What is a Pre-qualification?
The process of determining how much money a prospective homebuyer will be eligible to borrow before a loan is applied for.

What is a Pre-approval?
This allows you the ability to get approved for a specific loan amount prior to finding the home you want to purchase. The loan is underwritten and the lender commits to a specific loan amount. This can give you a great advantage with a homeowner or realtor if someone else is interested in the same home at the same time. Also, if you are thinking about refinancing and want to pay off creditors or take cash out, but you are not sure you would qualify - you can apply for a pre-approval and could save you on the cost of getting an appraisal on your home until you know if you qualify.

What information do I need to provide when I apply?
When you are ready to apply, you need the most current information on your monthly income and debt, a total of your assets, and your social security number and employment information.

Is there a cost to apply? If so, how much?
There is NO pre-approval fee, only a Loan application fee. This varies from lender to lender. Some lenders charge an application fee to cover actual out-of-pocket expenses and money for their efforts. Other lenders charge a reasonable credit report and appraisal fee, which cover out-of-pocket expenses. This could range anywhere from $50.00 (credit report only) to $500.00.

Where do I close and sign for my loan?
Typically your closing will take place at a title closing agent's or attorney's office. When all parties agree upon a closing date, we will provide you with the exact location and time of your loan closing.

What documents will I receive at closing?
At closing, you will sign and receive copies of all legal documents that will be recorded and placed on record regarding the property that you are purchasing or refinancing. Also, you receive all pertinent information regarding your mortgage payment and servicing information for your new loan.

How long will the loan process take?
Loan approval and funding time frames vary depending on the type of transaction and the complexity of your personal finances. The process can take, on average, anywhere from 14-60 days.

What is a lock-in?
The lock-in represents the interest rate you choose and will be the interest rate used to factor your monthly payment. The lock-in secures the interest rate during the process of your loan approval as long as your loan is processed and closed prior to the rate expiration date. This date is given to you when you lock-in the rate.

When can I lock-in my rate?
When you apply for an application you can lock-in your interest rate any time during the process of your loan.

How long is my rate lock valid? Depending on the type of transaction and the time you need, lock periods can be valid anywhere from 10 days to 180 days.

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