Mortgage Frequently Asked Questions
- How Much Do I Need To Save Up For A Down Payment?
Most conventional loans require a down payment that is 20% of the sales price, but there are many other types of financing that can require as little as 3.5% to 15%. A mortgage lender can tell you what types of loans you qualify for.
- How Do I Know If I Quality For A Loan And How Much Can I Afford?
A mortgage lender can help you to get pre-approval for a loan. The lender will ask you some basic questions about your debts and income and will be able to tell you what amount you can be approved for, and how much your mortgage payments would be. Contact Robert at Robert@TeamSingery.com or call (562) 822-0518, our Loan Manager for lender recommendations!
- What Does The Lender Need From Me To Give Me A Loan?
Typically, you will be asked to provide your last two tax returns to show proof of income. You should also provide your recent bank and credit card statements and proof of your current pay rate. You will also be asked for your social security number so they can run a credit check.
- What’s The Difference Between Pre-Approved and Pre-Qualified?
These terms don’t mean the same thing, however, and unfortunately they are often used interchangeably. Preapproval means the lender has verified your income and debt information and has run a credit check. Pre-qualification is an estimate of what you may be approved for based only on the verbal information you provide.
- How Do I Know Which Mortgage Option Is Right For Me? What If My Loan Doesn’t Get Approved?
Your mortgage lender is the best person to advise you on this question. Their products and qualifications change from time to time, so they would know best what products are available to meet your needs. Contact Robert at Robert@TeamSingery.com or call (562) 822-0518, our Loan Manager who can review your options with you.