Frequently Asked Questions (FAQ)
1. How do I know how much house I can afford?
It's smart to learn what you can afford before you begin looking at homes. Many
first-time homebuyers make the mistake of looking at homes beyond their price range
only to be disappointed. We want to make sure you are armed with the correct information.This
will help you research how much house you can afford. Keep in mind that market conditions
can effect what you can afford. Make sure to ask your loan officer about rates and
programs that could enhance your buying position. Call me at
480.339.8525
if you would like to know more.
2. How long does it take to get approved?
That depends. Many times approvals can come in the same day; most often it takes
about three days. Technology is helping make this process faster, but sometimes
we need to spend extra time getting you the best product possible - and that simply
takes time. Don't get fooled into taking the offer that comes along before you hang
up the phone. Those lenders are often providing sub-standard loans at high rates
and hope that you will commit because they are the first to offer. Call me at
480.339.8525
if you would like to know more.
3. What documentation do I need to bring to the application?
The financing program you select determines the exact documentation required, however,
generally speaking you should be prepared to bring the following:
- Federal income tax statements
- W2's
- Current paycheck stubs
- Bank statements
- Asset and liability information
4. How do I know which type of mortgage is best for me?
Your loan officer is best prepared to answer this question. The right type of mortgage
for you depends on many different factors:
- Your current financial picture
- How you expect your finances to change
- How long you intend to keep your house
- How comfortable you are with your mortgage payment changing from time to time
Call me at 480.339.8525
if you would like to know more.
5. How much of a down payment will I need?
Probably less than you might have heard. Typical down payments range anywhere from
2 to 25 percent of the home's total value, the more you put down, the better. With
more than 20 percent down, you won't need to add mortgage insurance to your monthly
payment. Also, a larger down payment reduces your monthly payments. Ask your loan
officer about what option makes sense for you. Call me at
480.339.8525
if you would like to know more.
6. What does my mortgage payment include?
For most borrowers, the monthly mortgage payments include three separate parts:
a payment on the principal of the loan (that is the amount borrowed); a payment
on the interest; and payments into a special account (called an escrow account)
that your lender maintains to pay for things like your hazard insurance and property
taxes. These elements are called P.I.T.I. (Principal-Interest-Taxes-Insurance).
Mortgage payments can also include mortgage insurance and other fees depending on
your state and how much money you have for a down payment. Call me at
480.339.8525
if you would like to know more.
7. Where do you send your loans to be approved?
We do not send loans anywhere, they are underwritten locally in our office.