Owosso (989) 723-3859 | Ludington (231) 425-5555

Frequently Asked Questions

Frequently Asked Questions2019-10-14T03:06:52+00:00
How much does it cost to get a loan?2019-10-13T19:10:35+00:00

Loan costs vary per loan. We will work up a detailed itemized list of all the estimated loan fees and costs and present them to you. Some examples of customary charges include an appraisal, credit report, underwriting, title closing fee, title insurance, and recording charges.

Do I need to use a realtor?2019-10-13T19:25:12+00:00

No it is not required but it is highly recommended. A quality realtor has access to all listed properties and can help you negotiate the best price and terms. Also as a home buyer it doesn’t cost you anything.

How do I estimate what my monthly payment will be?2019-10-13T19:08:32+00:00

There are many factors that go into calculating your monthly payment including loan amount, interest rate, homeowners insurance, property taxes, PMI, etc. Our job is to analyze each of the things that affect the monthly payment for each house and give you an accurate estimated payment based on the individual house you are interested in.

Where can I find listings of foreclosed properties?2019-10-13T19:24:34+00:00

The best way to locate foreclosed homes is to use a realtor.

How long does it take to close on a loan?2019-10-13T19:15:07+00:00

Most loans can be closed in 3 – 4 weeks. Sometimes bank owned properties or complicated borrower profiles can take longer but some loans can also close quicker.

How Do I Know What Programs I Qualify For?2019-10-13T19:44:45+00:00

We offer FHA, RD/USDA, Conventional, VA, MSHDA, Rehab/Repair, and New Construction loans. We will take all your information and consider you for all programs. Based on your specific needs and long term goals, we will help you select which program is best for you.

Do I need to get pre-approved before I can look at houses?2019-10-13T19:26:17+00:00

We recommend it and most sellers won’t consider your offer without one. Our preapproval process does more than just preapprove you to buy a house. As part of our preapproval process we will make sure you know your price range, estimated payments, and estimated cash to close before you make an offer.

How do I know what price house I qualify for?2019-10-13T19:45:01+00:00

When we qualify you for a home, what we try to determine is how much payment you can afford. Based on your payment comfortability, we can give you a price range to start searching in. Due to the many factors that go into calculating a monthly payment, you may be able to qualify for a $100,000 house but not an $80,000 house. We will look at each house you are interested in individually and give you customized figures before you make an offer.

Can I borrow more that just the purchase price?2019-10-13T19:14:36+00:00

Typically no. In certain circumstances with RD you can borrower more than the purchase price to cover appliances or minor repairs. Also an FHA 203k loan is a specialized program that you can use to make various repairs to the home.

How do I estimate what my interest rate will be?2019-10-13T19:09:38+00:00

Interest rates vary by credit score, loan amount, program, etc and change daily with market conditions. We will estimate your rate for your individual profile and keep you informed of where rates are and where they are going during your loan process.

What type of documentation is required for a loan?2019-10-13T19:17:36+00:00

Typically loans require paystubs, 2 years W2’s and tax returns, and recent bank statements. Some customer profiles may require additional things such as bankruptcy papers, divorce decree, or child support documentation.

What does my credit score need to be to get a loan?2019-10-13T19:28:09+00:00

We look at more than just your credit score for a loan but typically the minimum score is 620-640.

Are there any first-time home buyer programs available?2019-10-13T19:44:53+00:00

Yes. We have a wide range of programs to meet many needs which include programs for first-time homebuyers.

How much down payment is required to purchase?2019-10-13T19:13:10+00:00

Different programs have different down payment requirements. There are many programs to choose from and some are as little as zero down. It is also important that you understand the difference between down payment and cash to close. The program may require zero down payment but the loan closing costs still have to be paid for which means you may have to bring money to the table to close. However, sometimes the closing costs can be paid for by the seller. We can work with your offer to buy and build in costs to make there be little or no money out of pocket for your loan.