Frequently Asked Questions
Important Information and Answers for your financial future
Why go to a broker instead of a bank?
The days of the local community bank giving special consideration to a long-time customer when they apply for a mortgage are gone. Banks used to retain mortgages in their portfolio and therefore use their own policies to make lending decision. Today, Banks sell loans off to investors and therefore have to meet the investor’s guidelines, instead. Also, Banks don’t have access to loan programs that may be offered by other lenders. Brokers, on the other hand are free to do business with any lender so Brokers can offer borrowers a full array of mortgage products including, but not limited to: Conventional, FHA, VA, USDA, Jumbo, Alternative Credit, Low Documentation loans, Commercial Loans, Fix and Flip Loans, and Reverse Mortgages, etc., while virtually no one bank offers all these products. Brokers put the borrower first since making loans is the Broker’s only business and Broker’s only get paid when they close a loan.
What Documentation Will I Need?
The documentation required will depend on a number of factors such as the type of loan, your income, assets and employment as well as your credit profile. Therefore, some of all of the following may be required: Driver's License or other acceptable ID; copies of pay stubs for each applicant reflecting a minimum of 30 days income as well as YTD earnings; names and contact information of employers for the most recent two years; W-2s for two years; Bank and/or Investment account statements for the most recent two months; if self-employed, year-to-date Profit and Loss Statements plus signed income tax returns for the last two years; proof of pension or social security income; information regarding mortgages, revolving and installment loans or other debts; home insurance policy information; and if purchasing, a copy of signed sales contract along with a copy of the earnest money deposit check.
How do I begin?
Simply fill out the application by clicking the “APPLY NOW” tab. It should take only 15 or 20 minutes. Don’t worry if you don’t have all the information requested. The information you do provide will give our Mortgage Loan Originators a starting point to better understand your financing goals and your credit profile. Also, you can always reach out to one of our Carefree Mortgage Loan Originators and work together to complete the application.
What is the process?
After consulting with you to determine the best loan program that meets your goals and needs, we will ask you complete the standard mortgage loan application, provide us with supporting income, asset and other documentation as needed, order a credit report and property appraisal. Once we assemble the full documentation package, we will then submit it to the Lender's Loan Underwriting Department for approval, satisfy any pre-closing conditions and working with the Settlement and Title Company close your loan!
What are the closing costs?
Typical closing costs are made up of state taxes, Lender fees, and Closing Agent and appraisal fees. In addition to loan closing costs, funds may be required at closing to be placed in escrow with the Lender to pay expenses such as taxes and insurance when they become due. A preliminary Loan Estimate will be provided to you at time of application, and all closing costs will be finalized and disclosed to you on the Closing Disclosure prior to closing the loan. Contact your Loan Originator to discuss the specific costs for your specific loan. Each loan is different.
What is the timeframe to close a Loan?
The majority of loans will close in as little as 20 days or as many as 45 days based on how much of the required documentation you are able to provide upfront in the process as well as the turnaround time for such things as the appraisal or possibly a property survey. For certain situations some loans may require more than 45 days to close but this is not typical it's the exception.
What if my credit isn’t perfect?
There are multiple loan programs for credit impaired customers, from FHA to Alternative Credit to Hard Money Financing. Our Mortgage Loan Originators will work with you and advise you on the best strategies to improve your credit profile so you can qualify for the loan you are seeking.
Do I have to attend the closing?
You do not. Many closings today may be done electronically or utilizing a mobile notary that comes to your location.
During the process is there anything I should or should not do?
Your Loan Originator will stay in contact with you on a regular basis throughout the process however please discuss any changes to your situation as soon as these changes are known. Also, DO NOT MAKE ANY CHANGES TO YOUR EMPLOYMENT, ASSETS, ACCOUNTS (open new accounts, close accounts or request extension of credit lines) without FIRST discussing it with your Loan Originator.
The days of the local community bank giving special consideration to a long-time customer when they apply for a mortgage are gone. Banks used to retain mortgages in their portfolio and therefore use their own policies to make lending decision. Today, Banks sell loans off to investors and therefore have to meet the investor’s guidelines, instead. Also, Banks don’t have access to loan programs that may be offered by other lenders. Brokers, on the other hand are free to do business with any lender so Brokers can offer borrowers a full array of mortgage products including, but not limited to: Conventional, FHA, VA, USDA, Jumbo, Alternative Credit, Low Documentation loans, Commercial Loans, Fix and Flip Loans, and Reverse Mortgages, etc., while virtually no one bank offers all these products. Brokers put the borrower first since making loans is the Broker’s only business and Broker’s only get paid when they close a loan.
What Documentation Will I Need?
The documentation required will depend on a number of factors such as the type of loan, your income, assets and employment as well as your credit profile. Therefore, some of all of the following may be required: Driver's License or other acceptable ID; copies of pay stubs for each applicant reflecting a minimum of 30 days income as well as YTD earnings; names and contact information of employers for the most recent two years; W-2s for two years; Bank and/or Investment account statements for the most recent two months; if self-employed, year-to-date Profit and Loss Statements plus signed income tax returns for the last two years; proof of pension or social security income; information regarding mortgages, revolving and installment loans or other debts; home insurance policy information; and if purchasing, a copy of signed sales contract along with a copy of the earnest money deposit check.
How do I begin?
Simply fill out the application by clicking the “APPLY NOW” tab. It should take only 15 or 20 minutes. Don’t worry if you don’t have all the information requested. The information you do provide will give our Mortgage Loan Originators a starting point to better understand your financing goals and your credit profile. Also, you can always reach out to one of our Carefree Mortgage Loan Originators and work together to complete the application.
What is the process?
After consulting with you to determine the best loan program that meets your goals and needs, we will ask you complete the standard mortgage loan application, provide us with supporting income, asset and other documentation as needed, order a credit report and property appraisal. Once we assemble the full documentation package, we will then submit it to the Lender's Loan Underwriting Department for approval, satisfy any pre-closing conditions and working with the Settlement and Title Company close your loan!
What are the closing costs?
Typical closing costs are made up of state taxes, Lender fees, and Closing Agent and appraisal fees. In addition to loan closing costs, funds may be required at closing to be placed in escrow with the Lender to pay expenses such as taxes and insurance when they become due. A preliminary Loan Estimate will be provided to you at time of application, and all closing costs will be finalized and disclosed to you on the Closing Disclosure prior to closing the loan. Contact your Loan Originator to discuss the specific costs for your specific loan. Each loan is different.
What is the timeframe to close a Loan?
The majority of loans will close in as little as 20 days or as many as 45 days based on how much of the required documentation you are able to provide upfront in the process as well as the turnaround time for such things as the appraisal or possibly a property survey. For certain situations some loans may require more than 45 days to close but this is not typical it's the exception.
What if my credit isn’t perfect?
There are multiple loan programs for credit impaired customers, from FHA to Alternative Credit to Hard Money Financing. Our Mortgage Loan Originators will work with you and advise you on the best strategies to improve your credit profile so you can qualify for the loan you are seeking.
Do I have to attend the closing?
You do not. Many closings today may be done electronically or utilizing a mobile notary that comes to your location.
During the process is there anything I should or should not do?
Your Loan Originator will stay in contact with you on a regular basis throughout the process however please discuss any changes to your situation as soon as these changes are known. Also, DO NOT MAKE ANY CHANGES TO YOUR EMPLOYMENT, ASSETS, ACCOUNTS (open new accounts, close accounts or request extension of credit lines) without FIRST discussing it with your Loan Originator.
