Mortgage Process FAQs

Getting pre-qualified for your mortgage is an important step before you shop for a home. It tells you how much home you can buy and makes applying for your mortgage easier. It also lets sellers know that you’re serious about buying a home. Our pre-qualification process is quick and easy.

Call us at (877) 266-7722 to submit a short application. We’ll help you find an affordable mortgage solution that meets your needs. Then, we’ll give you a pre-qualification letter you can use to make your offer.

There are many different types of mortgages available, including mortgages tailored for first-time homebuyers, low- to moderate-income homebuyers, and buyers who need very large loan amounts (these loans are often called "jumbo loans").

There are many different types of mortgages, and there are advantages and disadvantages to each. The best option that might be recommended for you could be based on several factors, including location and condition of the home, your age, history of homeownership, amount saved for down payment, and credit score.

The best way to select a loan product is by talking to us. We’ll present you with different scenarios that best meet your needs.

The amount of cash that is necessary depends on several items. In general, you will need to supply:

• Earnest Money: The deposit that is required by realtors when you make an offer on the house

• Down Payment: A percentage of the cost of the home that is due at settlement

• Closing Costs: Costs associated with processing paperwork to purchase or refinance a house

Our experts at Homeowners Advantage can help you with an estimate of these costs.

If you do not have a 20% down payment, lenders will allow a smaller down payment – as low as 3% in some cases. With the smaller down payment loans, however, borrowers are usually required to carry PMI, or private mortgage insurance. PMI might require an initial premium payment and a monthly fee, depending on your loan structure.

A point is a fee that may be assessed at closing by the lender to obtain a specific interest rate. Each point is equal to 1% of the loan amount (e.g., two points on a $100,000 mortgage would cost $2,000). The longer you plan to remain in a property or hold your mortgage, the more advantageous it is to pay points. There is no requirement to pay discount points; whether you decide to pay points is completely up to you. The mortgage rates shown on our website are 0 points.

You can check the status of your application any time on our website. Sign in with the login you created when you started the application.

A Loan Estimate gives you an estimate of your settlement charges and loan terms if you were to be approved for the loan. The estimate includes an itemized list of fees and costs associated with the loan and is provided within three business days of applying for a loan. The loan estimate is only an estimate. The final closing costs may be slightly different.