Frequently Asked Questions
Find answers to common questions about mortgages and home financing.
General Mortgage Questions
What types of mortgages do you offer?
We offer a wide range of mortgage options including conventional loans, FHA loans, VA loans, USDA loans, jumbo loans, and specialized programs for first-time homebuyers.
How much down payment do I need?
Down payment requirements vary by loan type. Conventional loans typically require 3-20%, FHA loans start at 3.5%, VA loans may require no down payment, and USDA loans offer 100% financing for eligible rural properties.
What credit score do I need to qualify?
Minimum credit score requirements vary by loan type: FHA loans may accept scores as low as 580, while conventional loans typically require 620 or higher. VA and USDA loans are more flexible but generally prefer scores above 620.
Application Process
What documents do I need to apply?
Common required documents include: pay stubs from the last 30 days, W-2s and tax returns from the last 2 years, bank statements from the last 2-3 months, and proof of assets or other income sources.
How long does the mortgage process take?
The typical mortgage process takes 30-45 days from application to closing. However, this can vary based on loan type, property type, and current market conditions.
What are closing costs?
Closing costs typically range from 2-5% of the loan amount and include fees for: appraisal, title search, title insurance, loan origination, credit reports, and various other processing fees.
Refinancing
When should I consider refinancing?
Consider refinancing when: interest rates are significantly lower than your current rate, you want to switch from an adjustable to fixed rate, you need to tap into home equity, or you want to change your loan term.
How much equity do I need to refinance?
Most conventional refinances require at least 20% equity, though some programs may allow for less. FHA and VA streamline refinances may not require equity verification.
Will refinancing save me money?
This depends on various factors including the new interest rate, closing costs, how long you plan to keep the loan, and your current loan terms. We can help you calculate your potential savings.
Special Programs
What first-time homebuyer programs are available?
Michigan offers several programs including down payment assistance, tax credits, and special loan terms. We can help you identify which programs you might qualify for.
Do you offer construction loans?
Yes, we offer construction loans and construction-to-permanent financing options for building a new home or major renovations.
What are the requirements for VA loans?
VA loans are available to veterans, active duty service members, and eligible surviving spouses. Service requirements vary based on when and how long you served.
Still Have Questions?
Our mortgage experts are here to help. Contact us for personalized assistance with your mortgage needs.