Wondering what your payment might be? Use our calculators to perform mortgage-related calculations such as your expected monthly payments.

Mortgage FAQs (Frequently Asked Questions)

Q: How does the loan process work?

A: A qualified broker works with you to choose the best loan program and interest rates available to you. You then need to send us the documents/documentation needed to complete your loan application. Next you will sign and submit your application. There may be some additional requests from the underwriter and once the loan is approved we will schedule your closing. 

Q: How do I know if I can get a loan?

A: A good start is, you try our mortgage calculators to see how much mortgage you can afford. You are also welcome to contact us using any of the methods provided on the menu. We will help you evaluate your loan potential. We are in the business and know what kinds of mortgage programs are out there and can inform you about loan programs that might be right for you.  Another good idea is to get pre-qualified for a loan. This means that you apply for a mortgage before you actually start looking for a home. This will help you determine exactly how much you can afford to spend and it will speed the process once you do find the home of your dreams.

Q: How do I find a broker?

A: Contact us.

Q: What is a credit score?

A: A credit score is an indication of your credit history and assists in measuring your ability to repay a debt in the future.

Q: Can I become a homebuyer even if I have had bad credit, and don't have much for a down-payment?

A: Yes. Your credit doesn't have to be perfect to purchase a home. Difficult financial situations are often because of illness, divorce and temporary unemployment. If you can demonstrate that the problem was in the past, and you have been able to re-establish a good track record for a sufficient amount of time, you may be in a good position to get a mortgage loan.

Q: What documents will I need to have ready while applying for a mortgage?

A: Important question! You should have:

  1. If you and your spouse are applying for the loan, social security numbers for both you and your spouse
  2. Consecutive pay stubs for the last month and year to date earnings totals 
  3. Copies of your checking and savings account statements for the past 3 months
  4. Evidence of any other assets like bonds or stocks
  5. List of all credit card accounts and the approximate monthly amounts owed on each
  6. List of account numbers and balances due on outstanding loans
  7. W2s for the last 2 years
  8. Copies of your income tax statements for the last 2 years. Depending on your lender, you may be asked for other information/documents too.

Q: I don't have the standard documentation necessary to get a loan, can I still apply for loan?

A: We are experienced in dealing with unusual cases. There may be other documentation that will substitute for that which you are having difficulty finding. For further information contact us using the "contact us form".

Q: When should I refinance my mortgage?

A: To determine whether you should refinance, compare the following:

  • Current interest-rates compared the rate you are currently paying.
  • Your current payment compared to what your payment would be with a lower rate, or features such as interest-only payments.
  • The amount of time you expect to live in your home.
  • The cost to refinance your mortgage.

Q: How can a shorter term save me money on a Fixed-Rate Mortgage?

A: Simple, if you go for a shorter term, you can save thousands of dollars in interest expense because you'll be paying off the loan sooner. Although your payment may be more each month, it may not be as much as you may think.

Q: What is a good faith estimate (GFE)?

A: A good faith estimate (GFE) is an estimate that outlines the costs you will incur during the mortgage process. This is provided to you when you apply for your loan.

Q: How are the funds from my escrow account used?

A: The funds from your escrow account are used to pay property taxes and insurance. The payment is called an escrow payment, and a mortgage servicer maintains the account.