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Some commonly asked Mortgage Finance Questions
How long does it take to process a
- Usually about 45 to 60 days.
Although it can take as few as 30 days and as long as 90 days for
some transactions. The actual time depends on how quickly the
lender can get an appraisal of the property, a credit report and
verification of employment and bank accounts.
What documents will I have to
- Be prepared to provide
verification of income (including a pay stub and recent tax
returns), bank account numbers and details on your long-term debt
(credit cards, auto loans, child support, etc.). If you are
self-employed, you may also be required to provide financial
statements for your business.
- In recent years, lenders have been
required to obtain more specific information from borrowers in
order to package and sell loans to investors.
Could anything delay approval of my
- If you provide the lender with
complete, accurate information, everything should go smoothly. You
may face a delay if the lender discovers credit problems - a
history of late payments or nonpayment of debts, or a tax lien.
You may then be required to submit additional written explanations
- You should also be sure to notify
your lender if your personal or financial status changes between
the time you submit an application and the time it's funded. If
you change jobs, get an increase (or decrease) in salary, incur
additional debt or change your martial status, let the lender know
promptly. Some changes can effect your ability to qualify for
certain financing limits.
What do the closing costs include?
- Closing costs cover processing and
administration of your loan. In addition to a loan fee, you'll
usually be asked to prepay interest charges, to cover the partial
month in which you close, the impounds for property taxes, hazard
insurance and mortgage insurance.
When do my mortgage payments start?
- Usually about 30 days after
closing. The actual date of your first payment will be included in
your closing documents.
What is included in my house
- Principal and interest on your
loan. Depending on the terms of your loan, the payment also may
include hazard insurance, mortgage insurance and property taxes.
Can I pay those other things
- Not if it's an FHA-insured or VA
loan. With most other loans, you can pay your own taxes and
insurance if you borrow no more than 80 percent of the purchase
price or appraised value of your home. Check with your lender to
We hope this brief Question & Answer page has
been of use to you, if you would like to proceed to the next step of
owning your own home,
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