FAQS

Help and Advice

WHAT INFORMATION DO WE NEED FOR PRE-APPROVAL?

To begin the mortgage preapproval process, you will need to provide personal information, employment and income details, asset and debt information, and, if known, property specifics. This includes items such as your Social Security number, recent pay stubs, tax returns, bank statements, and details on any outstanding loans. Having these documents ready will help streamline the process and ensure an accurate assessment of your borrowing capacity.

CAN I GET A LOAN WITH MINIMAL OR NO DOWN PAYMENT?

Yes, you can still get a loan with little to no down payment. We offer several loan programs designed for this purpose, including FHA loans, VA loans for veterans, and USDA loans for rural properties. Each of these programs has specific eligibility requirements, so please contact us to discuss your options and find the best solution for your financial situation.

IS AN ESCROW ACCOUNT REQUIRED?

An escrow account is a separate account that a lender sets up to pay property taxes and homeowners insurance on behalf of the borrower. This ensures these expenses are paid on time, reducing the risk of tax liens or insurance lapses. While many lenders require an escrow account, some loan programs may allow you to waive it under certain conditions, so it's best to consult with your lender for specific requirements.

HOW MUCH CAN I AFFORD IN MY MORTGAGE?

The amount you can afford in a mortgage depends on several factors, including your income, debt, credit score, down payment, and current interest rates. A common guideline is that your monthly mortgage payment should not exceed 28-31% of your gross monthly income. To get a more accurate assessment, it's best to consult with a lender who can evaluate your financial situation and provide a personalized estimate.

Do you have more questions? Contact us via phone or email.