If you think we’ve missed an important question, or, if you have recently been through the mortgage process and think it would have been helpful to know "x", let us know by sending us an e-mail here. dave@reliablemortgage.net
- How do I know how much I can afford?
It’s smart to learn what you can afford before you begin looking at homes. Many first-time homebuyers make the mistake of looking at homes beyond their price range only to be disappointed. We want to make sure you are armed with the correct information.
Mortgage Calculator. This will help you research how much house you can afford. Keep in mind that market conditions can effect what you can afford. Make sure to ask your loan officer about rates and programs that could enhance your buying position.
- How long does it take to get approved for a loan?
Many times pre-approvals can come in the same day depending on how quickly you provide the loan officer with the income and asset information required for pre-approval. Technology is helping make this process faster, but sometimes we need to spend extra time getting you the best product possible - and that simply takes time.
- What documentation is required?
The financing program you select determines the exact documentation required; however, generally speaking you should be prepared to bring the following:
Federal income tax returns with all schedules, W2’s, Current Pay Check Stubs, Two Months of your most recent Bank Statements, Asset and Liability Information (as requested by your loan officer)
- How do I know which type of mortgage is best for me?
The right type of mortgage for you depends on many different factors:
Your current financial picture; How you expect your finances to change; How long you intend to keep your house; How much of a down payment you have; and, How comfortable you are with your mortgage payment changing from time to time.
- How much of a down payment will I need?
Probably less than you think. A typical down payment ranges anywhere from 3% to 25% (percent) of the home’s total value. The more you put down, the better. With more than 20 percent down, you won’t need to add mortgage insurance to your monthly payment. Also, a larger down payment reduces your monthly payments. Ask your loan officer about what option makes sense for you.
- What does my mortgage payment include?
For most borrowers, the monthly mortgage payments include three separate parts: a payment on the principal of the loan (that is the amount borrowed); a payment on the interest; and payments into a special account (called an escrow account) that your lender maintains to pay for things like your hazard insurance and property taxes. These elements are called P.I.T.I. (Principal-Interest-Taxes-Insurance). Mortgage payments can also include mortgage insurance, other fees, and how much money you have for a down payment.
- Where do you send your loans to be approved?
Reliable Mortgage is aligned with several lenders who all excel at providing many different loan programs. One lender is chosen over another for a variety of reasons including closing costs and interest rate. Additionally, we can write loans that Banks and Credit Unions cannot write.