Do I have to have a down payment?

Not necessarily – it depends on your credit score, income, and property locations.  We have loans available to qualified buyers with zero down payment.

Do I have to pay out of pocket for closing costs?

Every situation is different.  You can work with a realtor and have them to ask the seller to pay your closing costs.

How long do I have to be at my current job to apply for a loan?

To get mortgage financing you need a two-year work history.  It does not have to be at the same job.  You must have a paystub from your new employer prior to closing your mortgage loan.

How much can I afford?

Most lenders have income debt ratio requirements.  You should try to keep your total monthly debt including all credit cards, auto loans, etc. plus your new projected mortgage payment to no more than 38-40% of your gross monthly income.

What is the difference between pre-approved and prequalified?

Pre-approval is more solid.  To issue a pre-approval we would need to see income documents, assets such as bank statements, and have reviewed the credit.

Prequalify means you have talked to a loan officer and based on your verbal information we can do the loan.

How do I start? I don’t know where to begin.

It’s pretty simple.  You can apply online by clicking “apply now” and answering the questions.  If you are not comfortable you can call us.

Are we closing next week since we’re approved?

Currently it is taking between 30 – 40 days to get your mortgage loan approved and closed.

What are your rates?

Your rate will depend on your loan type, how much (if any) down payment, and your credit score.

Should we use a “local lender”, how are you better?

We are a local lender.  We are more competitive than most banks with lower rates and more options.  Also, we are more experienced with putting mortgage loan deal together.  All we do are mortgages.  All day every day!!

Do I need great credit to get a mortgage?

The higher the credit score the lower your interest rate will be.  You generally need a credit score of 600-620 to get a mortgage loan.  If your credit score is over 700 you will get a lower rate.

What kind of mortgage is best for me?

We would need to look at your situation to help you determine the mortgage loan that will best fit your needs.

What all documentation do I need?

The basic information you will need are:  one month of recent paystubs, two months bank statements, 2 years tax returns & 2 years W2 forms, copy of your driver license, and social security card

What does ”I’m pre-approved” mean?

It means based on the information we were provided with we can get your loan processed and closed. 

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