FAQs

It shouldn't be a problem. There are many programs available today that require less than 5% down payment. The best thing to do would be to call us and we can find the right program for you.

Yes. The loan programs being offered change every day, and we find the best loan scenario for each of our clients. Unlike big banks that are restricted to the programs and rates their own bank offers, we have access to many lenders. We find the lender that best fits your needs. Call us today and let us show you what we can do for you.

Yes, you can. However, the rules regarding this issue change over time. Your best bet is to contact your accountant or tax advisor, who can inform you of your best options.

With a fixed-rate mortgage, the interest rate and the principal and interest you pay each month remain the same over the entire term, traditionally 15, 20 or 30 years. With an adjustable-rate mortgage (ARM), the rate is fixed for an initial period and then adjusts periodically based on a financial index. Initial ARM rates are typically lower than fixed rates. To avoid drastic changes, ARMs have caps that limit how much and how often the rate can change in a year and over the life of the loan.

It depends. Your choice should depend on the rates and options available when you're buying, your view of where rates are headed, how long you plan to keep the loan, and how comfortable you are with risk. A fixed rate gives you certainty; an ARM can save money if you expect to sell or refinance before the fixed period ends. If you take out a loan now and rates drop later, refinancing may make sense. We're happy to walk through both options with you.

Private mortgage insurance protects the lender if you default on your loan. Most lenders require PMI on conventional loans where the down payment is less than 20%. Premiums are usually paid monthly. On most conventional loans, PMI can be removed once you reach enough equity in the home and have a good payment history; the servicing lender will have the specific requirements for canceling it.

Most purchase and refinance loans close in roughly 30 to 45 days, depending on the loan program, the appraisal, and how quickly documents are provided. We'll keep you updated at every step.

Typically: recent pay stubs, W-2s and/or tax returns, recent bank and asset statements, a government-issued ID, and information about your current debts. Self-employed borrowers generally provide two years of tax returns. We'll give you an exact checklist for your situation.

Pre-qualification is an estimate of what you may be able to borrow based on information you provide. Pre-approval goes further — your credit, income and assets are reviewed — and results in a letter that shows sellers you're a serious, qualified buyer.