Here are some of the most common questions we are asked.

Why should I consider refinancing my current mortgage?

  • To lower my monthly note
  • Borrowing additional money to pay off existing debts
  • Changing the type of loan
  • Possibly lowering the interest rate
  • Cashing-out – Taking out money from your equity to use for any personal reason

What type of loan allows me to have a ZERO down payment?

VA and Rural Development.

How much of a down payment do I have to have for an FHA Loan?

Currently 3.5% of the sales price.

What are the basic steps for loan approval?

This is a 4 step process:

  • Doing an application with a Loan Officer
  • The Processor then verifies all of your documentation that you have given
  • The underwriter reviews documentation and determines if any additional information is needed
  • Once your loan is approved, you will sit with a notary or title attorney and sign all necessary final documents.

Can I apply for a loan before I find a property?

Yes you can. This is highly recommended. Many realtors ask for a pre-qualification letter before accepting a contract.

Can I get gift funds from another person to help with my down payment and/or closing costs?

Yes. As long as they are related to you or if the funds come from a co-borrower.