Could anything delay the approval of my loan?

If you provide us with complete, accurate information, everything should go smoothly.  You could face a delay if there are issues that come up concerning the appraisal, survey, insurance or title commitment.  Your mortgage professional will contact you should this happen.

What do the closing costs include?

Closing cost are the fees paid to the 10+ business/companies that are involved in your real estate transaction (i.e., appraiser, surveyor, title company, tax certification, flood certification, courier, county clerk, attorney to draw the closing documentation, processor, mortgage closer, underwriter, loan officer, title closer, etc.)

What are prepaids?

Generally prepaids are the cost paid upfront for 15 months of hazard insurance (1 year + 3 months in reserve), 3 months of taxes and interest until the end of the month, unless otherwise discussed.

When do my mortgage payments start?

Usually 30 days after closing. For example, if you close in August, your first payment is due on October 1 (skipping September).  Payments are not late until the 15^th of the month, but you should send your payment by the 5^th to make certain you don’t incur late payments.

What’s included in my house payment?

Generally Principal, interest, taxes, hazard insurances (PITI) and mortgage insurance (if applicable), unless otherwise discussed.

Can I prepay my mortgage off early or make additional payments?

There is no prepayment penalty on FHA, VA or Conventional loans backed by Fannie Mae or Freddie Mac. Some high-risk loans and conventional arms do have pre-payment penalties, it will be discussed with you in detail by one of our team.