Frequently asked questions.

Buying a home is an exciting and significant milestone in life. However, it can also be a complex and overwhelming mortgage process. To help you navigate the home buying journey with confidence, here are some helpful tips. These tips will not only save you time and money but also ensure a smooth and successful purchase. Let's dive in!

  • Any time you apply for a large loan, your lender will require a credit report. This gives them a complete picture of your finances and trustworthiness when it comes to paying back your loans.

  • You must have a 2 year history with your current employer in most cases, before commissioned income can be used. Sometimes exceptions can be made if you have had jobs in the same industry. 

  • Mortgage insurance is there as a protection for the lender of your home loan. Home loans that put less than 20% down require mortgage insurance.

  • When financing a house, the down payment is different between a home's purchase price and the amount of the mortgage. The down payment must be obtained upfront before the home purchase can close. Down payment, closing costs, taxes and insurance (escrow) are all pieces which make up the cash due the day you close on your new home. Ask me for a breakdown of how these numbers will look for you.

  • Your first payment will be due on the 1st of the month, a month after closing. For example, anyone who closes in April, their first payment will be due June 1st.

  • Home loans will allow you to secure a 0%, 3%, or 5% down payment plus closing costs. Another similar loan option is called a piggy-back loan where you get approved for the first and second