Are there special home buyer programs if I am a first time home buyer?
– Yes, there are special home buyer programs available that could enable you to put as little as 3% down payment, and in some cases if the loan is structured correctly zero down payment programs are available. These special home buyer programs are subject to you meeting income limits and having not owned any Real Estate in the previous 3 years.
What Credit score do I need to obtain a mortgage?
– 620 is the minimum credit score a borrower must have with most of our lenders but that is subject to our lender’s discretion.
What can I do to improve my credit scores?
– To improve your credit scores there are a number of tips and tricks but the best place to start is by using credit and paying your bills on time. After that do your best to keep your credit card balances low and not even to approach your credit limit, don’t close old credit accounts (even if you are not using them), don’t apply for multiple lines of credit at a time, and diversify your credit with credit cards, car loans, and student loans.
When can I lock my interest rate?
– You will be have the option to lock your interest rate in once your loan application has been taken, processed and you have e – signed the Loan Estimate that will have been sent to you via email. Please note that if you have met all of those conditions you now have the option to lock. You are free to lock at any point by coming into the office or calling us. We do not accept lock requests via email or text because these mediums of communication can be delayed for a number of reasons.
How long does it take to close?
– Each and every transaction is unique, but in general we can close most purchase transaction in less than 30 days and refinance transactions in less than 45 days.
Why should I use a mortgage broker instead of my bank?
– Your local bank or credit union is limited in that they generally only have access to the loan programs furnished to them by their institution. While with mortgage brokers we have access to many different lenders and can price your particular financial circumstance out with many lenders to insure you are getting the best fee structure and interest rate available.
How much will I have to pay you for your services?
– The loan interview, processing, questions you may have, loan scenarios prepared and any other services we provide you with cost you nothing. The only way we make money is by closing a transaction with you or in other words we only make money if we keep you happy. The lenders that we do business with pay us once a transaction closes.
What if I don’t have a Real Estate Agent? Do you have any recommendations?
– If you do not have a Real Estate Agent, we would be happy to provide you with a list of Real Estate Agents we have worked with in the past to insure your transaction goes as smoothly as possible. Please note you are not obligated to use any of our provide Real Estate Agents and we make no extra money if you choose to go with our recommended Real Estate Agent.
How do I know the information I provide you with will be safe?
– We can assure you that all documents you provide us with are safe. All documents are stored on password protected servers, and the transmission of documents, the electronic submission of documents, electronic transfers of documents are all done through safe and encrypted file transfer software.
If I can’t qualify for a mortgage on my own could a co-signer help me?
– Yes, if you have a co-signer on your mortgage loan with you it may help you with qualification. Please note however, that while having a co-signer can give you financial strength it does have draw backs. These draw backs are but not limited to we now have to take into account their debts, rent/mortgage (if they will not be occupying the property with you), credit scores, and credit experience.
Are the credit scores on my credit tracking app an accurate reflection of the credit scores that will show on my credit report?
– The credit scores that show on any given credit reporting app are precise but they are not accurate in the mortgage industry. While credit apps and mortgage credit reports pull from similar or the same criteria such as payment history, age and type of credit, credit utilization, recent credit, balance and credit availability. They both place different amounts of import on any given category. Credit apps are a good indicator of the credit scores used to be approved for a mortgage, but the mortgage industry uses a different credit scoring model then provided by the various credit tracking apps. They both place different amounts of importance or weight to any given category, but they do not truly reflect you mortgage credit scores.