Mortgage FAQs

How do I determine how much I can afford?
There are lots of mortgage calculator tools that can give you rough estimates (including my mobile app) but the best way to determine your budget is to get pre-qualified. You can click the “Apply Now” button or contact us to get started.
What is the difference between Pre-qualified and Pre-approved?
Pre-approved is one step further and requires the Mortgage Provider to take a full application from you and validate your credit-worthiness. Today, it takes just a few minutes. You can apply through our secure online application or by calling your Mortgage Provider.
Why is a Pre-approval so important?
A pre-approval is the lender’s written commitment to finance your home purchase up to a specific amount. Getting pre-approved is a smart idea for the serious home buyer. Real estate agents and sellers of homes want to make sure you are a bona fide buyer. With a pre-approval letter in hand they will not have to wonder if they are wasting their time with you. You have the clout of a buyer ready to make a valid offer right now!
How much do I need for a down payment?
In most circumstances you will need 3.5% for an FHA loan or 5% for a conventional loan.
What is an FHA loan?
An FHA loan is a government-backed loan that can allow you to have a smaller down payment. Keep in mind that FHA mortgages require insurance which will likely raise your monthly payments.
What is a VA loan?
A VA loan is a loan backed by the government which provides veterans and their surviving spouses with financing and typically no down payment.
What should I have prepared when starting to look for a home?
Have a pre-qualification letter and full credit approval before you start shopping around.
When does it make sense to refinance?
Refinancing can help you lower your monthly payments, withdraw cash via the equity in your home, or switch to a different loan program that better suits your needs. Being clear about your refinancing goals will help you choose the loan program that’s right for you. What are your goals for refinancing? Contact us!
What is a Credit Score?
Credit scoring is a quick, accurate, and consistent scientific method for assessing credit risk. Your credit scores are based on data stored by a credit repository about your credit history and payment pattern. Most credit scores estimate the risk a company incurs by lending you money or providing you with a service–specifically, the likelihood that you’ll fail to make payments in the next two to three years.