FREQUENTLY ASKED QUESTIONS
How long is a preapproval good for?
A preapproval is good for 120 days because that is how long a credit report lasts. If you find a home after the 120 days is up, we would simply have to update your credit profile and verify nothing has changed with your income or assets in order. You do not have to re-apply once the 120 days is up so updating your file is very easy!
How long does the loan process take?
Our goal is to have your loan approved within 2-3 weeks of your initial application. While extenuating circumstances may sometimes affect our ability to meet this goal, we work as efficiently as possible to have everything completed so you that you can close on time.
How much money do I need for a down payment?
Depending on your qualification, you may be eligible to put as little as 3-5% down. It used to be very common to put 10%-20% down, but we now see people preferring to put less down if possible. We will discuss loan options with you to see what you are most comfortable with.
Will getting my credit pulled hurt my score?
Getting your credit pulled to purchase a home should not hurt your score. However, we do not suggest getting your credit pulled by more than a handful of lenders in more than a month period, as that may hurt your credit score.
What if my credit isn't that great? Can I still buy a house?
Don't give up! We are happy to schedule a call with you to discuss your goals and put you on a credit plan to help get you where you need to be in order to buy. Even if you simply want to get your credit as perfect as possible, our Credit Rescore process can help get you there. Most people are pleasantly surprised how easy it is to increase their score with our guidance!
Do I have to include property taxes and insurance in my monthly mortgage payment?
If you do not put at least 20% down, you are required to escrow your taxes and insurance.
Is the online application portal secure?
Protecting the privacy of your information is our top priority. Our online application system, FastTrack by Blend, uses bank-grade security measures including AES-256 encryption to protect your data and undergoes constant quality checks.
What is included in my mortgage payment?
Your mortgage payment includes principal, interest, property taxes, homeowners insurance, and private mortgage insurance (if you do not put at least 20% down).
When can I lock in my interest rate?
You cannot lock in your interest rate until you are officially under contract on a home, as the rate lock is tied to the property. Please remember that the interest rate you see on estimated loan breakdowns before going under contract is not a guaranteed rate. Once you are under contract, we will discuss locking in your interest rate with you and make sure you are comfortable with your payments.
Do you have any first time homebuyer programs available?
We do! We have 3%-3.5% down options as well as down payment assistance! Schedule a call with us to hear more about these programs.