Frequently asked questions
Is there a fee for a pre-application consultation?
No. There are no fees for consultation, application or pre-qualification. It’s simply a chance for you to ask questions, explore options, and see if we’re the right fit.
What documentation will I need?
It depends on your loan program and application specifics. Some require income, asset statements, and tax returns; others need less. Once we choose the right program, I’ll give you a personalized checklist so you know exactly what to gather.
How soon will I know if I’m pre-qualified?
I’ll review your application within 24–48 hours and let you know if we need more info. You’ll always get a clear update and an estimated timeline. Often approvals are written same-day.
Can I avoid paying a down payment?
Yes. Some programs no not require any down payment. Other programs require 3% down but depends on credit, income, assets, and property location. Once we review your application, I can see if you qualify for zero- or low-down options.
What is Mortgage Insurance (MIP/PMI) and why is it required?
It’s insurance for the lender on loans with less than 20% equity. It’s common on several types of loans using FHA and first-time buyer programs. There are ways to reduce or remove PMI, and I’ll go over those with you when we discuss your options.
Can I get a mortgage after bankruptcy?
Yes. Depending on the type of bankruptcy (Chapter 7 or 13), there’s usually a 2–4 year wait before approval. Let’s talk about your current situation so we can plan your next steps.
What are the benefits of Government loans (FHA, VA, USDA)?
They’re often provide flexible terms, come with competitive interest rates, and can require little to no down payment. VA and USDA loans can also waive mortgage insurance.
What is a physician’s loan?
A program designed for MDs, DOs, DDSs, DMDs, ODs, DPs, & DPMs with low or no down payment, no mortgage insurance, and flexible underwriting. Designed to help doctors become homeowners faster.
How is an ARM rate determined?
Your adjustable rate is set by adding a margin to a market index. It can change periodically, depending on the terms of your loan.
What is a balloon loan?
A short-term loan with lower initial payments but a large final “balloon” payment due at the end. It’s best suited for borrowers who plan to sell, refinance, or pay off the loan before it matures.
What’s the difference between the interest rate and APR?
Your interest rate is the cost of borrowing the money. APR includes the interest rate plus certain fees, giving you the total yearly cost of the loan.
What is an escrow account?
It’s a savings account for property taxes and homeowners insurance. Your monthly mortgage payment includes these costs, and the lender pays them on your behalf when they’re due.
