Yes, our Mortgage Loan Originators (MLOs) have years of experience to help individuals select the best mortgage option. With an industry that is constantly changing, it is important to work with an experienced and attentive MLO to walk you through the mortgage experience. Whether you are purchasing a home or refinancing your existing mortgage, our MLOs are ready to help you every step of the way.
Our Mortgage Loan Originators (MLOs) are available by phone, email and individual appointments convenient for you. Your MLO will be happy to share all their contact information with you during your initial call or appointment.
The great part about working with our professionals is that they are there to be your "on hand" expert. Your Mortgage Loan Originator (MLO) will ask you some important questions about your current situation and your long-term goals. Armed with that information and financial information from your Loan Application, your MLO can evaluate your options and discuss the best plan for you.
If you are interested in purchasing a home, one of the best places to start is assessing your financial situation. Evaluate your total current income and your total monthly expenses. Don’t forget to include all the little expenses like cell phone bill, cable, gas, groceries, etc. This is an important first step so you can accurately see just how much you are spending. One of the best ways to do this is to look at four months of bank statements to help you identify recurring payments and those that fluctuate to get a monthly average. Once you have your financial information organized, contact one of our Mortgage Loan Originators to discuss how much house you can reasonably afford.
Every situation is different; however the general standard is two months of paystubs as proof of income, a driver's license, last two months of bank statements, and your last two years of W-2 forms. Your Mortgage Loan Originator will ask for other items as they specifically pertain to you.
It generally takes 30 days to close a loan once an application is taken, although we can accommodate a quicker turnaround when needed.
A second home is generally considered a property that is not rented out more than two weeks per year and which is located in an area which makes sense (lake, snow area, beach, etc.) given the borrower's current principal residence. A second home would not be, for example, 20 minutes down the road from the borrower's primary home.
An investment property is any 1-4 unit residential dwelling which is neither a principal residence nor a qualified second home. Whether or not the property is earning money for the owner is not relevant in this determination.
Down payment is usually a % of the sales price. We can start as low as Zero down for VA,USDA and THDA loans, 3.5% down for FHA loans and as little as 5% down on conventional loans. Conventional loans that have less than a 20% down payment require PMI.
A property address must be identified which allows rates to be locked anytime from the date of application until five days before closing.
An escrow account is set up on your behalf to ensure that your annual expenses for real estate taxes and insurance are paid in full and in a timely manner. An escrow account enables us to pay your real estate taxes, hazard insurance premiums, and if applicable, your flood insurance and/or mortgage insurance premiums with money that is deposited into the account every time you make your monthly mortgage payment.
Your principal balance is not the payoff amount because the interest on your loan is calculated in arrears. For example, when you paid your April payment you actually paid interest for March and principal for April. The payoff amount also includes any escrow adjustments, release fees, and other charges and credits due on the loan.