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Here are some common questions, but if you don’t see yours listed feel free to contact us.

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Can I apply for a loan before I find a property to purchase?

Yes, you can. You want to be pre-approved so that when you go to put a offer in on a house you have more buying power verses a person not pre-approved.  (Tip: we can pre-approve you over the phone in minutes)

Is there a fee charged or any other obligation if I complete the online application?

No, we NEVER charge an application fee upfront or even during the mortgage process. (Tip: Most banks ALWAYS charge an non-refundable application fee.)

How do you decide what you need from me to process my loan?

We have a list of items that we ask for upfront in order to get your mortgage started and submitted to the lender. (Tip: A refinance or purchase have slightly different lists.)

Will my overtime, commission, or bonus income be considered when evaluating my application?

Yes, If you have been receiving it for at least two full years. 

Is there a fee charged or any other obligation if I complete the online application?

No, we NEVER charge an application fee upfront or even during the mortgage process. (Tip: Most banks ALWAYS charge an non-refundable application fee.)

Is my second job income considered when reviewing my application?

Yes, as long as you have been working the second job for at least two years.

I am retired and my income is from a retirement program or Social Security. What do I need to provide when applying?

Your “Award Letter” from Social Security Administration showing you the amount you receive monthly. You will also have to provide bank statements to show the money is ACH (electronic transfer of funds) deposit into your account.

How is rental income verified?

Yes, you can use rental income as long as you have been receiving it for at least two years and documented on your tax returns (for two years as well). 

Do I have to provide information about my child support, alimony or separate maintenance income?

Yes, please provide your divorce decree (all pages), copies of the checks, unless it is paid through the state. If is paid from the state, you can then provide a payment history. 

If I have income that is not reported on my tax return, can it be considered?

No you can not. All income must be reported on a tax return in order to use it for qualifying purposes. 

If I have student loans that are not in repayment yet, are they considered debts?

They can be excluded from your debt as long as they are not required to be paid back for at least three years. 

If I have co-signed a loan for another person, does that affect my ability to get a mortgage?

Yes it can unless the other person can prove they have made the payments from their own bank account for the past 12 months. If not, then it will be included in your debt to income (DTI) ratio. 

Will a past bankruptcy or foreclosure affect my ability to obtain a new mortgage?

Yes it could, unless it’s been at least two years and you have reestablished new credit with no derogatory credit since the bankruptcy or foreclosure.