From GoPrime Mortgage
Loan Process and Rates
What types of home loans does GoPrime offer?
At GoPrime, we offer a wide variety of mortgage and loan options that are perfectly suited for the unique needs of almost any home buyer or owner in Montana and Idaho. Here is a sampling of the most common mortgages we offer (and you can learn more about each here, too):
- Conventional Loans
- FHA Loans
- Jumbo Loans
- Low Down Payment
- VA Loans
- USDA Loans
- Refinance Loans
What documents do I need to apply for a mortgage?
You’ll need two forms of identification, proof of address, and proof of income for the last two years. The application process will walk you through the requirements for each of these, and we’re here to help if you have any questions.
- If you’re currently employed, for your proof of income you will need to provide:
- Government Issued Photo ID – Driver’s License or Passport
- 2-year history for residence and employment
- Proof of current income
- W2 employees
- 2 years of W2s
- Self Employed
- Most recent year filed Business Federal Tax Returns, all schedules, all pages
- Profit and Loss report for the current year
- 3 months of Business Bank Statements
- W2 employees
- Bank Statements:
- 2 months of personal checking and savings
What are the steps to apply for a mortgage or loan online?
Starting your loan application online is simple and quick. Here are the steps you’ll walkthrough:
- Start your application online using our website form or using our mobile app
- Get personalized information about interest rates and payments based on factors like your income
- Get approved within minutes so that you can start shopping for homes right away
- Quickly close your loan with the help of our online app
- Keep track of your mortgage and payments online using the same app
How do I know what my monthly payment will be?
Your monthly payment will depend on your individual circumstances, and factors like annual income. We have a mortgage calculator that can help estimate your monthly payment.
What’s the timeline for applying for a loan or mortgage?
- Once you submit your application, our team reviews it and gets it over to the Loan Officer immediately. You will then be contacted by the Loan Officer to go over the application and the preapproval will begin.
- When you have chosen a home, and have a fully executed purchase agreement, your loan process will begin. The closing date will be determined by the purchase agreement you provide to us.
Can I have help with my mortgage application?
Yes! We’d love to help. Give us a call or send us a message and we can go through things together. We know how important time is when you’re applying for a mortgage and looking for your dream house, so we’ll respond promptly and be there to help get your application completed accurately and quickly.
How much money do I need for a down payment?
This will largely depend on which loan type you choose. For example:
- A government-backed mortgage, like an FHA mortgage, will have a minimum down payment of 3.5%.
- For conventional loans the down payment can range from 3–20% of the home purchase price.
- There are Low Down Payment grant programs for Montana buyers. These programs can cover up to 100% of the down payment for those who qualify for a mortgage and struggle to cover the down payment.
From there, your individual circumstances—and factors like annual income and potential mortgage insurance options—will affect your exact down payment amounts. Our mortgage calculator tool can help you look at different down payment and mortgage insurance options (if applicable) based on your personal circumstances.
What does my mortgage payment include?
Your mortgage payment consists of four main parts:
- Principal – the amount that was loaned to you by the mortgage lender to buy the house.
- Interest – the fee you are re-paying each month for the loan. (The interest rate is a percentage of the principal.)
- Taxes – property and city taxes
- Insurance – homeowner’s insurance to protect your home
Other fees that may be included in mortgage payments.
- Private Mortgage Insurance (if you get a conventional loan and your down payment is less than 20%).
- Private Mortgage Insurance (PMI) is a type of insurance you may be required to pay for if you have a conventional loan. PMI can help you qualify for loans you may otherwise be ineligible for and is usually required for down payments of less than 20% of the home’s purchase price.
General Mortgage and Loan
How do I know what type of loan is right for me?
Buying a home and applying for a loan are major life decisions and it’s important to make sure you’re making the right choice for your family with your hard-earned money. If you want to learn more about the different types of home loans and which option might be right for you, visit our home loans page.
We’re here to help, too, and we have all the information you need to feel confident moving forward with your loan decision. Contact us and we’ll help you with everything from choosing the right type of loan for your circumstances, to steps and tips for the loan application process itself.
Should I rent or buy?
There are a lot of factors beyond mortgage payments that come into play for this question. It’s always worth talking to your mortgage lender to make the best decision for your finances, and with the current markets in mind. We also have a rent to mortgage calculator that helps you weed through the fees, taxes, and monthly payments to help you make a good financial decision.
Should I refinance my home?
There are a few factors to consider, and talking to your loan provider can help decide what’s best for your circumstances. This refinance calculator can help you work out what your rates would look like if you were to refinance. A couple of other things to consider are:
- Fees associated with refinancing can add up quickly, so many mortgage companies will waive fees associated with refinancing applications, as well as the legal fees. This can provide large savings for you as the homeowner, though it can also result in a slightly higher percentage rate than expected.
- Factor in the amount of time you plan to spend in your home when considering refinancing. If you expect to live in your home for a minimum of three to five years many mortgage lenders will allow you to pay “points” and closing costs upfront.
How much house can I afford?
This will largely depend on your income, assets and debts, credit score, and other financial factors. You’ll want to work closely with your mortgage lender to figure out what you can comfortably afford. We can work with you to make sure your final number is within your budget and matches your financial goals (including any other regular expenses like student or auto loans).
As a general rule, most lenders will suggest spending no more than 28% of your monthly gross (pre-tax) income on your home’s mortgage payment—including principal, interest, taxes and insurance. We have a mortgage calculator tool that can calculate your maximum loan and purchasing price based on what those factors look like for you personally.
What is private mortgage insurance?
Private Mortgage Insurance (PMI) is a type of insurance you may be required to pay for if you have a conventional loan. PMI can help you qualify for loans you may otherwise be ineligible for, and is usually required for down payments of less than 20% of the home’s purchase price. If you’re paying 80% or more of the loan-to-value ratio for a conventional loan, you have the option to cancel PMI.
What makes GoPrime different? Why should I use a local mortgage lender?
We can provide you with the most competitive mortgage rates and with the best mortgage lending program to fit your individual needs. Between our three loan officers, Caroline, Jamie, and Yvonne, the Bozeman branch is currently licensed in MT, WY, ID, AZ, CA, AK, MN, and ME, and the GoPrime team has a footprint across the country.
Working with GoPrime gives you a combination of local knowledge and personal care, alongside high tech applications and mortgage management, so you get the best of both worlds.
Do you work with clients outside of Bozeman?
GoPrime Montana is based in Bozeman, however we serve clients all over the state. We are also licensed in Idaho, Wyoming, Alaska, California, Arizona, Minnesota, and Maine! Wherever you are looking to buy or refinance, we can get you connected with a loan officer.
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