Mortgage FAQs (Frequently Asked Questions)

Q: How does the loan process work?

A: The basic process is simple. We help you to choose the best loan program and interest rates available. You then provide documentation needed to complete your loan. We will answer all of your questions. Then we will give you a closing date, at which time you will sign the legal paperwork to receive your money. The full process is of course is a bit more complex than this, so call us to learn more about how we can help.

Q: How do I know what kind of loans I qualify for?

A: There are a huge array of mortgage products available, some created specifically for veterans, or rural homes, or for first time home buyers, just as a few examples. The best approach is to call us, so we can better understand your needs. We will bring our extensive knowledge of the options to help you choose the right program to meet your needs.

Q: How do I find a lender?

A: Contact us. We will take the time to find the right loan for you.

Q: What is a credit score?

A: A credit score is an indication of your credit history, used by banks to measure your ability to repay a debt in the future.

Q: Can I become a home-buyer even if I have had bad credit, and don't have money for a large down-payment?

A: Possibly, yes. Your credit does NOT have to be perfect to purchase a home. If you can demonstrate that difficult financial problems are in the past and you have been able to re-establish a good track record for a sufficient amount of time, you may be able to get a mortgage.

Q: What documents I need to have ready while applying for a mortgage?

A: There will be many, including:

  • Social security numbers for both you and your spouse, if you have one
  • Consecutive pay stubs for the last month
  • Copies of your checking and savings account statements for the past 6 months
  • Evidence of any other assets like bonds or stocks
  • List of all credit card accounts and the approximate monthly amounts owed on each
  • List of account numbers and balances due on outstanding loans
  • Copies of your last 2 years of income tax statements
  • Depending on your lender, you may be asked for other information/documents

Q: I don't have the standard documentation necessary to get a loan, can I still apply for loan?

A: We may be able to offer special loan programs for such cases, for further information contact us. For example,

  • We often can use bank statements to document income instead of paystubs and w2’s
  • Some people have money in the bank or assets, but no formal income documentation
  • We can use a Profit & Loss statement if you own a business
  • Then some programs don’t require a lot of documentation

There may be many options available to you, depending on your situation. Call us at 866-697-0101, and we may be able to figure out loan options for you.

Q: When should I refinance my mortgage?

A: This is not a simple question, and depends on many factors, including:

  • Current interest-rates compared the rate you are currently paying
  • Your current payment compared to what your payment would be with a lower rate, or other loan program features
  • The amount of time you expect to live in your home
  • The cost to refinance your mortgage
  • Your needs. For example, maybe you just need to get some cash or consolidate bills for a lower monthly payment, or maybe you want to lower your term so that you can pay off your loan quicker
  • Call 866-697-0101 to learn more

Q: How can a shorter term loan save me money?

A: Often, refinancing to a shorter term loan means you may be able to pay off your loan sooner, and therefore save money over the life of your loan. You may however pay more each month. Call us at 866-697-0101 to compare scenarios and determine if refinancing to a shorter term loan would benefit you.

Q: What is a good faith estimate (GFE)?

A: A good faith estimate (GFE) is an estimate that outlines the costs you will incur during the mortgage process. We can provide you this when you apply for a loan.

Q: How are funds from my escrow account used?

A: The funds from your escrow account are used to pay your property taxes and insurance. The payment is called an escrow payment, and a mortgage servicer withdraws the money from the account on your behalf, sending it to the appropriate place.

If you have any questions, call us at 866-697-0101 or contact us.