How long will it take to close my loan?

Mortgage loans typically take between 30 -45 days to close depending on certain circumstances.

What paperwork will be needed?

Paper work that is needed to prove your income will be: two current paystubs, two years W2’s, bank statements, (for self-employed: two years of tax returns)

How much money will I save when refinancing?

Savings on mortgage refinancing vary depending on the new rate you will receive and how much cash out you decide to take out.

Will I be penalized for paying off my loan early?

Depending on what type of mortgage you receive some mortgages come with prepayment penalties which sometimes is 2 to 4 percent of the existing loan amount. You should read your paperwork thoroughly to make sure you are aware of the possible penalties that are attached to the loan.

Is a fixed rate better than an adjustable?

A fixed rate mortgage monthly payments will be steady while adjustable rate mortgages payments will vary over time. Adjustable rate mortgages typically has an initial fixed lower rate than that a comparable fixed rate mortgage. The initial fixed rate period is followed by adjustment intervals.

What loan is best for a First Time Homebuyer?

If you’re a first time homebuyer looking for the lowest possible payment an adjustable rate loan might be the answer. An FHA loan may be another option since they only requires you to put 3.5% down payment on the loan.

Can I get a loan with damaged credit?

While you still have to provide proof of income and assets and an explanation of your low credit score it is still possible to get a mortgage from some lenders.

What should I do to prepare for refinancing?

Check out the interest rate you have on your current loan, find out home much your home is really worth, if your “underwater” on your current mortgage, get a copy of your credit history and credit score, start identifying potential lenders, get all your income paperwork ahead of time.

Will I need to bring money to the closing?

Cash at closing will vary. You will have time to review the final paperwork which will prepare you on how much you will need to bring to the closing table.

How much downpayment is required to buy a home?

FHA loans require at least 3.5% down payment of the loan amount. Conventional loans require anywhere from 5% to 20% down payment of the loan amount.

Are there special programs for active duty and vets?

VA loans are provided by private lenders such as banks and mortgage companies. VA guarantees a portion of the loan enabling the lender to provide you with more favorable terms.

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