Frequently Asked Questions
Do I need to provide tax returns?
Usually tax returns are not needed. However, if you are a landlord or self employed, plan on providing tax returns to support income not reported on W2s. Occasionally, Tax returns are needed to validate filing with the IRS. When doing a fully documented loan, we must show how you filed taxes. If the IRS is backed up, we may ask for a copy of your returns as a short cut along with proof you received a refund or paid taxes due.
Can I rent out my current home instead of selling it?
Usually, yes. As long as you can prove you have sufficient funds for down payment and closing costs.
How are loans priced?
Market conditions, credit score, type and term of loan and equity position determine your loan pricing. Many times you will hear advertisements for a borrower with lots of equity and an excellent credit score with a 15 year term. Let’s discuss your personal scenario so we can quote you on your situation.
I had a bankruptcy a few years ago, is there a loan for me?
In general, the banks want to see that you have had enough time (post credit event) to re-establish credit. Usually, 24 months re-established credit is a good time to evaluate the benefits of a new loan.
Can my home equity be used to take cash out and do home improvements and/or debt consolidation?
Yes. Often your monthly obligation can be significantly reduces. Let’s talk about your goals and give you an estimate.
Is now a good time to buy real estate?
Buying real estate can be risky. Especially when you are not prepared for market changes. In general, people who retain property for many years find a nice appreciation in value. A good question to ask yourself is if the value of this property declines, will I be ok?
Getting the advice from friends and family that own real estate can be very helpful. Your tax preparer can give you great information about the benefits of home ownership too.
Do I need to provide a lot of paperwork?
Typically you will need to provide proof of income, funds in the bank and insurance if you are refinancing. Most people find this very easy. We ask for the paperwork needed to get you the best pricing and terms.
If you are self-employed or want a “document light” type loan, we can provide that too.
How long does it take?
Usually 2.5 to 3 weeks. Ask and we will be glad to see what the banks current turn time is. We really try to make it as easy as possible.
I want to buy a home. When should I start the pre-approval process?
At least 2 weeks before you are ready to seriously look and make an offer you should begin getting pre-approved. Nothing is worse than finding the home of your dreams and not get an offer accepted because you are not pre-approved!
Can I have a co-signer?
Absolutely! However, you should feel your payments are manageable without help unless otherwise discussed with the co-signer.
