Questions About Mortgages

The mortgage process is taking longer than I wished. How can I speed that up?

Make sure you collect all the needed information, and turn it in at once. The process can only be complete when the required information is obtained.

Will my credit score come into play during the mortgage process?

Unfortunately, it will. If your credit score is low, your interest rates will be higher.

Well then, if I have bad credit will I still be able to get a mortgage?

Of course we will do all we can to make this process easier for you. We will make sure that you will be aware of all the options available to you.

How can I figure out how much equity I have?

The can figure that number out by subtracting the value of your house by the amount of your mortgage.

How do I know when the best time to refinance is?

If the current market interest rate is less than 2% of your current rate, than refinance! That is the main thing you need to look for. But whenever you feel that it is your best chance to save money, then do it. Make sure you are saving yourself money.

What is the best down payment to make?

Often times this is based on your credit score. The general rule of thumb is that lenders prefer to see a 20% down payment.

I really want to refinance but I feel like it is too good to work. Should I?

Well, the savings you will experience are always short term. Your mortgage will be extended, so you will be paying more in the long run. But because of the money you save up front, that will help you to negate the money spent during the life of the mortgage.