Frequently Asked Questions
Here are the answers to some of the top questions that we get about mortgages. Reach out to us and one of our Mortgage Consultants will be happy to help!
How do I know how much house I can afford?
How do I know which type of mortgage is best for me?
What does it mean to be prequalified?
What documentation will I need when I apply for a mortgage?
There are four areas we consider when evaluating your mortgage application: your income, funds you have available for down payment and closing costs, your credit history, and the value and condition of the subject property. Below is an example of items commonly requested during the mortgage application process:
• 4 most recent paystubs
• 2 years W-2’s
• 2 years complete Federal Tax Returns
• 2 months most recent, complete (including all pages) bank statements for all checking/savings accounts
• Sales agreement, if you’re making a purchase mortgage request
• Valid photo identification
Your Mortgage Loan Consultant will review your application to determine if additional documentation is required.
How much cash will I need to purchase a home?
What does my mortgage payment include?
• Principal: Repayment on the amount borrowed
• Interest: Payment to the lender for the amount borrowed
• Taxes & Insurance: Monthly payments are normally made into a special escrow account for items like hazard and/or flood insurance and property taxes. This feature may be optional, in which case the fees may be paid by you directly to the tax collector and insurance company.
Do I qualify as a first time homebuyer?
What is Private Mortgage Insurance?
Have some questions or suggestions?