Loan Programs

Home Purchase Information

Available Loan Programs

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Fixed Mortgage

For borrowers that plan to stay in their homes for a long time, ENG Lending offers several fixed rate mortgage options—including 10, 15, 20, and 30 year programs.

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Adjustable Rate Mortgages

Many homebuyers opt for Adjustable Rate Mortgages because they offer a low-interest rate and monthly payment.

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FHA Loans

There are countless reasons why an FHA loan might be right for you, but here at ENG Lending, we believe that these four features are what really sets FHA loans apart.

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VA Loans

At ENG Lending, you'll find long-term insurance-free VA home loans that are guaranteed by the United States Veterans Administration.

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USDA Loans

A USDA Rural Development Guaranteed Housing Loan Program is a mortgage loan offered to rural property owners by the United States Department of Agriculture.

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Jumbo Loans

If amount of the loan for your dream home exceeds the federal limits for conventional loans, you need a jumbo mortgage loan from Bank of England Mortgage.

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Vacation Home Loans

Make your dreams - backyard barbeques and sunsets by the lake, relaxing fishing trips with children and grand children, family skiing vacations - a reality.

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PMI

Private Mortgage Insurance is generally required for down payments less than 20% of the loan value. It protects the lender in exchange for accepting a smaller down payment.

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LMPI

Lender Paid Mortgage Insurance allows a borrower to pay as little as 5% down plus an additional percentage of the loan amount and avoid being charged private mortgage insurance.

Home Mortgage Loan FAQ's

We are committed to helping you understand and compare home mortgage loan options. so we've compiled a list of some common questions about mortgages that we frequently hear from our customers. if you don't find the answer you are looking for, please contact us right now!

What is the typical home loan process?

A typical home mortgage loan process consists of 10 easy steps:
Complete the pre-qualification worksheet
Pre-purchase consultation with an ENG Lending home mortgage loan specialist
Gather and prepare necessary documents
Receive credit approval
Obtain a property inspection
Loan officer orders home mortgage loan documents
Buyer obtains homeowners insurance
Our loan experts update you on document status
Seven-day pre-closing confirmation
Easy, smooth, on-time closing!

What do I typically need to apply?

W-2's for the past 2 years
2 most recent year-to-date paycheck stubs (within 30 days).
Residence address - past 2 years and landlord information if applicable.
Name and address of each employer - past 2 years
2 years' tax returns, if self-employed or commission.
Last 2 months' bank statements for all checking, savings and retirement accounts (all pages included).
Divorce Decree and 12 months' proof of child support. when applicable
Address of other real estate owned.
Loan information on all real estate owned.
Payment for appraisal.

What's the difference between pre-qualification and pre-approval?

A mortgage pre-qualification is basically the lenders opinion of your ability to buy or refinance a home. Requires only basic information and no documentation or credit score. A mortgage pre-approval is the underwriter's decision that you are qualified. Credit check and documentation are required.

Once I sign my application am I committed to borrowing money?

No. Your pre-closing signatures are non-committal but only allow your mortgage banker to negotiate and approve you for a loan.

Who orders the appraisal and survey, and when is it ordered?

Your lender will order the appraisal and survey for you. (Unless your home is new construction and then your builder will order your survey) Most contracts have option periods that allow you to dictate when the appraisal and survey are ordered.

What are origination and discount points?

Origination and Discount points are both a percentage of your loan. Usually 1% of the total amount of the loan (often tax deductible). Clients with low or no down payment can still obtain a loan, but will usually pay a slightly higher interest rate.