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I'm a first time homebuyer, can I finance at 100% percent? |
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Yes, we have several programs that require only limited credit and no down payment for first time homebuyers. |
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I have no credit, what are my options? |
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We have several programs that require limited credit and no down payment. Contact us to study your particular case. |
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What documentation do I need to bring to my first interview? |
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After you setup your appointment with your Loan Officer, he/she will instruct you specifically as to what documentation you should bring to your appointment. Most likely you will need to bring copy of your past two years tax returns, bank statements for the past two months, and two copies of your most recent pay stubs. |
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When will I know what I qualify for? |
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At your first meeting the Loan Officer will take down your information and fill out a credit application. With this information the Loan Officer will run your credit, which will allow him/her to do a credit pre-approval and determine the amount you qualify for based on your credit and other income information. |
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When will I know what my interest will be and what my closing costs amount to? |
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At the end of your interview or within two business days thereafter, the Loan Officer will provide you with a Good Faith Estimate, which will break down into sections the amounts of your closing costs, interest rate and final payment. Note that the Good Faith Estimate is only an approximation based on the issued date interest rates and costs. |
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When can I lock in this rate? |
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Normally, with a purchase transaction, the interest rate is not locked until a purchase contract is signed and approved by all parties involved. In a refinance, as soon as you sign off on the Good Faith Estimate a lock can be performed. |
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What kind of loan do I qualify for? |
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This will vary depending on your credit history, the amount you put down as a down payment, and the loan amount you are applying for. Normally, at the end of your initial interview the Loan Officer will provide you with a range of options that you may qualify for and that fit your current situation. |
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How long will it take to process my loan? |
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The answer will depend on a number of variables. In order for the loan process to be completed, several persons need to work in conjunction with your Loan Officer to complete the transaction. If any of these third party sources is delayed, this may delay the whole transaction. Normally 2 to 4 weeks is average time for the loan to be processed and funded. |
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What might delay my loan approval? |
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If you provide your Loan Officer with complete and accurate information at the time of your initial interview, you should experience a smooth loan process. If you remember later that you forgot to mention certain important pieces of information, contact your Loan Officer as soon as possible, even if it has been several days since your initial interview. This will help avoid unnecessary delays. |
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What is Title Insurance and why do I need it? |
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Title insurance is a contractual obligation between you (or your lender) and a title insurance company, wherein the title insurer provides protection against future losses that might result for a variety of legal problems with the title. It is unique because it provides coverage for problems or "hidden risks" (errors, forgeries, unpaid taxes, etc.) that possibly ocurred before you took title to the property, yet can joepardize you ownership rights. In some states Title Companies also handle the Escrow transaction. |
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