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FAQs
Frequently Asked Questions
What are considerations for refinancing?
There are many reasons to refinance, from lowering a rate to reducing the loan term. Do you need to consolidate debt or make a home improvement? Has your credit score improved, your income or the equity in your home increased? Talk to one of our loan specialists to find the best option for your needs.
How do I know if I am ready to buy?
The first step is to determine what mortgage payment would be comfortable for you; “how much can I afford for a monthly payment?” Next you need to determine how much money you have to put towards the down payment. A mortgage calculator is a helpful tool for this. Being able to afford a new house today is not as important as your ability to afford it over the long haul. Talk to one of our loan specialists to find the best option for your needs now or in the near future.
Should I have a pre-approval before I make an offer?
Once you’re ready to buy and a loan expert has reviewed your financial, employment and legal documentation you will know the loan amount and purchase price you qualify for. The pre-approval letter informs the seller that you have the ability to get a loan for the amount stated. By showing this letter to sellers, they’ll know you’re a serious buyer. Need to get pre-approved?
I'm in the process of getting a loan. What are the dos and don'ts?
- Don’t apply for new credit
- Don’t close any of your current credit cards
- Don’t max out your credit cards
- Don’t make large cash deposits
- Do keep your employment in the same company or in the same line of work
- Do provide or prepare to provide any documentation showing payment or satisfied judgments
- Do ensure all your monthly obligations are current or on time
I am buying a home this year. Do I need to have my tax returns for the prior year filed?
Your application will require that you include your last 2 years of federal tax returns (1040 and W-2 forms) and/or last 2 years of federal corporate and/or partnership tax returns (if self-employed).
Most underwriting guidelines require the filing of taxes. Some exceptions to the rules may apply to your individual circumstances.
Has the pandemic changed the process of obtaining a loan?
The Covid-19 pandemic has given flexibility to some underwriting requirements such as relaxing on verbal verification of employment, and allowing exterior-only and desktop appraisals.
The pandemic has also caused additional requirements for those who are self employed. For example, requiring 3 months of bank statements for self employment income instead of 2 months.
Our team of loan experts are current on all the latest information on post-pandemic changes.