We've compiled a list of frequently asked questions to help you understand the mortgage process and answer any questions you may have.
A: A qualified broker/lender work with you to choose the best loan program and interest rates available to you. You then need to provide a list of the documents/documenation needed to complete your loan and once this is done your final loan papers are signed by you and you get a date when the loan will be completed.
A: Start by using our mortgage calculators to estimate your affordability. You can also contact us through the provided methods for help evaluating your loan potential. We know the available mortgage programs and can help find the right one for you. Getting pre-qualified is also a smart move — it will clarify how much you can afford and speed up the process once you find your dream home.
A: Contact us.
A: A credit score is an indication of your credit history that helps assess your ability to repay debt in the future.
A: Yes. Your credit doesn't have to be perfect. Financial difficulties often arise from situations like illness, divorce, or temporary unemployment. If you can show the problem is in the past and you've re-established a good track record, you may still qualify for a mortgage loan.
A: Good question! You should have the following: list{[ 'Social Security numbers for both you and your spouse (if applicable)', 'Consecutive pay stubs for the last month', 'Checking and savings account statements for the past 6 months', 'Evidence of other assets, like bonds or stocks', 'List of all credit card accounts and monthly amounts owed', 'List of account numbers and balances due on outstanding loans', 'Copies of the last 2 years' income tax statements' ]} Depending on your lender, additional documents may be required.
A: We offer special loan programs for such cases. Contact us using the 'contact us form' for more information.
A: Compare your current interest rate with current market rates, your current payment with potential payments at a lower rate, the amount of time you expect to live in your home, and the cost to refinance.
A: Choosing a shorter term can save you thousands in interest since you'll pay off the loan sooner. Although monthly payments will be higher, the long-term savings can be substantial.
A: A Good Faith Estimate (GFE) outlines the estimated costs you will incur during the mortgage process. It is provided when you apply for your loan.
A: Funds in your escrow account are used to pay property taxes and insurance. The payments are called escrow payments, and the mortgage servicer withdraws money from this account as needed.
