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Financing FAQs

To help answer your questions

We've provided answers to the most commonly asked questions. If your question wasn't answered below, please feel free to contact us at 801-884-6637, we are happy to help.

Q: How do I get pre-approved to purchase my home?

A: In order to obtain your pre-approval you will need to apply for your home loan with our preferred lender.  You can either apply online with our preferred lender or contact us at 801-884-6637.

Q: Should I wait to buy a home if I currently have debt?

A: There are four major factors when considering an application: your employment and income, your assets, your credit record, and the value of the home you wish to purchase. All these factors are considered when making a credit decision. Please don't hesitate to apply or if you'd like to speak to a mortgage professional, contact us at 801-884-6637

Q: How much of a difference does a large down payment make?

A: The amount of down payment will affect your monthly payment and the type of loan product that will best meet your needs.

Q: What documentation will I need to provide in order to get my loan? When should I send it in?

A: The exact documentation you may be requested to send in depends on the type of loan you are getting. We recommend having the following documentation available to help you accurately complete your application and kept together should you need to provide it for your loan. Your Loan Consultant will inform you of any documentation that is needed.

Here's a list of documentation that may be requested from you:
  • Two months of most current and consecutive bank/investment/retirement statements on all accounts
  • Most recent paycheck stubs covering a 30-day period for each borrower
  • Most recent two years' W-2s and/or 1099s for each borrower
  • Most recent two years' Federal tax returns for each borrower (all schedules)
  • Complete divorce decree(s) with all attachments (if applicable)
  • Complete bankruptcy papers with all schedules and discharge papers for bankruptcies within the last seven years (if applicable)
  • Complete sales contract on house being sold (if applicable)
Q: How can I get a copy of my credit report?

A: Upon receiving your loan information, your credit report will be requested from each of the three credit reporting agencies (Equifax, Experian, and TransUnion). As a standard practice, we provide you with a copy of your credit report for your records.

Q: Do I have a choice of points or no points?

A: Yes, you do have a choice. The primary idea of points is to pay a fee at closing in order to lower your interest rate. Depending upon how long you keep your loan, you may save substantially more money over the life of the loan. Your mortgage professional can help you decide whether you should chose to pay points.

Q: What mortgage expenses are associated with buying a home?

A: Your Loan Consultant will provide you with a Good Faith Estimate (GFE) after you have applied for a loan. This disclosure outlines all costs associated with the loan closing. Many lenders charge an origination fee and a processing fee. Other fees associated with a loan closing may include, but are not limited to, your attorney’s fees, filing fees, mortgage taxes, title search and title insurance. You may also be asked to pay real estate taxes and/or establish escrow accounts for real estate taxes and homeowner’s insurance. Some fees may be collected at the beginning of the transaction.

Q: How much money will I need at closing?

A: Your closing costs will depend upon the sales price, the amount of your down payment and the various fees connected with the purchase of your home. Closing costs and escrow items including mortgage insurance, prepaid taxes, attorney's fees, title insurance, etc.