"Where We Treat You Like Royalty"
Frequently Asked Mortgage Questions
Should I talk with a Loan Officer before looking at homes?
Yes! There are many reasons why you should get pre-approved before looking at homes. A pre-approval can help guide you in determining how much you can afford, what costs are associated with buying a home, and the process/timeline for purchasing.
What Do Mortgage Brokers Do?
Mortgage brokers are licensed and regulated financial professionals who act as the bridge between borrowers and lenders. They originate loans and help you connect with a variety of lenders who best fit your financial situation and rate requirements.
Whether you're purchasing or refinancing a residential property, brokers gather loan options in addition to necessary paperwork, like income and bank statements, credit reports and employment history, to give a file to lenders to secure a home loan, as well as help your transaction close properly and on time.
Unlike a mortgage banker, who only offers one bank's products and uses the bank's funds to originate loans, a mortgage broker offers loans from a variety of lenders, and the lending companies provide funds for the mortgage. Because mortgage brokers' experience and capabilities can vary, shopping around is your best bet to find not only a good personality fit, but also a broker who has the right knowledge to support your homebuying experience.
Consumers should speak with mortgage brokers because with more options, they have more choices in terms of both rate and loan types. Brokers know the guidelines, so they try to put you with a good fit from Day One.
How Do Mortgage Brokers Fit Into the Homebuying Process?
Mortgage brokers act as the middleman between you and the lender, securing loans and gathering paperwork. They work in tandem with real estate agents, underwriters, lenders, title companies and attorneys through the entire purchasing process.
Brokers Handle the Details!
There are literally thousands of variables that can affect the outcome of your mortgage transaction. That's why you need a mortgage broker to act as a liaison between the title and escrow company, real estate agent, lender, appraiser, credit agency, the underwriters, the processors, attorneys, and any other services which may affect your transaction.
A mortgage broker also:
- Discusses and explains financing program options
- Informs you, in writing, of lock-in options
- Explains all documents of the loan application
- Explains all associated costs of the loan application
- Explains the disbursement of all loan applications
- Explains the loan process, from application to closing
- Provides you with a good faith estimate of cost and fees
- Communicates with you throughout the loan process in a timely manner
- Coordinates the final closing of your transaction
What documents do you need to apply for a loan?
- Photo ID
- Social Security Card
- Tax Returns
- Bank Statements
- Pay Stubs, W2s or other Proof of Income
- Credit History
- Rental History
Do I have to put 20% down to buy a house?
There are many loan programs available today that require less than 5% down. Having a conversation with one of our Loan Officers will allow us to narrow down which options would be best for you.
What is Private Mortgage Insurance (PMI)?
Private Mortgage Insurance policies are designed to protect a lender from a borrower's default on a mortgage. Most lenders require PMI when a borrower makes less than a 20% down payment. Premiums can vary in price and are typically for the life of the loan. Refinancing is often a common way to eliminate PMI.
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