FAQ

1) How Do I Start The Process Of Getting A Mortgage?

Process of getting a mortgage starts with getting yourself pre-qualified. This process takes about 15 minutes to 20 minutes depending on the individual scenario and all necessary information is available.

To begin the process, you can email us, call us or even book an appointment on-line.

2) What Documentation Is Required To Get A Mortgage?

To obtain a mortgage, following items need to be provided for a complete package along with the loan applications:

1. Front and back copy of driver's license in color
2. 2 years of all (personal, business) federal income tax returns with all pages
3. 2 years W2's and/or 1099's along with the returns / disability disbursement / SSN letter
4. Latest 2 paystubs if biweekly/semi-monthly or last 4 if paid weekly
5. Latest 2 month's bank statements (all banks) with all pages (statements must have bank name, a/c holder name, and a/c #)
6. Proof of residency - permanent residence card (front and back) or citizenship certificate or US Passport or for non-permanent resident - copy of current Visa
7. Fully executed Purchase Contract / addendums

IF APPLICABLE:

1. Copy of the current mortgage statement
2. Copy of current property taxes (Annual form 1098 is not allowed)
3. Copy of current insurance declaration pages (Annual form 1098 is not allowed)
4. If applicable - HOA statement / payment history.
5. If investment property - Copy of current lease

3) How can I find out how much mortgage amount I qualify for?

When you call us, we will work with you to calculate exactly how much you qualify for.

4) What Is The Difference Between A Pre-Qualification & A Pre-Approval?

Prequalification is a less rigorous process of looking a potential clients' creditworthiness and financials to determine how much they qualify for.

Preapproval process requires a deeper look into a clients' finances and creditworthiness by looking at their financial statements, taxes, income and credit.

5) Which Type Of Mortgage Is Best For Me?

There are different types of mortgages available in the market (conventional, FHA, VA, jumbo, Non-QM, Commercial) and depending on your credit, financials, and other requirements our team will work with you to place you in the right program.

6) Will My Interest Rate Change?

There are various types of mortgage programs and most of them fall under FIXED RATE or ARM's (Adjustable Rate Mortgage).

FIXED RATE mortgages are fixed for the life and program of the loan. They will only change if the property is refinanced.

For example, the rate for a 30 year fixed rate loan will not change for the 30 year term.

ARM's or Adjustable Rate Mortgages, on the other hand, remained fixed for a period of time but then change depending on the market.

For example, a 10/1 ARM mortgage program would have the rate fixed for the first 10 years. After the 10 years are over, the rate will change depending on the market.

Your mortgage professional can give you more information on the variable rate mortgages.

7) What Are Mortgage Points?

Mortgage points or Discount points are fees paid to the lender to get a lower interest rate. This is also called buying down the rate. If you are considering buying down the rate, there are certain things that you need to keep in mind:

1. The terms for mortgage points vary from one lender to another.
2. Under what conditions does this as a consumer buying down points makes sense for you.
3. You have to calculate the break-even point and decide if it makes sense in your situation

Please consult with your mortgage professional for more information.

8) How Much Money Do I Need to pay as downpayment To Buy A Home?

Depending on the scenario, monies required as down payment can vary. As a consumer, you can put as little as 3% down for a first-time buyer on a conventional loan

Your mortgage professional can help you determine what would work best for you.

9) How Long Does It Take To Get A Mortgage?

Normal time is between 3 weeks to 4 weeks to close on a loan.

10) What Is A Bank Appraisal?

Bank Appraisal is a process whereby you can figure out if the amount you paid for the property is appropriate, higher, or are you walking into the house with an equity.