Frequently Asked Questions


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WHY DID MY REALTOR REFER ME TO YOU?
A great realtor knows that the key to a successful transaction is teamwork with a professional loan officer. Any experienced realtor could tell you horror stories about times when a client made a poor choice of loan officers and ended up big surprises at the closing table, or worse, no closing at all! A good realtor will form relationships with trusted individuals who have proven themselves time and time again. It is important to know that your realtor is NOT given any compensation or “kickbacks” for referring you to us. As mortgage professionals, we desire more referrals, both from you and the realtor, so consider the extra motivation this provides for us to take great care with your satisfaction!

WHY SHOULD I USE A REALTOR?
First and foremost, you need an experienced professional working on your behalf. The realtor’s commission is not paid by the buyer, but by the seller of the home being purchased, it is in each party’s best interest to have professional representation. As a seller, profits are generally maximized by having an experienced realtor market and sell your home. See out page on “selecting a realtor” for more information.

HOW DO I GET PREAPPROVED?
What does it take to get pre-approved? Not as much as you might think! With a short phone conversation or a quick on line application (click, we can provide you with your credit rating, approximate amount you qualify for, and a list of items needed to complete your loan. We can provide most clients with a pre-approval letter within 15 minutes.

WHAT HAPPENS ONCE I’M PREAPPROVED?

You are ready to buy a home! Remember that it is very important to inform us of any changes in the financial information that was provided at the time of the approval, as it may make a change in the amount or type of loan that you can qualify for.

WHAT IS TITLE INSURANCE?
It is a policy provided by the title company guaranteeing the accuracy of the title work done on your home at the time of the purchase. As a buyer, you are required to purchase a lenders policy of title insurance as part of your standard closing costs. You may also choose to purchase an owners policy, which would protect you against any loss in the event of any legal issues relating to the title of your home.

WHAT IS ESCROW?
Escrow provides one central place where all funds and documents may be deposited. Here they can be collected and disbursed only when all conditions of the contract are met. Escrow is an independent third party who can perform these services impartially, protecting both Buyer and Seller, and acting on their written instructions in dealing with lenders, brokers, agents, and any other parties involved in the transfer of the property. The Escrow Officer is responsible for the final settlement between the Buyer and Seller, the recording of the required documents, the payoff of the existing liens or mortgages, and the proration of real property taxes, lease rents, maintenance fees, and any other property expenses to assure an accurate and complete closing.

WHAT DO I NEED TO GET MY LOAN STARTED?
In order to get you loan started we will need to have copies (no originals) of the following:
1. Last two years employment and residence history.
2. Most recent pay stubs from each applicant and last two years’ W-2’s or 1099’s.
3. Last 2 months statements for all savings, checking, IRA, 401k, and brokerage accounts.
4. Landlord information, including name, address, and phone number.
5. Payment for appraiser.



WHY AND HOW DO INTEREST RATES CHANGE?
Many people are surprised to learn that rates change on a daily and sometimes hourly basis. Interest rates fluctuate in response to changes in the financial markets. The bond market is generally a good indicator of the general trend of interest rates.