Frequently Asked Questions
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How are interest rates determined?
What documents do I need?
Gather your paperwork before you apply for a smoother home loan process.
- Your most recent two years of your Form W-2 from your employer
- Your most recent two months of your pay stubs
- Your most recent two years of your tax returns with your signature
- Your most recent two months of your bank & investment statements
- Driver’s License and Social Security Card
- Homeowners insurance policy declaration pages for all homes
Additional documents may also be needed later in the process. We hope this list will help you get started.
Is there anything I shouldn’t do before I get prequalified?
- Buy a big-ticket item: a car, a boat, an expensive piece of furniture
- Change your job or become self employed
- Co-sign on a loan with anyone
- Make any large deposits to your accounts outside of your paycheck
- Use your credit cards or pay bills late
- Change bank accounts
- Open or close any lines of credit
- Let someone run a credit check on you
- Spend your money you have saved for your down payment
- Take out any payday loans
What is the difference between a pre-qualification & a pre-approval?
A mortgage pre-qualification means we have decided you will likely be approved for a loan up to a certain amount, based on your financial situation and a soft credit pull that will not negatively impact your credit. A pre-approval comes after you apply and provide to us the necessary documents to give you the specific loan amount you can borrow.
Which type of mortgage is best for me?
It depends! While there are no “bad” mortgage loan programs, there may be one that fits your situation better than others. We hope the information we provide on our loan programs help you understand the options, but we guarantee to will place you in a home loan that is best for your needs.
What is mortgage insurance?
Mortgage insurance lowers the risk to the lender of making a loan to you. Typically, borrowers making a down payment of less than 20 percent of the purchase price of the home will need to pay for mortgage insurance until they have paid 20 percent of their loan.