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COMMON
FAQ
1.
1.
Why is local better?
This is big when it comes to making a decision like buying a house, having someone you can meet face-to-face is important. Being able to sit down and go through numbers, expectation, and next steps is best done face-to-face or zoom depending on comfortability. I pride myself on being flexible to meet people and being totally transparent about costs, process, and expectations.
2.
2.
What is PMI?
Private Mortgage Insurance (PMI) is an insurance policy a lender requires when less than 20% down is put on a mortgage. Contrary to popular belief, many believe it’s super expensive, but depending on several factors, it may not end up that way. There’s many forms of PMI that people don’t discuss. It’s important to go over this if you intend to put less than 20% down.
3.
3.
What is an Escrow Account?
An escrow account is an account that holds your property tax and homeowner’s insurance part of the payment. Since property taxes and insurance are due once or twice a year, this allows 1/12 of the total amounts so you don’t have to worry about lump sum payments. These are automatically paid out of the escrow account as well. So if you escrow your taxes and insurance, DON’T PAY THE BILL TWICE!
4.
4.
How fast can I get pre-approved?
This is a loaded question because it truly depends on you! I am unable to review an application fully unless I have the documents that I requested. This allows me to dial in all the numbers and give you solid info. So it can be same day or 3 days, just depends on you.
5.
5.
Why should I use you?
My goal is ensure you have a GREAT experience! My business is 100% referral based, so in order for me to earn these things, the loan has to close and I do a good job for you. So if you want a great experience and know exactly what is happening, my team is for you!
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