GETTING APPROVED FOR A MORTGAGE

The Mortgage Process Start to Finish

1. Give me a call to go over mortgage details so I have an idea of what you are looking for
2. Schedule an appointment with me to see how much you qualify for. BRING REQUIRED DOCUMENTATION
3. During the meeting, I will run your credit and complete your loan application. If I require further documentation based on the new information I get, I will request it then
4. Once I have everything I need, I will send your realtor your pre-approval letter stating how much you qualify for
5. Start looking at houses with your realtor till you find one you like (if you don't have a realtor, I can recommend you one)
6. Make a bid
7. When your bid is accepted, schedule an appointment with me to sign the required disclosures
8. My office submits the file for underwriting to the lender and we wait for approval
9. Once we receive the approval with conditions, we upload the remaining items the lender needs to get our Clear to Close
10. Closing is scheduled and you attend to sign the required documents
11. The realtor gives you the keys to your new home!

TAKING ON A MORTGAGE

At Emerald Mortgage Corporation

Emerald offers a variety of loan options that can meet your needs based on your situation. Thinking about purchasing or refinancing? Get the information you need to see if you qualify for what you are looking for when you call and schedule your appointment.

Purchase

Before finding the home of your dreams, see what you qualify for and bring me the required documents so you are ready to give a bid when you find it

Refinance

Do you think you are paying too much for your mortgage or want to take advantage of the current market rates? Set up an appointment with me and I can calculate how much money you could save with a new mortgage

Call to Schedule an Appointment

Answers To All Your Questions

WHEN GETTING A MORTGAGE

WHEN CAN I QUALIFY TO BUY A HOME?

People can qualify for a house when they have stable and taxable income and can afford the down payment. If you are currently paying rent each month, there is a good chance you can afford a mortgage as well. Although single-family homes tend to be more expensive, town homes and condos often come more affordable.

SHOULD I GET A FHA OR CONVENTIONAL?

Typically speaking, clients with excellent credit tend to receive conventional loans while those with average credit can get a better deal getting a government guaranteed FHA loan. During our appointment, we can go over the differences and determine which option is best for you.

HOW MUCH MONEY DO YOU NEED FOR A DOWN PAYMENT?

For an FHA loan, the down payment is only 3.5% of the purchase price. Conventional loans are 5% down payment but if you qualify for the HomeReady program, you can pay as little as 3% of the purchase price. In addition, 100% of your down payment can be a gift from a family member in most loan programs. This means that your parents or a relative who have already saved up can give you money to cover your down payment.

ARE MORTGAGE PAYMENTS MORE EXPENSIVE THAN RENT PAYMENTS?

Although mortgage payments normally seem to be a little higher than rent payments, it really depends on the house you are purchasing and it's location. Just like apartments, if you want a bigger property in a prime location, it will most likely cost more. However, there are plenty of available properties for purchase that have mortgage payments just as good and sometimes better than rent for apartments. And when you purchase, you are building equity in your home instead of paying X amount of dollars for rent that you will never see again.

WHEN SHOULD I REFINANCE?

The best time to refinance your property is when the rates are better than the rate you locked in. Typically for refinancing to be worth it, you want to be able to lock in a rate of at least 0.5% better. Refinancing can also make a lot of sense when you want to switch programs to get a fixed mortgage or to a conventional loan to drop mortgage insurance. If you need cash for a car, your child's college semester tuition, or something else, you can do a cash out refinance to take the equity out of your home and use it for an alternative purpose.