FAQs

Yes. Pre-qualification is a simple and quick conversation. The potential borrowers would discuss their income, down-payment, debts and desired purchase price. With a few answered questions, we can determine the loan program right for you and in turn provide your real estate agent with a pre-qualification letter to strengthen your purchase offer. A pre-approval digs a bit deeper, where our team will request and review pay stubs, tax returns, income sources, verify credit and any additional information needed for an Underwriting Approval. We’ve even got the option to get you an official lender approval prior to finding a property. This leaves no surprises when you do find the home you’ve been looking for!

Closing costs include, but are not limited to: Appraisal fees, Title insurance, Escrow Fees, Underwriting Fees, Pre-Paid Interest and miscellaneous document fees. These items vary by each borrower due to differences in the type of mortgage, property location and other factors. Our borrowers will receive an initial Loan Estimate breaking down the rate and payment, fees and various options for you to compare what loan program is right for you. You will also receive a detailed loan Closing Disclosure in advance of your signing date for your review and make any changes necessary.

Private Mortgage Insurance is provided by a mortgage insurance company to protect lenders against loss if a borrower defaults on their mortgage. Generally required on loans borrowing more than 80% of their home’s value.  However, there are programs allowing borrowers to put down less than 20% and not pay PMI, contact us for details!

Interest rates are constantly changing and are based on a variety of factors such as loan purpose and type, credit history and score, ability to repay, value of and type of property along with the loan amount. Feel free to REQUEST A QUOTE.

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Not the end of the world and still totally possible to qualify for a mortgage. There are various loan programs available to a wide array of borrowers. Lenders don’t just look at your credit history, but also at your ability and willingness to pay in the future.

This varies, but its probably less than you think. Many first-time homebuyer programs require as little as 3.5% to 10% down and there are many programs that can be tailored to fit your individual needs. However, in competitive real estate markets, seller’s typically see offers of 20% down, which is considered standard.

Yes! One big advantage to owning property are the tax savings year after year. Various costs associated to your mortgage may be tax-deductible such as discount points, interest payments, property taxes, etc.  Consult your tax advisor or CPA for advice about your individual situation.

Refinancing presents the opportunity to pay off/consolidate high-interest-rate debt, shorten the length of your repayment term (IE- paid off in 15 years instead of 30), decrease your monthly payment or pull cash out of the property for remodeling or any other reason you need it.

The obvious answer is to refinance when mortgage rates are decreasing, but there are many reasons to need or want to refinance your mortgage. If your home has significantly appreciated in market value or you’ve paid down principal on your current mortgage balance.

More than likely an appraisal will need to be completed in order to refinance. However, in some circumstances an appraisal may not be required.

our entire credit profile such as your payment history, the number & type of accounts you have, any late payments, collections, outstanding debt, and the age of your accounts are all collected from your credit application and your credit report. The most widely use credit scores are FICO scores, which were developed by Fair Isaac Company, Inc. Your score will fall between 350 (high risk) and 850 (low risk). In most cases, a minimum of a 620 credit score is needed to qualify. In some circumstances, we can qualify with a credit score of 580.

You are entitled to receive one free credit report every 12 months from each of the nationwide consumer credit reporting companies – Equifax, Experian and TransUnion. This free credit report doesn’t always rate your credit by populating a score, however it’s a great option to review your credit prior to applying for any type of new credit, such as a mortgage. Your free annual credit report can be requested through AnnualCreditReport.com .