F.A.Q.
COMMONLY ASKED QUESTIONS
What will my mortgage rate be?
The rate can vary depending on many factors including loan program, term of loan, loan to value, credit score. Consult with your mortgage lender to find out the best rate and program to fit your financing needs.
How do you calculate a mortgage payment?
You can calculate your approximate monthly principal and interest payment using our mortgage amortization calculator on this page. (Please note that payments for taxes and insurance will not be included in the mortgage calculator)
How much will my housing payment really be?
Your housing payments are usually comprised of principal, interest, escrows for real estate tax and homeowner’s insurance.
Do I need to get pre-qualified for a mortgage?
It is recommended to be pre-qualified before you start your home purchase search. This will provide you with guidance during your home search and will help to expedite the purchase process.
What type of mortgage should I get?
Consult your mortgage lender to find out which programs would be best for your individual needs.
How long is my mortgage rate good for?
There are several options available for interest rate locks. Consult with your mortgage lender to determine the most suitable option for you.
What is a mortgage refinance?
A mortgage refinance is when a homeowner takes out a mortgage loan to pay off an existing mortgage loan on the same property. Usually homeowners refinance to reduce their interest rate, reduce their monthly payment, or take out cash for other reasons.
What credit score do I need to get approved?
This can vary depending on program and Lender. Consult your mortgage lender to discuss programs that may fit your credit score
What documents do I need to provide to get a home loan?
There are many documents that will be required to process a loan application including but not limited to: tax returns, bank statements, Paystubs, W2’s.
How big of a down payment do I need?
The down payment requirements can vary for each program and can also depend on other factors including appraised value versus purchase price. Your mortgage lender will guide you on the appropriate down payment required.
