REGION – Buying a home comes with a lot of questions, and honestly, it should. Over the years, I’ve heard many of the same questions from buyers who just want to understand what to expect before they take the next step. Here are some of the most common questions I get.
What mortgage can I get?
The mortgage options available to you will depend on your personal situation. Once you apply, I’ll review your income, credit, assets, debts, down payment, and overall goals to help narrow down which options may be a good fit. From there, I can walk you through the details so you understand the pros and cons, and have the information that will help you make a decision.
What types of mortgages are offered?
All of the loan programs I offer can be tailored to suit your credit score and down payment options. There are conventional loans and government-backed loans; both categories could help make homebuying more affordable. Some of the most common mortgages are FHA loans, VA loans, USDA loans, 15- and 30-year fixed-rate mortgages, adjustable-rate mortgages, and jumbo loans.
You can read more about these mortgage programs and more at lo.primelending.com/vblodgett, or give me a call and I can explain them in more detail.
What paperwork do I need?
You can start your online application without any physical paperwork. Our secure portal can connect directly to your financial institutions and employer, once you’ve granted permission. That said, the basic documents you’ll need to provide include your wo most recent years of tax returns and W-2s; your two most recent pay stubs (must be within the last 30 days) and, if applicable, other income records such as documents for Social Security, disability, pension, child support, or alimony; and your last two months of statements for all accounts.
How long does the loan process take?
On average, mortgages close in about 30 days, but things like your loan type, documentation, and credit approval can affect the timeline. After I have received all of your required documents, there will need to be an inspection, appraisal, and final approval from our underwriting team. If you are on a tight deadline, let me know early on in the process and we can work together to avoid delays.
I’ll provide updates throughout the approval process so that you know where your loan status stands. You can also keep track of your application status in my Home Loan Tracker after you’ve applied.
Will there be any fees?
A lot of people are so focused on the down payment, they forget about closing costs. Usually, closing costs range from 2-5% of the home’s price. These fees can typically include appraisal and inspection fees, origination and underwriting fees, title insurance, property taxes and homeowner’s insurance, and private mortgage insurance, if required.
You won’t have to guess what these costs are though, because I will provide a detailed loan estimate and walk you through it so you know exactly what to plan for.
Have a question that you didn’t see here? Let me know. Asking the right questions could help you save time, money, and stress later, so don’t hesitate to reach out.
Submitted by Victoria Blodgett, PrimeLending, Ludlow, Vt.