We Want to Answer All Your Concerns So We Can Help You!
We don’t want you to go mortgage blind throughout the whole process. For decades, we’ve been involved in supporting our customers with making the right financial decisions. We understand it’s a bigger responsibility on your head to make a smart investment. Hence, we are here to answer all your perplexing questions to find a loan that suits your financial needs.
Here’s a quick guide of our FAQs just for youto help with your growing concerns so you canmake a wise and right choice in a mortgage.
Depending on the type of mortgage, a professional expert at PurelendMortgage may ask you for different items or documentation. This will allow them to prepare generally and help them to help you during the process more efficiently.
They may ask you to show or submit further documentation such as:
- Your Pay Stubs (from a specific period or recent ones)
- Bank Statements
- Drivers’ license
- Proof of Closing Funds (A possible explanation about their background too)
Some down payments come from a gift. In that case, you’ll have to submit a gift letter to confirm the gift and the sources of funds.
You can find that out by filling our online form and submitting the required details. Our mortgage officer will contact you and guide you exactly about how much you can borrow to shop for your house. Moreover, you can contact our given information and let our expert run the credit report to verify your income and assets. This will allow us to obtain complete information regarding your income and debts before making an offer for the required mortgage loan.
Congratulations! If you’ve passed the pre-approval process for mortgage home financing, all you need to is have areator for property buying. Usually, the pre-approvals have a fixed estimated time for validation, which is mostly 30-60 days. So, you may want to expedite the home shopping process after getting pre-approved.
The closing costs may vary depending on the financing needs and the demand of the lenders. However, you may experience some mortgage fees, which you should be aware of during the process, such as Appraisal Fee, Origination Fee, Loan-Related Fee, Mortgage Insurance, Broker Fee, Prepaid Interest, Tax or Annual Fee, or Title Fee.
The closing depends on the situation. However, you can expect to allocate 30-35 days for the home closing process. It may extend or shorten based on factors like seller’s conditions, financing, and other circumstances.
On the day of closing, you’ll have to sign a few legal documents that will confirm your ownership of the home. Then, you’ll have to ensure the payment of closing fees and other fees while receiving a closing disclosure.
Refinancing is evaluating your home’s value to examine your financialsituation. There are several considerations to make, such as the interest rates, mortgage payment, closing costs, and more before you reach a wise decision. Therefore, you can consult Purelend Mortgage to help you decide whether it’s the right time for refinancing and other considerations.