Mortgage FAQs
A: A credit score is an indication of your credit history and assist in measuring your ability to repay a debt in the future.
A: Good question! You should at least have:
- If you and your spouse are applying for the loan, social security numbers for both you and your spouse
- Consecutive pay stubs for the last month
- Copies of your checking and savings account statements for the past 6 months
- Evidence of any other assets like bonds or stocks
- List of all credit card accounts and the approximate monthly amounts owed on each
- List of account numbers and balances due on outstanding loans
- Copies of your last 2 years’ income tax statements Depending on your lender, you may be asked for other information/documents too.
A: We offer special loan programs for such type cases, for further information contact us using the “contact us form“.
A: To determine whether you should refinance, compare the following:
- Current interest-rates compared the rate you are currently paying.
- Your current payment compared to what your payment would be with a lower rate, or features such as interest-only payments.
- The amount of time you expect to live in your home.
- The cost to refinance your mortgage.
A: Simple, if you go for a shorter term, you can save thousands of dollars in interest expense because you’ll be paying off the loan sooner. Although your payment will be more each month, it may not be as much as you may think.
A: A good faith estimate (GFE) is an estimate that outlines the costs you will incur during the mortgage process. This is provided to you when you apply for your loan.
A: The funds from your escrow account are used to pay property taxes and insurance. The payment is called an escrow payment, and a mortgage servicer withdraws the money.