Frequently Asked Questions

 A loan officer assists individuals like you in obtaining mortgage loans. They evaluate your financial situation, help you choose suitable loan options, and guide you through the application process. 

 To qualify for a mortgage loan, you'll need to meet certain criteria. This includes having a stable income, a good credit score, a reasonable debt-to-income ratio, and sufficient funds for a down payment and closing costs.

  There are various mortgage loan types, such as fixed-rate mortgages, adjustable-rate mortgages (ARMs), government-backed loans (FHA, VA, USDA), and jumbo loans. As your loan officer, I will help you understand the differences and choose the best option based on your financial situation and goals. 

Mortgage rates can significantly impact your buying power when purchasing a property. Lower mortgage rates mean lower monthly payments, allowing you to qualify for a larger loan amount and potentially buy a more expensive property. On the other hand, higher mortgage rates increase your monthly payments and may reduce the amount you can afford to borrow. It's important to understand that it will also depend on the type of program and loan your are doing that you will need to consider, when determining if the rate makes sense. A lot to consider when  determining your buying power and affordability for a home.

 You'll need to provide documents such as proof of income (pay stubs, tax returns), bank statements, identification, and information about your assets and liabilities. I will provide you with a detailed list and guide you through the documentation process. 

Closing costs can vary somewhat significantly depending on the house you’re buying and the program you’re using to buy it, but a rough estimate would be 2-3% of the purchase price. The best way to get a better idea of what closing costs could run you is to get a pre-approval. 

 The fees can vary, but they may include application fees, appraisal fees, origination fees, and closing costs. I will provide you with a Loan Estimate that outlines all the expected costs associated with your mortgage application. 

 Yes, you can get pre-approved for a mortgage. Pre-approval involves a thorough review of your financial information to determine the maximum loan amount you qualify for. It's important as it strengthens your offer when making an offer on a home, showing sellers that you're a serious and qualified buyer. 

20% down payments, in most cases, is not necessary and likely not the best financial decision. Liquidity is important - once the money is in your house you can’t take it out without refinancing. A lower down payment means a higher monthly payment, but you can use the money you would have spent on the down payment to cover that. In case of emergency, it’s better to have the money in cash than in your house.