Do you have questions? We can help! You will find the answers to several frequently asked mortgage questions below.
This is the process of determining whether you have acceptable credit and sufficient income and assets to meet the qualification requirements for a requested loan. If so, our Mortgage Loan Originator will provide a Conditional Qualification Letter for your use in purchasing a home.
Our Mortgage Loan Originator will obtain your loan application, your signed Credit Authorization and Esign Consent and Disclosures, as well as documentation to support your income and assets. This will generally include year-to-date pay stubs covering a 30 day period, the most recent one or two year W-2s and personal and business (if applicable) tax returns (all pages), a copy of the most recent two months bank statements (all pages), and a copy of your drivers license. Other documentation may be required depending on your circumstances.
Usually people refinance to save money, either by obtaining a lower interest rate or by reducing the term of the loan. Refinancing is also a way to convert an adjustable loan to a fixed loan or to consolidate debts. The decision to refinance can be difficult, since there are several reasons to refinance. However, if you are looking to save money, try this calculation:
Calculate the total cost of the refinance
Calculate the monthly savings
Divide the total cost of the refinance (#1) by the monthly savings (#2). This is the "break even" time. If you own the house longer than this, you will save money by refinancing.
Since refinancing is a complex topic, consult a mortgage professional.
A rate lock is a contractual agreement between the lender and buyer. There are four components to a rate lock: loan program, interest rate, points, and the length of the lock.
It is the list of settlement charges that the lender is obliged to provide the borrower within three business days of receiving the loan application.
A loan eligible for purchase by the two major Federal agencies that buy mortgages, Fannie Mae and Freddie Mac. Currently a conforming loan is $417,000 or less.
A mortgage larger than the maximum eligible for conforming purchase by the two Federal agencies, Fannie Mae and Freddie Mac. Currently Loan amounts greater than $417,000.
It is an upfront cash payment required by the lender as part of the charge for the loan, expressed as a percent of the loan amount; e.g., "2 points" means a charge equal to 2% of the loan balance.