Application & Processing
- I am retired and my income is from pension or social security. What will I need to provide?
- How can I obtain a free credit report?
- What steps should I take if I become a victim of identity theft?
- 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?
- How should I complete the application if I am relocating to a new job that I haven’t started 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?
- What are some tips for completing the online application?
- How will you verify income on a self-employed applicant?
- 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 should I do if I’m not sure about the annual real estate taxes?
- 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?
Closing
- 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?
- Can I make a bi-weekly payment?
General
- If my loan application isn’t pre-approved, does that mean you can’t provide me with financing?
- What is your minimum credit score requirement?
- Do you have any programs that don’t require income documentation?
- 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 I prepay the loan without a penalty?
- 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?
- 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?
- When will I hear from someone after my inquiry/application?
- What happens after I apply?
- 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?
- How can you offer such low rates?
- Is there a fee or any obligation if I apply?
Property
- How long does it take for the appraisal to be completed?
- What is an appraisal and who completes it?
- What is the cost of the appraisal and how is it collected?
- If my property’s appraised value is more than the purchase price can I use the difference towards my down payment?
- If my property’s appraised value is more than the purchase price can I use the difference towards my down payment?
- Will you lend on homes that require repairs?
- Can you use an appraisal I already have?
- Will I need an appraisal to get a mortgage?
- Are there any special requirements for loans on condominiums?
- When do you require flood insurance on a property?
- Do you provide financing for mobile homes?
- Do you provide financing for lots or large tracts of land?