Answers to the 3 Most Common Mortgage Questions

As a REALTOR® my job is not limited to the transactional duties of buying or selling your home. My goal is to escort you through the process providing expert advice and recommendations. I work with a reliable team of people including inspectors, insurance agents, attorneys, closing agents, mortgage brokers and more to ensure a smooth transaction from start to finish.

Julian Minatel, loan originator from Amerifirst Home Mortgage, is one of my trusted lenders. Here are Julian’s answers to the most common questions he receives about mortgages.

How much do I need to put down?

It really depends on the type of loan program that the buyer is interested in and may qualify for. Typically, this is from 0% (no money down) to 25% Occupancy also plays a big role (for example, a primary residence requires less money down than an investment).

What is my interest rate?

The interest rate is a variable that changes daily. It is dependent on a variety of factors including: credit score, loan program, loan length, loan to value, and property type.

What do I need to apply for a home loan?

Buying a home is very different from a regular installment loan or auto loan. Common loan documents that we need for a home loan include: bank statements (last 2 months), W-2s or 1099s (last 2 years), tax returns (last 2 years), pay stubs (last 30 days), photo ID (driver license, passport, state ID card) and proof of rental history (past 12 months if applicable). There may be additionally documents per the underwriter so they can accurately underwrite your file.

 

If you’d like help getting prequalified or have questions about how to sell your current home and purchase a new home, call or email me. It would be my pleasure to serve you!