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FAQS
How do I qualify for a loan?
To qualify for a loan, you need a stable income, good credit, and a manageable debt-to-income ratio.
Can I get a mortgage without a credit score?
It's possible but challenging. Lenders prefer a credit history to assess risk.
What's the difference between prequalification and preapproval?
Prequalification is an estimate; preapproval is a commitment from a lender after a thorough review.
What types of loans do you offer?
We offer various loans, including conventional, FHA, VA, and more. We'll help you find the best fit.
How much can I borrow?
Your borrowing capacity depends on your income, credit, and the lender's guidelines.
What type of mortgage suits me best?
We'll assess your financial situation to recommend fixed-rate, adjustable-rate, or other options.
Is my credit score sufficient for loan approval?
Your credit score should meet the lender's minimum requirements for approval.
What's the current interest rate?
Interest rates fluctuate. We'll provide the current rate during your application.
What's the minimum down payment required?
The down payment varies, but it's typically around 3% to 20% of the home's purchase price.
Are there down payment assistance programs?
Yes, there are government and local programs to help with down payments.
What are the closing costs?
Closing costs include fees for services like appraisal, title insurance, and attorney fees.
How long does loan approval take?
Approval times vary, but it can take a few weeks. We'll work to expedite the process.
What documents are needed for the loan application?
Common documents include pay stubs, bank statements, and tax returns.
Fixed-rate or adjustable-rate mortgage?
Fixed-rate offers stability; adjustable-rate has lower initial rates but can change over time.
What if I miss a mortgage payment?
Contact us immediately; we can discuss options to prevent late fees and foreclosure.
What type of mortgage suits me best?
We'll assess your financial situation to recommend fixed-rate, adjustable-rate, or other options.
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