The timeframe of the actual loan from contract to close averages 28 days.  This is why it so important to be pre- approved prior to writing a contract on a home. By being pre approved and having a head start on gathering your documents, it creates a much less stressful environment when find your home.

The credit requirements are different for each loan. With a credit score of 620 or above you will be eligible for most types of loans without paying a higher rate.  I want to caution you though; many free credit scores are not an actual FICO score and in the mortgage field we use your mid score. In order to know your true FICO score, it is imperative you have a tri merge credit report ran from your lender, or you order your free report from all 3 bureaus.

How much do I need to put down? That is the question. There is no black and white answer. This is why having a lender that is looking out for your best interest is very important. Sometimes putting the minimum down of 3.5% is not to your best interest due to mortgage insurance. Other times putting a large down payment of 20% down is counter productive depending on the debt you have.  Understand not only how much money you have saved, but also the wisest use of your funds.

There is more to a refinance than “lowering your monthly payment”.  Now sometime that is all that matters (when your life has new challenges that were unexpected). When I calculate a refinance for you I am analyzing…… Does the new interest rate offer enough savings? Are we getting rid of mortgage insurance? Are we reducing the time on your loan? What if I take money out to pay off debt? What is the cost factor vs the savings of the new loan? How long do you need to stay in your home for it to pay out? Once these questions are answered; together we will know beyond a shadow of a doubt weather the refinance is in your best interest.

Preliminary review is a MUST for all self employed borrowers.  All tax returns and schedules will be needed to do a full analysis for pre qualification.

Most loans will allow gift funds. Some loans still want you to have some of your own money invested. Some will allow 100% gift funds to be used. Gift funds have to be documented and sourced, so please talk with me prior to making any deposits into your account. The process is easy if you are aware up front what the loan industry requires for the documentation.