Prequalify FAQ's
Let us find the best mortgage professional for you! Please complete the form below to prequalify for a home loan.
Here are some common question that people ask before applying for a Mortgage!
Q.How can I find out how much I qualify to borrow?
A.Based upon information you submit, a loan experts will determine the approximate amount of money that you will be allowed to borrow. You will be "pre-qualified" for that loan amount. The amount you qualify for is based on your current debts, estimated down payment, and your income. Scroll to the bottom to get pre-qualified and submit your information on-line.
Q.How much money do I need for a down payment ?
A.There are loan programs available that do not require any down payment. These loan programs have higher interest rates and they may have a prepayment penalty. For most loans a minimum down payment of 5% is required plus money for closing costs, which normally average 1 to 2%. Some programs allow the down payment and/or closing costs to be a gift from a family member. Government and non-profit grants may be available for down payment assistance. A Loan Officer can advise you about these different types a loans.
Q.What does "loan to value" mean?
A.Loan to value (LTV) is the loan amount divided by the lesser of the sales price or appraised value. For example, if you are paying 15% of the total cost of the home as a down payment, you would only be borrowing 85% of the total sales price from the lender. Therefore you LTV would be 85%.
Q.How do I know which loan is for me?
A.There are many different types of loans, selecting the right one can be difficult. You should speak with a loan officer to help you choose the perfect loan.
Q.What does it mean to be pre-qualified?
A.By examining your gross monthly income and debts, your lender will calculate a monthly payment and loan amount that you qualify for. This payment is also the maximum monthly payment allowed for your loan given your income and debts. Once you Pre-qualify, you have a good idea what price range you are looking for. Don't Waste time looking at homes that are either too expensive or underpriced for your needs.
Q.Can I get pre-approved for my loan before I've found my house?
A.Certainly, after you have applied for your mortgage and been pre-qualified for a payment, it's a good idea to get pre-approved before you start looking for your next home. When you are pre-approved, we will verify and document all information you provide in your loan application. A pre-approved loan is a very good negotiating tool, it could possibly give you an advantage over a buyer who does not have approval yet. Seller's like to know they are selling to credit worthy borrowers, with a pre-approval, you are proven credit worthy and backed by Broadview Mortgage Company. (Pre-Approval is subject to satisfactory property review and no change in borrower's financial condition.)
Q.Can I qualify for a VA loan
A.VA loans, guaranteed by the Veteran's Administration, are for veterans who meet a certain criteria. VA loans do not require any down payment and in some cases the seller may be willing to pay all or part of the closing costs. This allows the veteran to purchase a home with little or no money down. To find out if you qualify for a VA loan, ask your loan officer for an 1880 form for you to complete. After you have completed this form, take it and your discharge papers (or DD214) to your local VA office to determine your eligibility. Active military personnel may also be eligible for a VA loan.
Q.How do I apply?
A.Simply fill out the form at the bottom of the page. Its quick and easy and totally secure. I will then submit your information to one of the Mortgage Companies we work with. If you would rather start another way you can call my office and leave a message or you can click this link: CLICK HERE and go to Mortgage Section
