Mortgage FAQs

A: A qualified broker/lender work with you to choose the best loan program and interest rates available to you. You then need to provide a list of the documents/documenation needed to complete your loan and once this is done your final loan papers are signed by you and you get a date when the loan will be completed.
A: A good start is, you try our mortgage calculators to see how much mortgage you could pay. You are also welcome to contact us using any of the methods provided on the menu.We will help you evaluate your loan potential. We are in the business and know what kinds of mortgages programs are out there and can help you choose a program that might be right for you. Another good idea is to get pre-qualified for a loan. That means you apply for a mortgage before you actually start looking for a home. Then you’ll know exactly how much you can afford to spend, and it will speed the process once you do find the home of your dreams.

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: Yes. Your credit doesn’t have to be perfect to purchase a home. Difficult financial situations are often because of illness, divorce, or temporary unemployment. If you can demonstrate that the problem was in the past, and you have been able to re-establish a good track record for a sufficient amount of time, you may be in a good position to get a mortgage loan.

A: Good question! You should at least have:

  1. If you and your spouse are applying for the loan, social security numbers for both you and your spouse
  2. Consecutive pay stubs for the last month
  3. Copies of your checking and savings account statements for the past 6 months
  4. Evidence of any other assets like bonds or stocks
  5. List of all credit card accounts and the approximate monthly amounts owed on each
  6. List of account numbers and balances due on outstanding loans
  7. 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.