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Getting pre-qualified for a mortgage is a complimentary service to help you get started on your homebuying journey. It’s a simple process to review your financial information—such as income, assets, and debts—to give you an estimate of how much you might be able to borrow. Pre-qualification doesn't involve a detailed credit check or formal application .
We can usually provide a prequalification within 24 to 48 hours once we have all the necessary information. In many cases, it can be even faster, especially if you provide your financial details promptly.
The time to close can vary, but it typically takes between 30 to 45 days from the time you submit your application to closing. We strive to make the process as efficient as possible, keeping you informed at every step.
Yes, it’s possible to get a mortgage with less-than-perfect credit. We offer various loan options for different credit situations, including FHA loans, which have more flexible credit requirements. We can help you explore your options and improve your credit to secure better terms.
Pre-Qualification: An initial assessment based on the information you provide, giving you an estimate of how much you might be able to borrow.
Pre-Approval: A more detailed evaluation where the lender reviews your credit, income, and other financial factors, giving you a conditional commitment for a specific loan amount.
Getting started is easy! Simply contact us to schedule a free consultation. We’ll discuss your financial situation, homeownership goals, and the best mortgage options for you. From there, we’ll guide you through each step of the process.
You’ll typically need to provide proof of income (such as pay stubs and tax returns), bank statements, identification, and details about your current debts and assets. Additional documents may be required depending on your financial situation and the type of loan you're applying for.
Pre-Approval: We assess your financial situation and help you get pre-approved for a loan.
Loan Application: You submit a formal application with all required documentation.
Processing: We gather and verify all necessary information, including credit checks and appraisals.
Underwriting: The lender reviews your application and decides whether to approve the loan.
Closing: You sign the final loan documents, and the funds are disbursed.
Down payment requirements vary by loan type. For conventional loans, you'll generally need at least 5%, though putting down 20% can help you avoid private mortgage insurance (PMI). FHA loans require as little as 3.5%, while VA and USDA loans may allow for zero down.
PMI (Private Mortgage Insurance) is insurance that protects the lender in case you default on your loan. It is typically required if your down payment is less than 20% on a conventional loan, and it adds an extra cost to your monthly payments. Once your loan balance reaches 80% of your home’s value, you may be able to cancel PMI. For FHA loans, PMI (or MIP – Mortgage Insurance Premium) is required for the life of the loan if the down payment is less than 10%. If the down payment is 10% or more, MIP can be canceled after 11 years. VA loans do not require PMI.
The interest rate is the percentage charged on the loan amount, while the APR (Annual Percentage Rate) includes both the interest rate and additional fees like closing costs. The APR gives you a more complete picture of the total cost of the loan.
A cash-out refinance is a type of mortgage refinance where you take out a new loan for more than what you currently owe on your home. The difference between your current loan balance and the new loan amount is paid to you in cash. This can be used for various purposes, such as home improvements, debt consolidation, or covering other expenses. The new loan will typically have different terms, including interest rates and monthly payments.
Closing costs include fees such as appraisal, title insurance, loan origination fees, and others. These typically range between 2% and 5% of the home’s purchase price.
To avoid denial, ensure your credit report is accurate, avoid taking on new debt, and maintain stable employment. Providing all required documentation promptly can also help keep the process smooth.
A mortgage default occurs when a borrower fails to meet the terms of their loan agreement, typically by missing payments. Default can also happen if you don't pay property taxes or insurance, or if the property is used for illegal purposes.
The first step is to contact your lender as soon as possible. Lenders often have options such as loan modifications, repayment plans, or forbearance that can help you manage the situation without going into foreclosure.
Yes, refinancing might help you lower your monthly payments, but it's important to act before the loan goes into default. Once you're in default, refinancing options may no longer be available.
Forbearance allows you to temporarily pause or reduce your mortgage payments while you deal with financial hardship. Once the forbearance period ends, you'll need to repay the missed payments, typically through a repayment plan.
A loan modification is a change to the terms of your mortgage, such as extending the loan term or reducing the interest rate, to make the payments more affordable. This can be a permanent solution for homeowners struggling to keep up with payments.
If you default, the lender may begin foreclosure proceedings, which could result in losing your home. Foreclosure typically occurs after 120 days of missed payments, but timelines can vary based on state laws and lender policies.
A short sale allows you to sell your home for less than the mortgage balance. This option might be considered if you owe more on the house than its current market value and need to avoid foreclosure.
Yes, a deed in lieu of foreclosure lets you voluntarily transfer ownership of the property to the lender, which helps you avoid foreclosure but still negatively impacts your credit.
Homeowners have the right to receive notice before foreclosure begins, and in many states, you have the right to reinstate the loan or redeem the property before the sale. It's important to understand your legal rights and seek advice from a resolution specialist or legal professional.
Foreclosure can stay on your credit report for seven years, significantly lowering your credit score and making it difficult to qualify for future loans.
