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Frequently Asked Mortgage Lending Questions
Why get pre-approved?
Why should I contact a mortgage lender before I start looking at homes?
Answer: You will be able to house shop with confidence. Our loan officers will help you determine the amount you can afford and the monthly payments you can expect, giving you more freedom to shop for the homes within your correct price range. You may even find out you can afford more home than you thought!
Also, with loan pre-approval you will be more prepared to make an offer on a home you like, and it has a better chance of being accepted quickly.
What is the process for getting a loan?
What do I need to do? It seems complicated!
Answer: Four simple steps:
First, gather a few documents together - you should have most of this at hand:
- last three months' bank statements
- last two years' W-2s or tax returns if self employed
- your most recent paystubs
- a copy of your purchase contract
- a list of your credit cards and car loans with balances and payments
- etc...
Second, contact a loan consultant and go through the simple application process. We'll use your information, and ask you some questions, to help you determine the right loan program for your needs.
Third, when you're ready, lock in a rate. We may ask you for additional information to help process your loan application.
Fourth, attend closing, pay the closing costs and sign paperwork, receive the keys, and move in!
How much will I need at closing?
I can afford a monthly payment but am afraid I haven't saved enough to get started.
Answer: Depending on the programs you qualify for, you may be able to get a loan and pay as little as $500 in cash at closing, with the rest financed.