Do I have to have a signed purchase agreement before I can make application
for a mortgage?
No, it is not necessary to have a signed purchase agreement
to get the application process started. You don't even need to have
a specific property selected. So you will know what you can afford
before making your home selection, we can do a pre-purchase approval
for you.
How long does the approval process take?
Depending on
your specific situation and the completeness of your application,
we could have an answer for you in as little as 24-48 hours.
Can
I get a loan if I have had a foreclosure or a bankruptcy?
It is possible
to be approved for a mortgage even if you have had credit problems
such as a foreclosure or bankruptcy. These applications are reviewed
on a case-by-case basis, and every effort will be made by FCMC to
secure a loan approval for you in a timely manner.
How much do
I need to put down?
Although we do have loan programs that require
no down payment, you will normally get the best rates when you put
down 5% or more. The actual amount that is right for you will be determined
by such factors as cash availability, maximum loan you're qualified
for, your investment goals, desired house payment, etc. The best way
to determine what down payment is best for you, is by contacting an
FCMC Loan Officer.
How do credit scores affect the approval process?
A
credit score from each of the three national credit repositories is
issued for each borrower. These scores are computer-generated using
formulas which give varying weights to the different aspects of your
credit history.
Will an appraisal be done on the home I am purchasing
or refinancing?
Yes, one is required for every loan. If you are purchasing
a home that is new construction the appraisal is normally done while
the home is under construction and a final inspection will be done
by the appraiser to certify the home is complete prior to closing
on the loan. You can ask your processor for a copy of the appraisal.
Will
I have to sell my current home before I can close on the home that
I am purchasing?
If you do not need the equity from your current home
for funds to close on the new home and/or if you can qualify with
both the old and the new house payments, then you will not have to
sell your current home before closing on the new property.
When
can I lock in an interest rate for my loan?
You can lock in a rate
up to 60 days from the closing of your home. Longer term locks are
available with an up-front, non-refundable commitment fee.
