Frequently Asked Questions
A great realtor knows that the key
to a successful transaction is teamwork with a professional loan
Any experienced realtor could tell you horror stories about times
when a client made a poor choice of loan officers and ended up
at the closing table, or worse, no closing at all! A good realtor
will form relationships with trusted individuals who have proven
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,
you and the realtor, so consider the extra motivation this provides
for us to take great care with your satisfaction!
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.
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.
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.
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.
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.
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
4. Landlord information, including name, address, and phone number.
5. Payment for appraiser.
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.