General
If you don't see your question below, email us at constultants@empireofamerica.com (we will answer within one business hour). Loan programs and qualifications change from time to time, but we update these answers as applicable, so that you can have the most accurate & up to date information available.
- What is the difference between a conforming loan, a super conforming loan and a jumbo loan?
- Can I apply before I find a property and get pre-approved?
- Should I consider a loan with private mortgage insurance (PMI)?
- What is the minimum down payment required on a purchase mortgage?
- What is the maximum percentage of my home’s value that I can borrow on a refinance loan?
- What is the maximum debt-to-income ratio allowed?
- Is paying off an existing second mortgage or home equity line considered cash out?
- Can I keep my existing second mortgage or home equity line and refinance my first mortgage?
- Can Empire of America finance the purchase of a property through a short sale?
- Am I able to refinance a property that was recently listed for sale?
- Do you have any programs that don’t require income documentation?
- What is an ARM?
- What is a subordination agreement?
- What is a three-day right to cancel?
- What is title insurance and why do I need it?
- What is prepaid interest?
- What is the difference between an Interest Rate and an APR?
- What should I do if I’m not sure about the annual real estate taxes?
- What steps should I take if I become a victim of identity theft?
- How can I obtain a free credit report?
- What is your minimum credit score requirement?
- What supporting documentation is required?
- How quickly can you close my loan?
- What is your rate lock policy?
- Are any fees collected when I lock?
- What if rates drop after I’ve locked?
- What happens if the loan process takes longer than my lock period?
- Can I choose a different program or rate after I’ve locked?
- Can I relock my rate if I cancel and reapply?
- If rates fall after I’ve locked, will you lower my rate?
Have another mortgage question?
Application & Processing
From mortgage pre-approval through loan processing, there can be various questions or concerns on qualifying & loan timelines. If you don't see your question here, email us at consultants@empireofamerica.com for a response within one business hour.
- Why Update A Pre-Approval Letter?
- How do I update an expired pre-approval letter?
- How will you verify income on a self-employed applicant?
- What if my credit score is too low?
- How do I dispute an item on my credit report?
- Will the inquiry about my credit affect my credit score?
- What is a credit score and how does it affect my application?
- What if my homeowner’s insurance is up for renewal?
- How do I complete the application if I was in school before obtaining my current job?
- Can I use my new job to qualify for a loan if I haven’t started it yet?
- How will rental income be verified?
- I have income from dividends and/or interest. What documents will I need to provide?
- Do I have to provide information about my child support, alimony or separate maintenance income?
- I am retired and my income is from pension or social security. What will I need to provide?
- What happens after I apply?
- Will my second job income be considered?
- Will my overtime, commission, or bonus income be considered when evaluating my application?
- I have student loans that aren’t in repayment yet. Will those be counted in my debt to income ratio?
- What debt do you include in my debt to income ratio?
- Why do you need information about other properties I own?
- Is a gift from someone else an acceptable source of my down payment?
- What will be required if I withdraw money from a 401(K) account for my down payment?
- What if I’m not sure about the property value, sales price or amount I want to borrow?
- What do I do if I can’t retrieve or print out the electronic disclosures, or have some other problem with them?
- What are some tips for completing the online application?
- If my loan application isn’t pre-approved, does that mean you can’t provide me with financing?
- When will I hear from someone after my inquiry/application?
Closing
Closing your mortgage should be a quick and painless experience. Local mobile notaries are utilized to sign you in person in (1-2 hours) at any location of your choosing. If you don't find your question on closing a mortgage transaction addressed below, email us at consultants@empireofamerica.com, we will respond within one business hour.
- What happens at the loan closing?
- How can you close my loan if you are not in my area?
- Can I select my own closing agent and title insurance company?
- Can I close my loan in the name of a Trust?
- Can I close my loan in the name of an LLC?
- How soon after I sign loan documents will my loan close?
- If I am receiving cash out at the end of the transaction, how will I receive my proceeds?
- If my loan is closing around the first of the month, should I still make my payment to my current lender?
- What happens to my loan after it closes?
- Can I make my monthly payments with an automated debit from my checking account?