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Frequently Asked Questions
Here are some frequently asked questions by our clients. if you don’t find the answer you seek, please feel free to contact us.
General Questions:
It is possible to be pre-approved for a mortgage with less than perfect credit. There are programs that allow you to qualify with credit scores as low as 580. After reviewing your credit, our Mortgage Experts can help you devise a plan to improve your score.
No. Many homeowners decide to keep their current home as an investment property after they purchase another home. We can also use the projected rental income from the departing residence to help you qualify for the new mortgage.
We offer programs that allow as little as 3% down on a purchase for a primary residence. In some cases, you may qualify for 100% financing using a VA loan or down payment assistance program.
Mortgage insurance is an insurance policy which compensates lenders or investors in mortgage-backed securities for losses due to the default of a mortgage loan. Mortgage Insurance can be either public or private depending on the insurer or type of mortgage issued.
PMI is required when making a down payment of less than 20% percent of the home’s purchase price. PMI helps offset the risk to the lender by compensating lenders or investors of mortgage-backed securities in the case of a borrower defaulting.
Private Mortgage Insurance (PMI) is a type of insurance usually required if your down payment is less than 20% percent of the purchase price. PMI will be removed once you reach the date when the principal balance of your mortgage is scheduled to fall to 78% percent of the original value of your home. You can request early cancellation directly through your mortgage servicer or refinance to obtain a mortgage with no PMI. Consult with our Mortgage Experts to learn more about this option.
Purchase Questions
It is important to obtain a pre-approval before you begin your search. This will provide better insight to what you can qualify for and can also help narrow your search to properties that are within your budget.
Interest rates fluctuate on a daily basis. Your interest rate can only be locked if you have completed your application.
Yes. We have a variety of programs that can help you if you are short on funds. One option, assuming you qualify, is a down payment assistance program. Our Mortgage Experts can also present options that may have lender credit to help offset your closing costs. To discuss strategies like these we can get you to an experienced Loan Officer to review your options.
Your interest rate options are determined by the type of loan program you choose and your overall credit profile. Contact our Mortgage Experts to see what rate options you may qualify for.
You can lock your rate within 90 days of closing even if you have not found the property just yet.
Pre-Approval Decision:
Yes, as long as you qualify for the new loan program amount or the new loan program selected. To make any changes speak with one of our Mortgage Experts.
A lender will review your income, credit, amount of down payment available, amongst other factors to determine how much home you may qualify for.
Closing:
Usually, yes. You will need to attend the closing on a on home purchase and refinance. In some cases, you may exercise your rights under a Power of Attorney if one is assigned, who may execute your loan documents on your behalf.
A homeowners’ insurance policy is required by your lender in the case you need to rebuild the home. The amount varies on the purchase price or value of your home, previous claims made on the property, and location to name just a few factors.
Title insurance provides protection for the lender and the borrower against losses from disputes over a property’s title, like unknown liens or other discrepancies in ownership. You pay a one-time fee for the policy at the closing.
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