Items Needed for Pre-approval
We are open from 9-5 Monday thru Friday. However, we are generally always available by phone or email, even during the weekend!
We can make assumptions but prefer not to since once we get your information it can change. There are over 25 different variables that go into the rate. Top variables are credit score, loan amount, loan compared to value, occupancy, and how much or if you want to pay what is called “discount points” to buy the rate down.
Yes, we have to do a hard credit inquiry so we know your credit score. Lenders use a mortgage model which is most of the time different from what the free services give you. The free credit services give you an idea of where you might be, but the score may not be accurate. Credit is one of the major factors that affect interest rates.
Preapproval is good for 120 days. After that, information will have to get refreshed to extend that time.
Describe the item or answer the question so that site visitors who are interested get more information. You can emphasize this text with bullets, italics or bold, and add links.
Preapproval can get done as quickly as one day or may take up to a week depending on how long it takes to receive your required information.
People are approved up to a certain monthly payment amount: Having to back into that amount by taking into consideration monthly insurance, taxes, etc. Then we also back into purchase price based on down payment. It is always more important to find out what your ideal maximum monthly payment comfortable level is versus your maximum monthly payment qualification amount.
The closing costs are mostly fixed costs associated with getting the loan. In addition, there are some variable items to set up escrow to pay for taxes and insurance at closing. Also, potential points to buy down a better interest rate or lender credit for a higher rate. General rule of thumb of 3% of the purchase price can be a good gauge for homes in the $275K to $375K range.
Inspections will have to be paid at the time of the inspection. Earnest money is usually paid at the time that your offer is accepted. Sometimes appraisals are paid at the time of the appraisal (other times it will be collected at closing). The remaining items are paid at closing.
Typically, 30-60 days from closing. Due on the 1st of each month with a 15 day grace period.