Frequently Asked Questions

HOW DO I APPLY FOR A MORTGAGE?

Most lenders will take your application by phone, online or in person and the application interview typically takes 30 to 60 minutes.

WILL A FEE BE CHARGED AT THE TIME OF APPLICATION?

Application fees vary according to each lender. A fee is generally charged to cover the cost of the appraisal and credit report as well as other items required to process the loan.

WHAT INFORMATION WILL BE REQUESTED WHEN I MAKE APPLICATION FOR A FIRST MORTGAGE LOAN?

Application fees vary according to each lender. A fee is generally charged to cover the cost of the appraisal and credit report as well as other items required to process the loan.

IS A DOWN PAYMENT ALWAYS REQUIRED?

Some lenders have niche 100% financing programs and veterans may qualify for 100% financing on VA loans. But, in general, the minimum down payment on a conventional loan is 5% and for an FHA loan it is 3.5%

WHEN I CHOOSE A LOAN TYPE, CAN I LOCK IN AN INTEREST RATE?

You can lock in your rate when you have identified a property and have a closing date.

HOW LONG WILL IT TAKE TO PROCESS THE APPLICATION AND PROVIDE ME WITH AN APPROVAL LETTER?

When the lender submits your information to the underwriter more information (known as conditions) may be needed. Once the conditions are satisfied, the letter of commitment will be available. The process may take several weeks; consult your lender.

WHAT DOES “BUYING A RATE DOWN” MEAN?

Depending upon your loan program, you may be able to pay “discount points” at the closing to secure a lower rate. Consult your lender for the options available to you.

WHEN DO I RECEIVE A LOAN ESTIMATE SUMMARIZING THE COSTS INVOLVED WITH MY MORTGAGE?

At the point that you have made an application, you should be provided with an official loan estimate. You may also request preliminary loan scenarios or estimates when shopping for a loan to compare rates, closing costs and fees. Ask your lender.