We have the answers to all your questions here.
Frequently Asked Questions:
Your interest rate is determined by different factors such as the property type, down payment, loan amount and credit scores. West One Capital Group would love to provide current market rate quotes for your particular scenario at any time. Rates cannot be locked unless a property is identified and we have an address to associate with the rate-lock.
Listing agents and sellers are much less likely to accept an offer accompanied only with a "pre-qualification" rather then a more comprehensive "Pre-Approval". A typical pre-approval takes 1-3 days. If you have an upcoming offer deadline, please let us know and we will happily expedite accordingly. The pre-approval process is much more involved than most borrowers realize, but we can fully pre-approve borrowers in several hours if necessary. .
Your pre-approval remains valid as long as the primary criteria we used to pre-approve you remain the same. The primary criteria include your employment, your income, your debt obligations, your assets, and your credit. If any of these criteria change, please let us know so we can evaluate their impact on your qualifications and pre-approval.
All of our loan products require a down payment towards the purchase price, with the exception of VA financing, however we have plans that can go both FHA and conventional financing with very low down payment options. FHA requires only 3.5% of the purchase price for a down payment, and our conventional options require as little as 3% down for qualified buyers. Both FHA and conventional loans also allow “gift funds” to comprise 100% of the down payment. Veterans eligible for VA financing can take advantage of VA financing that requires no down payment, as long as the loan amount is within county loan limits.
Closing costs cannot be rolled into a purchase loan per se. Borrowers can, however, put less money down and obtain financing with a higher loan-to-value ratio if guidelines allow. This may result in a higher interest rate or mortgage insurance though. Lenders can also assist with closing costs with “lender credits” but these often result in a slightly higher interest rate.