Get real answers to your direct questions about your mortgage. Starting with the rate.
There are three types of residential mortgages that apply to 1 to 4 unit properties.
Governement
These are loans that you’ve heard of where there is some government backing. They include F.H.A., V.A, and U.S.D.A loans. Full documentation is required but one good thing, the down payments are a lot lower for home purchases and credit restrictions are much more lenient. Click here to learn more.
Conventional
These are your standard conventional options. Although the rates are not as low as government loans, they still have very favorable down payment options. Some qualify to put as little as 5% down on purchases. The advantage to conventional is that mortgage insurance is typically lower than what is required on government options. Click here to learn more.
Non QM or Non Conventional
These types of loans are designed for self-employed people and investors. They do not require the same conventional forms of income qualification. Self-employed people use bank deposits, 1099’s, P & L or assets to qualify and investors can buy homes using the projected rents to pay the mortgage. Homes can be purchased using this program for as little as 10% down.
Get preapproved to buy without a hard credit inquiry in minutes!
Get preapproved to buy without a hard credit inquiry in minutes!
Get a quote you can rely on without having to take a hit to your credit. By using the “soft pull”. You can have a pre-approval letter in minutes. Now, some loans in the government category will require a full hard pull to preapprove, but you could be out there, confidently shopping for a home, within minutes, with no effect to your score!
There are four parts to the loan process
Origination
Let’s talk about your needs and what your situation is. We will go over your income, talk about your credit and make sure we get all the info you are going to need to show in order to qualify. You will get disclosures, showing you in writing what you can expect. Keep in mind, you are not obligated to a loan until you sign loan documents in front of a live notary and all of your information is safe since we are obligated by law to protect it. After you securely send the items we determine you will need the file will move on to the next stage. If you are getting qualified to go shopping for a home, this is point where you get to start looking.
Processing
Once you have the purchase agreement or have agreed to the terms of your refinance, the processor will introduce themselves and start verifying all of the requirements to make sure we have everything before sending it into be underwritten.
Underwriting
The Underwriter will go the application and make sure all of the info is true and correct. They will make a decision and usually issue what is called a conditional approval. Some examples of conditions could be an appraisal of the property’s value, reprinting of documentation that was not clear, or perhaps some additional documentation of verification of what was provided. A conditional approval can come in as little as 24 hours!
Funding
You sign the loan documents and those are returned to be reviewed. Once all the T’s are crossed and the I’s are dotted, the closer disperses funds. Now the home is yours. If you are refinancing, you should receive whatever funds you are expecting within three days, and they will probably be deposited right into an account you designate.
Contact Us
You can do everything on line or we can have a brief phone call to discuss your needs. Either way, it shouldn’t take long to find out what you can expect to pay every month and what it takes to qualify.