We know mortgages come with a lot of questions and big decisions. Below are the questions we hear most. Contact us today for more detailed information.
FAQ
FREQUENTLY ASKED QUESTIONS
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A bank can only offer you its own loan products. Click on link for more info https://www.stampflimortgage.com/the-broker-difference
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Pre-qualification is a quick, informal estimate based on what you tell us. Pre-approval means we've verified your income, credit, and finances.
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Ideally, before you start looking at homes or working with a real estate agent. Definitely before you write an offer on a home.
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There are some loan programs that offer as little as 0% down. However, the most realistic number to aim for is 5% down.
Getting Started
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Your interest rate is the percentage you pay to borrow the money. The APR (Annual Percentage Rate) helps you determine the full cost of a loan including rates and other fees.
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Your credit score may determine what mortgage programs are available to you and they may affect your interest rate. Underwriters use your credit score to help determine how likely you are to repay your loan on time.
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We do need to pull credit before issuing a pre-approval.
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We don’t have our own interest rates to post. We match people to the best interest rate available through one of our lender partners.
Rates & Credit
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Generally: recent pay stubs, W-2s or tax returns (if self-employed), bank statements, and ID. Please don’t email documents; always use the secure upload options we provide.
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Although it depends on several variables, we can get a loan closed within just a couple of weeks.
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Yes, in most cases you need to show two years of proven income. We work with self-employed buyers all the time and know exactly what lenders and underwriters are looking for.
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As a broker, we generally get paid by the lender so there are no up-front costs to you. We don’t have application or processing fees either.