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.