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Mortgage FAQs

Frequently Asked Mortgage Questions

Here are some of our top questions about applying for a mortgage and the home loan process.

General Mortgage FAQs

General Mortgage FAQs

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The home you can afford is based on the amount of mortgage loan you can comfortably support. Generally, the amount of mortgage you qualify for is based on some basic information such as: your income, debts, assets, credit history, current employment situation, and any other obligations you may owe.

Another factor that will impact the amount of home you can afford is how much cash is required for down payment and closing costs.

Calculate a mortgage payment here and see how much you can potentially afford.

We offer many different mortgage programs that have varying qualifications. If you have questions about qualifications, you should reach out to a mortgage banker.

While we offer programs with lower credit score requirements, it is always important to discuss this with your mortgage banker so they can help determine your eligibility as well as which programs may be best for you.

Generally, you must complete a full mortgage application in order to lock a rate. You can work with your mortgage banker to discuss your mortgage options. He or she will also help you complete the application and lock in a rate when you are ready.

We lend in 48 states with some restrictions for residents of NY and NJ. Reach out to one of our mortgage bankers to assist with any specific questions related to your needs.

Coverage details will vary by policy. Typically, homeowner’s insurance covers your house and belongings in case of events such as fires, hail, tornadoes and burst pipes. If one of these scenarios damages your home, your insurance policy can pay for home repairs. Depending on the policy, homeowner’s insurance can also reimburse you for theft or vandalism of your personal belongings.

Your lender will require you to have in place or purchase a homeowner’s insurance policy before closing. While many lenders provide insurance referrals, choosing a home insurance company is your decision.

Owner’s title insurance protects the homeowner(s) from potential disputes, claims, or defects in their property’s title. If someone were to sue and state they have a claim against the home from before you purchased it, owner’s title insurance protects your property ownership rights.

There are two title insurance policies you can purchase: owner’s title insurance and lender’s title insurance. Although lender’s title insurance is almost always required, an owner’s policy is optional. These policies can protect you from financial loss due to unforeseen issues with the property’s title, such as ownership disputes, liens, and more.

Mortgage Process Questions

Mortgage Process Questions

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Depending on the type of mortgage you are applying for, a refinance or a purchase, the timeline can very. You should always discuss timeline with your mortgage banker. They will be able to give you a timeline and help to set expectations.

Pre-qualification is done before officially applying for a mortgage loan and determines the estimated amount you can borrow. The amount determined is based on your current income and debt. It should be noted that pre-qualification is not a promise of approval. A loan application must be completed and all information provided will have to be verified in order to receive official approval.

You, the buyer, are responsible for this fee. Your mortgage banker will assist in determining how and when to pay this, as well as how much the fee will be.

Whether you will be able to repay the mortgage loan. To do this, they must review your assets, liabilities, credit history, payment history, and they have to verify the source of the funds you are using to purchase your new home. They will then compare and ensure this information meets the required guidelines in order for us to provide you with the loan.

Your personal documentation (driver’s license, W-2, tax returns, pay stubs, etc.) is used when validating your name as well as verifying your physical address. If your address is not consistent across your personal documents, the underwriting team will most likely require a written explanation for the differences.

For Current Adjustable-Rate Mortgage Loan Customers

For our customers with an adjustable-rate mortgage loan previously tied to the LIBOR index used to determine the interest rate charged, please click here to learn more about the transition from the LIBOR index to the SOFR index, a new more reliable index.
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Mortgage Checklist

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The Loan Process

A Breakdown of the Mortgage Process

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Experienced Mortgage Professionals

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