FAQs

What documentation do I need to provide?

Documents you will need to bring to your initial appointment: Driver’s license and social security card Copies of pay stubs for each applicant, reflecting a minimum of 30 days of income Names/addresses of employers for the last two years W-2s for the last two years Copy of most recent tax return Bank statements for the [...]

What documentation do I need to provide?2018-02-12T07:53:51+00:00

Are there any loan programs that don’t require a down-payment?

Yes! We provide access to several loan programs that do not require a down payment but you may be required to meet certain credit, employment, or other factors. Some zero-down payment loans may require the home to meet certain requirements as well. Contact one of our mortgage consultants to see if this is an option [...]

Are there any loan programs that don’t require a down-payment?2018-02-12T07:14:56+00:00

What is mortgage insurance and why is it required?

Mortgage insurance is a way for the lender to protect against a financial loss in the event the borrower is unable to keep making payments. Mortgage insurance is typically required when the loan is approved with little or no down payment, when the loan is for 80% or more of the purchase price, or if [...]

What is mortgage insurance and why is it required?2018-02-12T07:14:33+00:00

Is there any way around mortgage insurance?

Aside from putting down 20% or more as a down payment, mortgage insurance can be avoided with a loan program such as an 80/20, where the borrower takes out a 1st mortgage (80% LTV) and 2nd mortgage (20% LTV) for the property. No down payment is required with an 80/20. Another option is the Lender [...]

Is there any way around mortgage insurance?2018-02-12T07:14:11+00:00

If I’ve filed bankruptcy in the past few years, will I still qualify for a mortgage loan?

Even with a bankruptcy in your past, you can still qualify for a mortgage loan. Qualifying may depend on the type of bankruptcy you filed (Chapter 7 or Chapter 13) and how long ago it was. Our mortgage representatives are well trained in all aspects of home lending and can review your situation to see [...]

If I’ve filed bankruptcy in the past few years, will I still qualify for a mortgage loan?2018-02-12T07:13:44+00:00

What are some of the benefits of Government loans (FHA, VA, USDA Rural Housing)?

Government loans have become more attractive to borrowers because they are typically easier to qualify for, have lower interest rates, and affordable monthly payments. Many of these loans require little or no down payment, opening the door for a home loan to a larger pool of individuals. Many of these loans also have no early [...]

What are some of the benefits of Government loans (FHA, VA, USDA Rural Housing)?2018-02-12T07:13:19+00:00

How is my ARM rate determined?

ARM, or Adjusted Rate Mortgages, have varying interest rants that can change on a monthly basis - it all depends on current market conditions how the rates may change. The rates are determined by adding a margin to an index on a specific date.

How is my ARM rate determined?2018-02-12T07:12:56+00:00

What is a balloon loan?

Other loans (conventional or government backed loans) are paid incrementally over the life (term) of the loan so that by the end of that time, the total cost (interest and principal) has been paid off. Whereas a balloon loan's principal is paid in one sum at the end of the term, which is usually 5 [...]

What is a balloon loan?2018-02-12T07:12:33+00:00

What is the difference between pre-qualification and pre-approval?

Pre-qualification is a lender's judgment of your ability to make payments on your mortgage, based on your verbal statement of income, assets, and employment history. Pre-approval is the underwriting decision that you are conditionally qualified for a specific loan amount, and are subject to the lender's review of your completed application, verification of your income, [...]

What is the difference between pre-qualification and pre-approval?2018-02-12T07:11:46+00:00

What is a discount point?

A discount point is a percentage of the loan amount that is paid to the lender in order lower an interest rate.

What is a discount point?2018-02-12T07:09:09+00:00

What is an escrow account?

An escrow account is set up to collect your payments for property taxes and homeowner’s insurance in equal amounts over a 12-month period. The account is then used to disperse the payments for property taxes or your homeowner’s insurance premium when those bills are due.

What is an escrow account?2018-02-12T07:08:41+00:00

What is a rate lock?

A rate lock is a contractual agreement between the lender and buyer with four components: loan program, interest rate, points, and the length of the lock.

What is a rate lock?2018-02-12T07:08:19+00:00

What are points?

Points are an upfront cash payment required by the lender as part of the charge for the loan. Points are expressed as a percent of the loan, so '2 points’ means a charge equal to 2% of the loan balance.

What are points?2018-02-12T07:07:39+00:00