Your Next Home

Ready For Your Second Home Or Investment Property?

Whether you’re moving up or looking to purchase an investment property, you can pre-qualify in less than two minutes with as little as 10% down. As an experienced homebuyer, the process may seem familiar to you. However, a few things may have changed since you bought your last home, so we’ll walk you through the simple seven step process to get you to the closing table with BKCO Mortgage.

SEE LOAN OPTIONS

Step 1: Let's Talk!

Just like people, no two loans are alike. Our Mortgage Loan Originators (MLOs) are here to help you along your way, and can guide you through what’s changed and help navigate down payments, closing costs, homeowner's insurance, title and escrow.

 

Step 2: Pre-Approval

Speed up the application process by getting a pre-approval before you start your search. It let’s sellers know you’re a serious candidate, and you can complete most of your forms upfront. You can easily verify your income, assets and employment online.

 

Step 3: Make an Offer

Now that you know how much house you can afford, it’s time to start your search! Once you find that perfect match, make your offer. Your agent will present an offer to the homeowners that includes a proposed purchase price and any established contingencies.

 

Step 4: Application

Just like your real estate agent helped you through your home search, your MLO will guide you through the mortgage application process, either online or in person. You and your realtor will need to provide your MLO with the home purchase contract and any additional information needed to underwrite the home loan.

 

Step 5: Verification

Once you’ve applied, we’ll need to verify your income, employment and assets. Our technology gives you a secure way to provide your information without faxing, scanning or mailing documents. We’ll validate your income, employment and assets almost instantly - just provide your Social Security Number and bank information.

 

Step 6: Underwriting

Assessing the appraisal and underwriting your home loan doesn’t have to be a time-consuming process. Through automated processes and by keeping the process in-house, our average underwriting turn time is two business days—getting you to the closing table faster.

 

Step 7: Buy and Close

Your MLO will work alongside any pertinent parties, including escrow agents, lawyers, etc., to close your loan as quickly as possible—typically 14 days or less. Where you live will determine any additional waiting periods or closing processes, but all will be streamlined so that you’re prepared and ready to accept the keys to your new place.

 

*Not all loans are alike; as such, this simplified version of our process may not encompass every step of every loan. Additional documents may be required based on your circumstances.

Loan Options

Conventional Home Loan

If you've managed your credit wisely, you may qualify for a conventional mortgage with a low interest rate. These are pretty popular amongst experienced buyers and can be used to buy a vacation home or rental property. If you don't want to put a lot of money down, you can pay as little as 3% for a down payment.  

Available Options:
ARM: 5, 7 and 10-year
Fixed-Rate: 10- to 30-year
 

Jumbo Loan

If you're buying in a high-cost area, building a custom home, or just have a growing family that requires more space, you may need a jumbo loan. Jumbo mortgages are available to qualifying borrowers who want to finance properties from $417,000 up to $3 million. 

Available Options:
ARM: 5, 7, 10-year
Fixed-Rate: 15, 30-year
 

VA Loan

The Veterans Administration (VA) offers qualified veterans, active duty military and their family members lots of benefits. Whether you're retired from the military, or you're moving your family, a major benefit is not having to come up with a down payment. You're also exempt from mortgage insurance, which leads to a lower monthly payment. And last, Basic Allowance for Housing (BAH) can be counted toward income qualifications, increasing your effective income you claim. 

Available Options:
ARM: 5-year
Fixed-Rate: 15, 25, 30-year
 

USDA Loan

Agriculture (USDA) rural loan could be right for you. It won’t limit your home choices to a farm. In some cases, properties zoned “rural” are just a few miles from the nearest city. This type of mortgage offers flexible guidelines, typically requires no down payment and offers easier credit qualification. 

Available Options:
Fixed-Rate: 30-year
Income and property restrictions apply.
 

FHA

If you're moving up to a more expensive home or need cash on-hand for life's expenses, great news: The Federal Housing Administration (FHA) offers loans with a 3.5% down payment. Maybe you don't need a low down payment, but you don't have perfect credit. If so, they also offer flexible guidelines for qualification. If your credit score is greater than 580, you could qualify for an FHA loan. Your monthly payment will also include mortgage insurance which is required for FHA loans.  

Available Options:
ARM: 5 year
Fixed-Rate: 15, 25, 30-year
 

Buy a Fixer Upper

An FHA 203(k) loan, also known as a rehabilitation loan, can help you buy the home you want, if it needs some TLC or repairs. This mortgage provides additional funds so you can renovate your new home.

Available Option:
Fixed-Rate: 30-year
 

Things to Consider

If you like to think long-term and carefully manage your money, you'll appreciate a fixed-rate mortgage. A fixed-rate loan keeps everything, with your interest rate locked from the start. Your payments will only change if you maintain an escrow account for taxes and homeowner’s insurance—and only if these costs change. Many of our loan programs offer different term lengths, ranging from 10- to 30-year loans.

 

If you’re planning to sell or refinance your first home in five to 10 years or if you want low monthly payments to start, consider an adjustable-rate mortgage (ARM). ARMs start with a lower rate than a fixed-rate loan, but their rates are subject to market fluctuations after the initial fixed period.