Are rates, terms, fees, and closing costs negotiable?

Yes, many aspects of a mortgage can be negotiated including rates, terms, fees, and closing costs. As your mortgage loan officer, I work closely with you to find the best possible terms tailored to your financial situation and goals.

What escrow requirements are there?

Typically, lenders require an escrow account to cover property taxes and homeowners’ insurance. This ensures these important expenses are paid on time. I will guide you through the specific escrow requirements based on your loan and property type. Not all loans require an escrow account and we’ll talk through options to see which is best for you.

What do I need to know about pre-qualification or pre-approval?

Pre-qualification gives you a basic estimate of how much you can borrow, while pre-approval involves a more detailed review of your finances and provides a stronger indication to sellers of your buying power. I’ll help you through both processes to make you a competitive buyer. Having your information ready to go is the most helpful during either process. A two year work and residence history is what we’re looking for during the lending process along with documentation such as pay stubs and W-2s if you’re employed by someone else, and your two most recent year’s tax returns if you are self-employed. You’ll also want to have an idea of how much you’re willing and able to bring to the table for your down payment and closing costs. Having two months of bank statements ready to go expedites the pre-approval process. From there, I’ll help you with your budget on your desired mortgage payment so we can determine the best price range of houses for you.

Are there any charges or penalties for prepaying a loan?

Some loans may include prepayment penalties, while others do not. I will thoroughly review the loan options with you to ensure you understand any potential charges and choose a loan that fits your needs without unexpected costs should you need to pay it off early. Almost all loans I originate do not have prepayment penalties.

How long will the loan approval process take?

The loan approval process generally takes 30 to 45 days, but it can vary depending on the complexity of the loan and the responsiveness of all parties involved. I am committed to keeping the process smooth and efficient for you, and I’ve even received loan approvals within a week in some cases.

What credit qualifications are required?

Credit qualifications vary by loan type, but generally, a higher credit score can lead to better loan terms. There are many loan programs that can accommodate a few credit challenges with the minimum typically set at 580 for the FICO score though some specialized lending programs will allow for as low as a 500 FICO score with at least a 10% down payment. I can guide you to the best loan program for your credit score or even help you to improve your score and get a better rate.