FAQs

Fixed Rate or Adjustable Rate? Which is better?

There is no absolute right answer but a lender will look at your individual situation and make sure you understand all the options available.

Are fees important?

Yes. Once you have identified that the lender has the lowest rates, comparing fees will determine additionally if they are offering the best product.

Is the mortgage application process difficult and time consuming?

No, in fact some lenders have streamlined the application procedure, which in turn lowers your rate and fees.

Can I apply for a purchase loan before I've found my property?

Absolutely! When you apply for a purchase pre-approval you simply assume a maximum purchase price, loan amount, and loan program. Once your loan has been approved you can change any of these variables to match the specifics of your purchase transaction. Please note that most lenders cannot lock in a loan until a property address has been specified.

How quickly will my loan be approved?

Once your application is received, you can expect to receive an answer within 1 day. The processing of your loan will be related to how complete your application is and how rapidly you submit any required documents to the lender.

What about the appraisal?

The lender will arrange for an appraisal of your property and will use your estimated value as a guideline. If your appraised value is lower than your estimated value, they should notify you right away.