Frequently Asked Questions
To qualify for a home loan you will need to first Apply and then your loan officer will help walk you through the documentation you will need to submit to support your application. Different programs offer different qualification requirements. For example, with an FHA loan you may only need 3% down to qualify. Your loan officer will help you decide which one is best for you.
Home Loan pre-approval can be given in a matter of minutes over the phone or in person. Your Loan Officer will walk you through the pre-approval process by asking your information on your income, credit, assets and what your goals are in buying your home. Based on that information you will be given a pre-approval that will help you in pacing offers for your new home.
Pre-approvals are typically good for 60-90 days depending on the lender you are working with. If your financial situation or credit changes in a significant way you may need to go through the process again.
Different loan programs offer different options for minimum downpayment options. For example, with an FHA loan you may be able to put as little as 3% down. Talk to your Loan Officer to learn about your options.
Our goal is to be closed within 14 days of receiving your application. However, the process can take longer and it really depends on many factors like what type of documents are required and how quickly the required documentation are gathered. Luckily, today with technology we are able to streamline the process allowing us to quickly upload the information required once we have it and with e-sign its never been more convenient.
Your financial situation employment status, goals, credit score among several other factors will determine which program will be best for you. A good first step is to Get A Rate Quote and then work with a loan officer to help you find the best loan product for your needs.
A Mortgage Broker acts as an intermediary between your and the financial lender. A mortgage broker can have access to thousands of loan options offered by different lenders and they advocate on your behalf to get the best possible mortgage for your particular situation.
One reason your mortgage payment fluctuates may be due to your taxes and insurance premiums fluctuating. Another reason could be that your rate is an adjustable rate mortgage (ARM).
This depends on your own employment status, personal financial situation, and goals. It may be useful to follow the 28/36% rule. This means your mortgage payments should not exceed 28% of your gross monthly income, and a combination of your mortgage and all other debt payments shouldn’t be more than 36%. These are just suggested guidelines, however, and you have to choose numbers that work for you and your family. Also, your loan officer can ask questions to help guide you.
A mortgage escrow payment is an account that collects your monthly taxes and insurance liabilities. It can be paid separately or included with your principal and interest payment.
Private Mortgage Insurance (PMI) is a offers coverage to your lender should you default on your mortgage payment. It reduces the risk for lenders who lend money to borrowers that are not able to put 20% down on their loan amount or have a 80% loan to value (LTV) ration.
Your closing will more than likely be held at the office of a title company. You’ll want to bring copies of any paperwork you received or signed throughout the homebuying process, as well as two forms of ID. At the closing table, you review and sign the closing documents, provide proof of homeowner’s insurance (if applicable), deliver the down payment via certified check or wire transfer, the funds to pay for your home are given to the closing agent, any necessary escrow services are set up so taxes and insurance can be included in your monthly payment, and you get the keys to your new home.