Discount Points are finance charges paid by the borrower at the beginning of a loan in addition to monthly interest. Occasionally members choose to pay Discount Points as a way to reduce the rate. Each point is 1% of the mortgage amount.

The minimum credit score for a mortgage loan is different for each lender and loan type.

However, in general, you will need a credit score of at least 620 to qualify for a mortgage at Landmark.

It is important to note that your credit score, also known as your credit rating, is not the only factor Landmark will consider when you apply for a home loan. We'll also look at your debt-to-income ratio, your employment history and your income.

Public credit score tools (like Credit Karma, Experian, and My FICO) are typically free to use and available online. They use a variety of scoring models, including FICO and VantageScore. The scores you see from these tools are often called "educational scores" or "vantage scores" because they're not the same scores that lenders use to make lending decisions. Mortgage lender credit scores are the scores lenders, like Landmark, use to make lending decisions. They are typically based on the FICO scoring model but use a different version of the model than the one that you see from public tools.

Public credit scores and mortgage lender credit scores can vary significantly. For instance, your public credit score might be 720, but your mortgage lender score could be 680. That's why it's crucial to seek guidance from a Landmark Mortgage Loan Officer who can help you navigate the home buying process.

Buying a home is a big step, but it's easier if you understand your credit rating and the home buying process. If you have additional questions about your credit rating and your individual situation, contact us.

You can typically borrow up to 80% of your home's value, minus what you still owe on your first mortgage.

For example, if your home is valued at $120,000 and your mortgage balance is $27,000, you could potentially qualify for a HELOC of around $69,000.

Keep in mind that this is a general estimate. Your actual limit may vary based on factors like credit, income and overall equity.

Need more than 80% loan-to-value (LTV)? We may still be able to help. Contact us to review your options.

Yes, we recommend that you get pre-approved for a mortgage before beginning your home search. A pre-approval will provide you with more specific information about the amount that you qualify to borrow. The seller and real estate agents involved in the transaction may require a pre-approval letter at the time you make an offer. Please contact a Landmark Mortgage Loan Officer to learn more or if you're ready to get pre-approved.

If you are eligible for a VA loan, you may qualify for a 0% down payment. Please contact a Landmark Mortgage Loan Officer for more information.