Frequently Asked Questions

What is the difference between pre-qualification and pre-approval?
Pre-qualification and pre-approval are not the same. For pre-qualification the loan officer only needs the minimal information. However, during the pre-approval process the loan officer does virtually all the work involved in getting a full approval. Therefore, when you are pre-approved, you are in a much better position to negotiate.

Why should I be pre-approved?
Pre-approval is the first step to home ownership. Without a pre-approval, many sellers will not accept an offer on their home. Also, realtors are reluctant to show homes unless you have been pre-approved. Moreover, in cases of multiple bids on a home, a pre-approval greatly improves your bargaining position. 

What should I bring to my loan application?
Here is a list of things that you will need to bring to your loan application

  • Last 2 W2's and 1040's
  • Last 2 payments
  • Bank/stock statements for the last three months
  • Contract of sale on home you are buying/selling
  • Landlord address for last 2 years (if applicable)
  • Divorce decree (if applicable)
  • Certificate of eligibility or DD214 (VA Loans Only)

What if I don't have enough money for a down payment?
Often the down payment required is less than you think. We offer a variety of programs that require a minimal down payment. There are also programs available that require no money down. An FHA loan, for example, typically requires a 2.25% down payment which is lower than most conventional loans. Your Select Loan Specialist can help you decide which loan program is best for you.

When should I start looking for a mortgage?
It is best to investigate mortgages before you even start looking for houses. Not only can a loan specialist give you a pre-approval, a loan specialist can help you determine how much you can afford to spend on a house. They can also help you determine what your monthly payments will be, to help you determine what fits into your budget.

What are points?
Points are a percentage of the loan amount. One point equals one percent of the loan amount. For example, on a $100,000 loan one point equals $1,000. Paying points will reduce the interest rate on the loan, which in the long run will save you money.

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Defining Home Equity Loans
Home Equity loans are often considered 2nd mortgages because the home equity loan subordinates to your 1st mortgage using the remaining equity you have in your home for the new 2nd mortgage. Home equity loans are great financing tools for accessing cash or refinancing credit cards and student loans . Homeowners can select from fixed rate home loans or variable rate home equity lines of credit that feature revolving access to your finance your home equity.

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