MORTGAGE QUESTIONS
GENERAL HOME LOAN FAQs
A mortgage broker acts as a matchmaker between you and several lenders to find the best mortgage type and rate available to you. Read our blog What Is a Mortgage Broker? for more!
What is a mortgage broker?
You can qualify for a mortgage with a FICO score as low as 560 but the better the score, the better the interest rate you'll receive!
What does my FICO score have to be?
Typically the mortgage process takes between 21 and 45 days depending on current demand and the market.
How long does it take to secure a loan?
Points are a way to buy your mortgage rate lower, which is helpful if you plan to keep the mortgage for a long time. There is a breakeven point that we can help you navigate.
What are points?
Every situation is different and interest rates change daily but we’re currently seeing between 4% - 7%. Contact us to see what you qualify for!
What are the mortgage rates today?
While we do have a mortgage calculator to get a general idea, we recommend contacting us to get prequalified to know exactly what you’ll pay each month.
Can I calculate my mortgage payment?
Title, escrow, and lender fees that are charged for each transaction.
What are closing costs?
Because there are so many variables, a short phone call is the best way to find the perfect mortgage for you. However, once the process is kicked off, we offer a secure online portal to upload all your documentation.
Can I do everything online?
HOME PURCHASE FAQs
HOME REFINANCE FAQs
You will need to submit your driver's license, last month of pay stubs, last two months of bank statements, last two years of W2 or 1099, mortgage statements, and homeowners insurance documents. There could be additional documentation depending on your scenario.
What do I provide for a mortgage refinance?
No. Some lenders offer a custom term. If a lender doesn't offer a custom term, we can calculate how much you would have to pay to keep the term the same.
Do I have to recast my loan?
The first step is to get a mortgage pre-approval. Avoid wasting your and your realtors time by knowing what your budget is in advance.
What is the first step in buying a house?
Yes there are! Contact us to see if you qualify for a first time homebuyer program and if it makes sense for your situation.
Are there first time homebuyer programs?
FHA loans allow as low as 3.5% down and conventional as low as 5% down. It is a common misconception that you need 20% down to purchase a home!
How much do I need for a down payment?
You will need to submit your driver's license, last month of pay stubs, last two months of bank statements, last two years of W2 or 1099. There could be additional documentation needed depending on your scenario.
What do I provide for a home loan?
Buying a house, investment property, or first time homebuyer.
Lower payment, shorten term, cash out, pay off debt.