Frequently Asked Questions

Q. WHAT IS THE DIFFERENCE BETWEEN PRE-QUALIFIED VS. PRE-APPROVAL?

A. The key word here is documents. You are pre-qualified based on the information that you provided in your application, but we need you to gather income documents to confirm identity, income, and assets. Once we have received all needed documents and verifications, you are pre-approved. We will then issue a pre-approval letter that confirms what you qualify for.

Q. WHAT IS PMI?

A. PMI stands for private mortgage insurance. PMI is required for all FHA loans, conventional loans that have a less that 20% down payment, but never for VA loans. This is required as a protection to the lender in case you default on your loan. The cost will depend on the balance of your loan.

Q. DO I NEED TO PUT DOWN 20% ON MY HOME?

A. No! There are plenty of options when it comes to a down payment and how much you put down. Contact us to find out what options are possible for you!

Q. HOW DO I SUBMIT AN OFFER ON A HOME?

A. Great question! We recommend hiring a Real Estate Agent to help you put an offer in on a home. Once you submit an offer and it has been accepted, you are officially under contract. Your realtor will send your contract over to us and our processing team will take it from there and make all your dreams come true.

Q. WHEN DO I MAKE MY FIRST MORTGAGE PAYMENT?

A. Your first mortgage payment is due on the 1st of the month at least 30 days after closing date. For example, if you close on June 15th, your first mortgage payment is due on August 1st not July 15th.

Q. HOW LONG DOES PRE-APPROVAL TAKE?

A. Let’s break this down a little bit. You will first want to complete our questionnaire that you can complete online or over the phone with one of our loan experts that will take 10 minutes. Next, you will have an appointment to review all your options that will take roughly 30 minutes. Then, if everything checks out you will be pre-qualified pending on the needed income documents and verifications (times frames may vary). Once we get all of those back, you will be issued a pre-approval letter and you can go home shopping!

Q. HOW LONG DOES CLOSING TAKE?

A. Closing day is so exciting! After your processor has worked their magic and you are clear to close it’s time to get those pens out. While it might seem like you are signing your name for 8 hours straight, most closing can be done in 1-2 hours. Yay!

I'd love to work with you, how do we get started?

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