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Financing

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Talking with a lender and getting a preapproval is the first step in purchasing a home. You’re free to choose whichever lender you prefer, or I'm happy to put you in touch with a few experts who have done a great job for my past clients.

 

I work with lenders who are committed to a fast, professional, and courteous experience, all while making sure that they help you understand the lending process and put you at ease throughout the home buying experience. 

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See below to begin the preapproval process.

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Frequently Asked Questions

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Here are answers to some questions that I'm frequently asked in hopes that it helps you, too. 

WHAT'S SELLER ASSIST?

Depending on the type of loan that the borrower chooses, they might qualify for seller assist. Seller assist gives the buyer the ability to ask the seller to help pay for some of the closing costs. If the seller agrees, this will be less money out of pocket for the buyer at the time of closing. However, asking for seller assist is part of the offer negotiation process, and the sellers do not have to agree to it.

WHAT'S MORTGAGE INSURANCE?

Mortgage insurance, or PMI, protects the lender in case a borrower defaults on their loan. It's usually required when a borrower puts down less than 20% when purchasing a house. Over time, as the borrower continues to make regular monthly mortgage payments and has accumulated 20% down, they can ask the lender for the mortgage insurance to be removed. (So don't worry, you wont be paying the insurance for the whole length of the mortgage.)

HOW MUCH ARE CLOSING COSTS?

​Closing costs are an amount that's due from the buyer at the time of closing and typically ranges from 2 to 5 percent of the purchase price of the house. The cost varies based on the type of loan you have, property location, and other factors. It accounts for things such as prepaid interest, taxes, insurance fees, documentation preparation fees, lender fees, etc. Both the buyer and seller are responsible for paying different costs at the closing.

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When you get a preapproval, your lender will give you an estimate of what the costs will be. The more specific you are about what area you want to live in and price range that you're considering, the more accurate your closing costs will be.

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DO I HAVE TO PUT DOWN 20%?

No, you definitely don't have to put 20% down (very few people actually do!)  Some loans allow you to put down as little as 3%. FHA requires 3.5%, and if you qualify for a VA or doctor loan you can put 0% down!

 

Keep in mind, if you put down less than 20% you'll most likely have to pay PMI (private mortgage insurance) until you've made enough regular monthly payments in order to reach the point of having put down 20%. At that point you can ask the bank to remove the PMI from your monthly mortgage payment.  

I JUST CHANGED JOBS - WILL THAT IMPACT MY ABILITY TO GET A MORTGAGE?

Lenders usually like to see that you've had two years of consistent employment history; however, if your new job is within the same line of work as the previous one, the lender might find that to be sufficient.

WHAT'S A PREAPPROVAL AND WHY DO I NEED ONE?

A preapproval will tell you approximately how much money you can borrow, so you’ll be able to know what price point of a home you're able to afford. It'll also help you figure out what the estimated monthly taxes and mortgage payments will be, how much cash you'll need for the closing, and if anything on your credit needs to be addressed prior to purchasing a house. 

WHAT DOCUMENTATION WILL I NEED TO PROVIDE TO A LENDER?

Common documents the lender will ask you for are​

  • Tax returns and W-2 forms from the past 2 years

  • Bank/asset statements from the past 2 months

  • Pay stubs from the last 30 days

  • Valid photo ID

Start the Preapproval Process

Thanks - I'll be in touch shortly

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