Will I need an appraisal?

Most loan programs will require a new appraisal. Sometimes, with good credit borrowers, the bank will waive the appraisal requirement but usually, the bank will want a new appraisal done to get a current value estimate.

What will the closing costs be?

Most loans have closing costs associated with them that cover Lender fees, Broker fees, attorney fees, and often fees associated with taxes and insurance.

How fast will you be able to complete my loan?

The speed in which a loan in closed depends on many factors. In some states the loan process can take as short as 7 days or up to 45 days to close your typical refinance or purchase money mortgage. If you require non-conforming loan programs because of a unique situation with your home or financial situation, the time in which your loan is completed may vary.

The most important things to keep in mind to ensure that your loan moves as quickly as possible is to have all your financial documents ready. This includes but is not limited to bank statements, 30 days of paystubs, and the last 2 years of W-2's. Having these documents available will allow you to lock your loan in should you be qualified and your mortgage professional will be able to assist you that much quicker.

What credit score do I need to qualify?

There are many different types of loan programs available. There are even programs available for people with less than 500 FICO scores, mortgage delinquencies, previous forclosure, etc. Each program will have different FICO score requirements. You should consult with your loan professional to find out what type of loan program you can qualify for.

How much money can I borrow?

The loan amount you qualify for is based on a number of factors. Your income, your debts and the value or purchase price of the home.

What is your rate?

There is no one size fits all rate. Rates are tied in to the risk factor that the loan poses for the lender. Loans that are percieved to be of lowest risk because of the good credit and repayment ability of the borrower and high remaining equity in the home will qualify for the lowest rate. Also adjustable loans will have lower starting out rates than a long term fixed rate loan. A mortgage professional such as myself can find the best rate and loan program for your particular situation.