Can I apply before I find a property and get pre-approved?
Yes, pre-approval is important! Empire only pre-approves clients through full underwriting review, meaning that aside from software analytics from federal agencies Fannie Mae and Freddie Mac, Empire’s underwriters review income, credit and asset documentation to confirm approval of the proposed financing.
To be pre-approved just complete these easy steps; complete our online application, which is available 24/7 on our website, send to us the requested income and asset loan documentation, and your application will be reviewed by one of our staff underwriters. Once pre-approved a pre-approval letter will be issued and emailed to you within a few hours. There is not cost for the pre-approval process, and you are not under any obligation to obtain a mortgage from our company, but we hope that our underwriting services will provide you some assurance on your qualifications for financing as you enter the real estate marketplace.
- What is an ARM?
- 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?
- What is the difference between a conforming loan, a super conforming loan and a jumbo loan?
- Do you have any programs that don’t require income documentation?
- 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?
- Should I lock or float my rate?
- What is an escrow/impound account?
- What are included in your closing costs? What are pre-paids & are they different from closing costs?
- Why do you charge a Lender Fee?
- Should I pay discount points?
- What is a rebate/credit?
- Can I prepay the loan without a penalty?
- How can you offer such low rates?
- Is there a fee or any obligation if I apply?