How much are closing costs?
Closing costs vary from state to state. They also vary depending on the loan amount and may include charges such as origination fee, attorney fees, tax service, flood certification, processing fees, inspections, etc. Please call us for a Good Faith Estimate. Top

How long does it take to close?
The timeframe from application to closing is approximately 2-3 weeks, but can be shorter if needed. When purchasing a home, we will make every attempt to close your loan by the Closing Date shown on the Sales Contract. Top

What about "locking-in" my interest rate?
We can lock-in your rate for 30 days at no charge. We require the property address and loan amount in order to lock-in the interest rate. Rates can be locked-in up to 90 days for a fee. Top

What are points?
Also known as discount points. A point is prepaid interest which a borrower or seller can pay at closing to "buy down" the interest rate for the life of the loan. One "point" equals to "one percent" of the mortgage loan amount. By paying 1/2 point of the loan amount, a borrower can usually lower the interest rate by 1/8%. Top

How can I pre-qualify?
Complete our pre-qualification section and submit the information to us. A preliminary credit report will be obtained to determine the loan amount you qualify to borrow. A letter will be sent to you which you can use to make an offer on a home. This shows your realtor or seller that you are a Qualified Borrower and may give you more bargaining power. Top

How much down payment will I need?
For traditional loans, the minimum down payment is 5% of the sales price.

For 100% Financing, no down payment is required, however, these loans have a higher interest rate (about 1/2%) and require excellent credit. Top

If refinancing, what's the maximum loan amount?
If you qualify, you can borrow up to 95% of the appraised value of your home to pay off a first mortgage and pay for closing costs.

If requesting "cash out" from the transaction or to payoff a second mortgage and other loans, you can borrow up to 90% of the appraised value of your home. Top

Can I buy an investment property?
Yes! The down payment is 10% of the sales price if you qualify. The interest rate is typically 1% higher. Top

Can I refinance an investment property?
Yes! The maximum loan amount can be 90% of the appraised IF you qualify with no cash out allowed. The interest rate is typically 1% higher. Top

What about second homes?
The down payment is 5% of the sales price if you qualify. The interest rate is the same as buying a primary residence. Top

What is Mortgage Insurance (MI)?
This is required insurance on purchase loans when less than 20% down payment is received. It is required on refinance loans when borrowing more than 80% of the appraised value of the home. It is basically foreclosure insurance to protect the lender in case of default by the borrower. It may be dropped once you have 20% equity in your home by obtaining a new appraisal on the property. Top

What is an Escrow Account?
Property taxes and homeowner's insurance are typically paid monthly with the regular mortgage payment. A borrower may waive escrows if their loan-to-value is 80% or less and they pay a one-time fee of 0.25% of the mortgage loan amount. Top