Here are many commonly asked questions about mortgages.
What is a mortgage pre-approval?
A pre-approval is a process where your lender
evaluates your financial situation to determine how much you can borrow, helping you
understand your budget when house hunting.
What documents do I need when applying for a mortgage?
Common documents
include proof of income (most recent 2 years W2’s, tax returns, and most recent
paystubs). Credit history and details about your assets.
Can I refinance my mortgage?
Yes, refinancing is an option to lower your interest rate,
reduce your monthly payment, or access home equity. We can help determine if it’s
the right choice for you.
What is private mortgage insurance (PMI)?
PMI is normally required if your down payment is less than 20%. It protects the lender in case of a default but can be
removed once you build sufficient equity in your home.
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How do I know which mortgage is right for me?
Our team can help you assess your
financial goals and needs to recommend the best mortgage options for your situation.
What are closing costs?
Closing costs are fees associated with finalizing your
mortgage, including appraisal fees, title insurance, and lender fees.
How long does the mortgage process take?
The timeline can vary, but a typical
mortgage process takes anywhere from 30 to 45 days, depending on the type of loan
and the complexity of your application.
How can I improve my credit score before applying?
Pay down debts, make all
payments on time, and check your credit for errors. Our team can provide additional
tips to enhance your credit score.
Have additional inquiries?
We are here to help. Let’s engage in a conversation.