1. How long is the pre-approval process?
The pre-approval process is based on a number of factors such as your credit score and income. Generally a pre-approval is determined within 48 business hours.
2. Do you need to run my credit during a pre-approval?
Yes. Your credit score is pulled and will show up on your credit report as a hard inquiry.
3. Can I qualify if my credit is not so great?
I specialize in working with all borrowers. If we cannot get you approved, I will work with you on a plan to improve your credit score so you can get the loan you want. Contact me so we can start your personalized plan.
4. I'm self employed. How do you verify income?
I have worked with many self-employed individuals to get them the loans they need to purchase and refinance their homes. Generally, we'll need your past tax returns, as well as business financial statements such as your profit and loss and balance sheet statement.
5. I'm a veteran, are there special programs for me?
Yes! Contact me to learn about the varying loan programs for veterans.
6. What is the Loan Estimate?
A loan estimate is a complete breakdown of the costs associated with your loan as well as any closing costs being charged.
7. What will my interest and annual percentage rate be?
When we disclose interest rates, there are two rates you will see. The first is the base interest rate you’re getting charged for the mortgage. This is the rate that determines your monthly payment. The second rate is the annual percentage rate (APR). The APR is higher because it factors in the base interest rate plus the closing costs associated with the loan.
The rate you receive is determined by multiple factors; credit score, zip code, loan amount, purchase price or appraised value, documentation type, and term. Your loan advisor will always work to get you the most completive rate that you qualify for.
8. Which Type of Mortgage is best for me?
A mortgage advisor isn’t going to try and push you in to a loan to close a deal. I will take the time to ask the right questions and truly get to know your short and loan term financial goals. We will customize the strategy around what you qualify for and what lines up with your financial plan. I will help customize and educate you on what options are available.
9. How long will it take to close?
The closing date on a refinance averages 15 – 30 days in a normal transaction. With a purchase loan we average around 30 days. There are some personal and market factors that could cause a delay and increase these turn-times.
10. What is the difference between mortgage forbearance and forgiveness?
Great question! To start forbearance is not forgiveness. If your loan is currently in forbearance contact me today to discuss your options.