Question 1

How Do I Qualify For a Home Loan?

Accepted Answer

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.

Question 2

How Long Does It Take to Get a Pre-Approval For a New
Mortgage?

Accepted Answer

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.

Question 3

How Long Are Pre-Approvals Good For?

Accepted Answer

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.

Question 4

xWhat Happens Aȋer I Get Pre-Approved?

Accepted Answer

After you’re preapproved, you will receive a preapproval letter as evidence that your assets have been verified. Once you receive your preapproval letter, we can help you start shopping for mortgages and find the best rate.

Question 5

How Much Do I Need to Save For a Down Payment For My
Home?

Accepted Answer

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.

Question 6

How Long Does The Mortgage Process Take?

Accepted Answer

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.

Question 7

What Type of Mortgage is Right For Me?

Accepted Answer

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.

Question 8

What Is A Mortgage Broker?

Accepted Answer

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.

Question 9

How Do I Know If I Should Refiance?

Accepted Answer

Typically, people refinance a home when it will save them money or make paying their monthly bills easier. It makes sense to refinance when you can lower your interest rate, shorten your loan term or both. Refinancing also can help you access the equity in your home or get rid of an FHA loan and its monthly mortgage insurance premiums.

Question 10

Why Does My Mortgage Payment Fluctuate?

Accepted Answer

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).

Question 11

How Do I Know How Much I Can Afford?

Accepted Answer

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.

Question 12

What Is An Escrow Payment?

Accepted Answer

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.

Question 13

What Is Private Mortgage Insurance (PMI)?

Accepted Answer

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.

Question 14

What Happens During The Closing of my Mortgage?

Accepted Answer

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.

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