for a loan. Take the first step towards homeownership with confidence and ease.

    FAQs about Mortgages

    How do I qualify for a mortgage?
    Qualifying for a mortgage involves several factors. Lenders typically look at your income, employment history, credit score, total debt, and your ability to make a down payment. They will use this information to assess your ability to repay the loan. Having a stable income, good credit score, low debt-to-income ratio, and the ability to make a sizable down payment can improve your chances of qualifying.
    How much of a down payment do I need?
    The amount you need for a down payment can vary depending on the type of loan and the lender's requirements. For a conventional loan, you typically need a down payment of at least 5-20%. FHA loans, on the other hand, can require as little as 3.5% down. For VA and USDA loans, you may be able to purchase a home with zero down payment. Keep in mind that putting down less than 20% on a conventional loan typically means you'll have to pay for private mortgage insurance (PMI).
    What is the difference between a fixed-rate and an adjustable-rate mortgage?
    A fixed-rate mortgage has an interest rate that stays the same for the entire term of the loan, making your monthly payments stable and predictable. An adjustable-rate mortgage (ARM), on the other hand, has an interest rate that can change periodically. ARMs often start with a lower interest rate than fixed-rate mortgages, but the rate (and therefore your monthly payments) could increase over time.
    What is a mortgage pre-approval?
    A mortgage pre-approval is a lender's offer to loan you a certain amount under specific terms. The lender will check your credit and financial background to determine how much they're willing to lend you and at what interest rate. A pre-approval gives you a better idea of how much house you can afford shows sellers that you're a serious buyer. It's also common for sellers not to consider an offer from an un-pre-qualified buyer.
    What is private mortgage insurance (PMI)?
    Private Mortgage Insurance (PMI) is a type of insurance that protects the lender if you default on your mortgage. If you make a down payment of less than 20% on a conventional loan, you'll typically have to pay for PMI.
    How long does it take to close on a house?
    The closing process, which includes finalizing the loan and transferring ownership, typically takes around 30-45 days from the date of acceptance of the purchase agreement. However, this can vary based on a variety of factors, including the type of mortgage, the specific lender, and the presence of any issues that need to be resolved.
    What is an escrow account?
    An escrow account is set up by your mortgage lender to pay certain property-related expenses on your behalf, such as property taxes and homeowner's insurance. A portion of your monthly mortgage payment goes into this account, ensuring that these expenses are paid on time and spreading their cost out over the entire year.
    What costs are included in a mortgage payment?
    A typical mortgage payment includes four parts: principal, interest, taxes, and insurance (often referred to as PITI). Principal is the amount you borrowed to buy the home, interest is the cost of borrowing that money, taxes are property taxes, and insurance includes homeowner's insurance and possibly private mortgage insurance (PMI).
    What are closing costs?
    Closing costs are fees and expenses you pay when you close on your house, separate from the down payment. They can include fees for the mortgage application, credit check, loan origination, home appraisal, title search, title insurance, and more. Closing costs typically range from 2% to 5% of the loan amount.
    Can I still get a mortgage if I have bad credit?
    Yes, it is possible to get a mortgage with bad credit, but it can be more difficult and may come with higher interest rates. Government-backed loans, like FHA loans, are often available to borrowers with lower credit scores. Additionally, some lenders offer programs designed for people with poor credit. Improving your credit score before applying for a mortgage can help you qualify and get a better interest rate.