What documentation do I need to provide?

The documentation required for each loan option differs depending on the loan program you and your mortgage broker decide on. Mortgage consultants will provide you with a list of items that is needed and appropriate for your specific type of loan program. While some programs require income, employment, and asset verification, others require no documentation at all. However, in most cases, the most important documents you will need are proof of income, copy of homeowners insurance, copies of w-2 forms, asset information and a copy of your title insurance.

What is the difference between pre-qualification and pre-approval?

Pre-qualification is a lender's judgement of your ability to make payments on your mortgage, based on your verbal statement of income, assets, and employment history. Pre-approval is the underwriting decision that you are conditionally qualified and is subject to the lender's review of your completed application, verification of your income, assets, employment history, credit check, appraisal and other determining factors.

How is my monthly mortgage payment applied to my mortgage loan?

Your monthly mortgage payment includes a payment to the principal balance, interest, and escrow, otherwise known as P.IT.I. (principal, interest, taxes and insurance).

What are some of the benefits of Government loans (FHA, VA, USDA Rural Housing)?

These programs typically make it easier to purchase a home for those that otherwise may not be able to afford it. These are programs that require little or no down payments, no pre-payment penalties, and limited amounts of certain fees and charges the borrower must pay to establish the loan. These programs also have rates that are comparable to conventional loans.

How do I select the right lender?

Selecting the right mortgage broker that suits you and your exact needs is not always easy. You want someone who you can completely trust to explain the whole process, and who will be with you every step of the way. Reputation, the type of service, products and price of course should be at the top of your list, but most importantly, finding a house you like.