Frequently
Asked
Questions
FAQ
A mortgage is a loan that is used to purchase or refinance a property. It is typically repaid over a period of time, with interest, and the property itself serves as collateral for the loan.
We offer a variety of mortgage options, including fixed-rate mortgages, adjustable-rate mortgages (ARMs), FHA loans, VA loans, Conventional Loans, USDA, DPA, DSCR, 203k, Bank Statement, ITIN, and jumbo loans. Each option has different benefits depending on your needs and financial situation.
To qualify for a mortgage, you will typically need to meet certain requirements, such as a minimum credit score, a stable income, a debt-to-income ratio within acceptable limits, and a down payment. Our team can help guide you through the process and determine what you qualify for.
A fixed-rate mortgage has an interest rate that remains the same for the entire loan term, offering predictability in payments. An adjustable-rate mortgage (ARM) has an interest rate that can change periodically, usually after an initial fixed-rate period, which may lead to changes in monthly payments.
The down payment required can vary depending on the type of mortgage and the lender’s requirements. Typically, a down payment can range from 3% to 20%. Certain loan programs, like FHA or VA loans, may offer lower down payment options, or may not require a down payment.
PMI is insurance that protects the lender if you default on your loan. It is typically required if your down payment is less than 20% of the home’s purchase price. Once you reach 20% equity, you may be able to cancel PMI.
The approval process can take anywhere from a few days to several weeks, depending on the complexity of your application, the type of loan, and the lender’s requirements. Typically, a standard mortgage application may take 30 to 45 days to process. However, we pride ourselves on fast closings so it may be faster
Closing costs are fees associated with finalizing your mortgage loan. These can include Processing fees, appraisal fees, title insurance, and more. Closing costs typically range from 2% to 5% of the loan amount.
Common documents required for a mortgage application include proof of income (pay stubs, tax returns), identification (driver’s license or passport), credit report, bank statements, and information about your debts and assets. Your loan officer will provide you with a complete list.
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