FAQ

FAQs About the Loan Process

1. What documents do I need to apply for a mortgage? To apply for a mortgage, you’ll typically need:

  • Proof of income (pay stubs, tax returns, W-2s)
  • Proof of assets (bank statements, investment account statements)
  • Credit history (credit report)
  • Personal identification (driver’s license, Social Security number)
  • Employment verification

2. How do I know which mortgage loan program is right for me? Our Mortgage Loan Originator, Joe Frank Cerros, will work with you to assess your financial situation, homeownership goals, and preferences to recommend the best loan program for your needs.

3. What is the difference between a fixed-rate and an adjustable-rate mortgage?

  • Fixed-Rate Mortgage: The interest rate remains the same throughout the life of the loan, providing predictable monthly payments.
  • Adjustable-Rate Mortgage (ARM): The interest rate is fixed for an initial period (e.g., 5, 7, or 10 years) and then adjusts periodically based on market conditions.

4. How much down payment is required? The down payment requirement varies by loan program:

  • Conventional Loans: Typically 3% to 20%
  • FHA Loans: As low as 3.5%
  • VA Loans: No down payment required for eligible borrowers
  • USDA Loans: No down payment required for eligible rural properties

5. What is the pre-approval process? Pre-approval involves a preliminary review of your financial information to determine how much you can borrow. It includes:

  • Submitting an application
  • Providing necessary documentation
  • Undergoing a credit check Pre-approval gives you a clearer picture of your budget and strengthens your position when making an offer on a home.

6. How long does the mortgage approval process take? The mortgage approval process typically takes 30 to 45 days, but it can vary based on factors such as the complexity of your financial situation and the responsiveness of all parties involved.

7. Can I refinance my existing mortgage? Yes, JCRMG INC offers various refinancing options, including rate-and-term refinance and cash-out refinance, to help you achieve lower interest rates, change your loan term, or access your home equity.

8. What are closing costs? Closing costs are fees associated with finalizing your mortgage, including:

  • Loan origination fees
  • Appraisal fees
  • Title insurance
  • Attorney fees
  • Prepaid interest and property taxes These costs typically range from 2% to 5% of the loan amount.

9. What is a mortgage rate lock? A mortgage rate lock is an agreement between you and your lender to secure a specific interest rate for a set period, usually 30 to 60 days, protecting you from rate fluctuations during the loan approval process.

10. How can I contact JCRMG INC for more information? For personalized assistance and expert guidance, contact Joe Frank Cerros, our Mortgage Loan Originator, at 1-888-600-7577. We’re here to help you every step of the way!

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