We first speak by phone or email to determine your needs and qualifications. We usually will pull your credit report as this is the main step to determine your qualification and the rate you will pay. We usually will ask for certain documents to prove income, assets and employment as this will determine the amount of mortgage you qualify for.

Being a Broker means that we can search out and use whatever lenders offer the best rates and service at any given point of time. We also as Brokers, usually have less overhead than large banks and therefore can pass the savings on to you.

Usually the process takes approximately 30 days. It can be done sooner but it depends on the economy as well as where interest rates are as of that time. Again, we search out the lenders that are quicker with service if timing is an issue with you.

Prequalified means that you have spoke with a lender and divulged all employment, asset and liability info to us. We have then pulled your credit, worked up your debt to income ratios and are ready to tell you and/or your agent how much you are qualified for. Pre-approved means we have actually submitted all of this documentation to the lender, and the underwriter has approved all the documentation awaiting only the appraisal, preliminary title report, and review of the contract if needed.

This will vary as to the purchase price of the home as well as the size of the loan. Also, how the contract is written by your agent will have a large effect on who pays what fees.

1 point is one percent of the loan amount in the form of dollars paid at closing. In other words, points are a way of buying down the interest rate. The more dollars you pay at closing, the lower interest rate you will receive. The determining factor here is how long you expect to live in the home or keep the loan.

The LTV is your loan amount divided by the appraised value of the property. This is a very important part of the loan in determining if and what type of loan program is available to you.

All people who have established credit over the years have a credit score issued to them by each of the 3 credit bureaus. The lender will use the middle of these scores as the one to judge your rate and costs of the loan. Obviously the higher your credit scores, the safer borrower you are and therefore you will obtain a better rate with lower costs.

No, every lender can offer whatever rate they would like. Every loan officer can then charge the borrower whatever rate they want. It is best to check with a few different lenders before making your decision. It is very important to give each lender you talk to the exact same personal information so you are matching apples to apples.