When buying a new home, it’s perfectly normal to have a million questions running through your mind. We want to alleviate some of these questions and make sure your home-buying process is a breeze. Here are some frequently asked questions and their answers.
Q: How long do I have to get a loan approval?
A: Preliminary loan approval is 5 business days following effective date of contract.
Q: If I don't get an initial approval, is my deposit refundable?
A: Yes, as long as you notify us within 3 days of your loan denial.
Q: Do I get keys at closing?
A: Keys will be given to you once funding has been completed. Funding typically occurs 24 to 48 hours after closing.
- DO save all bank statements, pay stubs, W2's, etc.
- DO make on-time payments for all credit cards, loans, rentals, etc.
- DO save money for deposits and down payments.
- DO keep current employment and income sources.
- DO notify your lender immediately of changes to income sources (salary and other compensation).
- DO provide lender your homeowner's insurance agent name and contact information.
- DO save all documentation of large or significant deposits into your bank accounts.
- DO make sure that all earnest money is from an acceptable source (savings or checking account, 401K etc)
- DO ask questions about anything you feel is unclear.
- DON'T quit or change your employment or income sources.
- DON'T make any major purchases (car, appliances, furniture, etc).
- DON'T apply for new credit, "same-day" loans, etc.
- DON'T make any late payments on your existing credit accounts or mortgage.
- DON'T max out or over-charge your credit cards.
- DON'T write any insufficient funds checks (NSF).
- DON'T transfer any large or significant deposits to your checking or savings accounts.
- DON'T co-sign for another person for a loan or line of credit.
- DON'T dispute or pay off any credit lines, loans, or collections without first consulting your lender.