Mortgage FAQs (Frequently Asked Questions)

How does the mortgage loan process work?
How do I know if I can get a Mortgage Loan?
How do I find a Mortgage Lender?
What is a credit score?
Can I become a homebuyer even if I have had bad credit, and don't have much for a down-payment?
What documents do I need to have ready while appling for a mortgage loan?
I don't have the standard documentation necessary to get a mortgage loan, can I still apply for a mortgage loan?
When should I refinance my mortgage?
Can I pull Cash Out on a new refinance?
How can a shorter term save me money on a Fixed Rate Mortgage?
What is a good faith estimate (GFE)?
How are the funds from my escrow account used?

Q: How does the mortgage loan process work?

A: A qualified mortgage lender works with you to choose the Best Mortgage Loan Program and lowest mortgage interest rates available to you. You then need to provide a list of the documents/documentation needed to complete your mortgage loan and once this is done your final loan documents are signed by you and you get a date when the mortgage loan will be completed.

Q: How do I know if I can get a Mortgage Loan?

A: A good start is, you try our Mortgage Calculators to see how much of a mortgage loan you could pay. You are also welcome to contact us using any of the methods provided on the menu. We will help you evaluate your loan potential. We are in the business and know what kinds of mortgage programs are out there and can help you choose a mortgage program that will be right for you.

Another good idea is to get pre-qualified for a mortgage loan. That means you apply for a mortgage loan before you actually start looking for a home. Then you'll know exactly how much you can afford to spend, and it will speed the loan process once you do find the home of your dreams.

Q: How do I find a Mortgage Lender?

A: Contact Us or Call (888) 834-1988.

Q: What is a credit score?

A: A credit score is an indication of your credit history and assist in measuring your ability to repay a debt in the future.

Q: Can I become a homebuyer even if I have had bad credit, and don't have much for a down-payment?

A: Yes. Your credit doesn't have to be perfect to purchase a home. Difficult financial situations are often because of illness, divorce, or temporary unemployment. If you can demonstrate that the problem was in the past, and you have been able to re-establish a good track record for a sufficient amount of time, you may be in a good position to get a mortgage loan.

Q: What documents do I need to have ready while applying for a mortgage loan?

A: Good question! You should at least have:

  • If you and your spouse are applying for a mortgage loan, social security numbers for both you and your spouse.
  • Consecutive pay stubs for the last month.
  • Copies of your checking and savings account statements for the past 6 months.
  • Evidence of any other assets like bonds or stocks.
  • List of all credit card accounts and the approximate monthly amounts owed on each.
  • List of account numbers and balances due on outstanding loans.
  • Copies of your last 2 years' income tax statements Depending on your mortgage lender, you may be asked for other information/documents too.

Q: I don't have the standard documentation necessary to get a mortgage loan, can I still apply for a mortgage loan?

A: We offer special mortgage loan programs for such type cases, for further information contact us using the Contact Us Form.

Q: When should I refinance my mortgage?

A: To determine whether you should refinance, compare the following:

  • Current mortgage rates compared the rate you are currently paying.
  • Your current mortgage payment compared to what your new mortgage payment would be with a lower rate, or features such as interest-only payments.
  • The amount of time you expect to live in your home.
  • The cost to refinance your mortgage. (Ask about our NO COST REFINANCE)

Q: Can I pull Cash Out on a new refinance?

A: Yes we have a lot of different Cash Out Refinance mortgage loan programs available depending on how much equity you have in your home and your credit and income situation. We may have to consolidate your debts for you to qualify. Just talk to one of our knowledgeable mortgage consultants and we will be happy to show you what we can do.

Q: How can a shorter term save me money on a Fixed Rate Mortgage?

A: Simple, if you go for a shorter mortgage loan term, you can save thousands of dollars in interest expense because you'll be paying off the mortgage loan sooner. Although your mortgage payment may be more each month, it will save you thousands & thousands of dollars in the long run.

Q: What is a good faith estimate (GFE)?

A: A good faith estimate (GFE) is an estimate that outlines the costs you will incur during the mortgage loan. This is provided to you when you apply for your mortgage loan.

Q: How are the funds from my escrow account used?

A: The funds from your escrow account are used to pay property taxes and insurance. The payment is called an escrow payment, and a mortgage servicer withdraws the money.