|
FREQUENTLY ASKED QUESTIONS
How long does
the whole process take?
Usually, the process will take 7 to 10 days.
A lot depends on how fast you our client can
get the required documents to us.
What is
the difference between Full Document, Stated
Document and No Document?
Full
Document is where you prove your income with
your paystubs and W2 forms. Stated Document
is where we can state your income (This is
good for business owners or people who are
paid cash), No Document is where a Bank will
judge you only based on your credit score,
No Paystubs, No Income or Employment shown
on application.
When
should I look to get approved to buy a new
home? Before or after I find it?
Great question, you can and should do it
before, but remember the approval is only
good for 90 days. We might have to go
through the process again.
What is a
Negative Amortization Loan?
This
is a loan that usually has 4 payment
options. 1) Full 15 Year Payment, 2) Full 30
Year Payment, 3) Full Interest Only Payment,
4) Partial Interest Payment. When
making only the partial interest payment,
the difference from the Full Interest
Payment and the Partial Interest Payment
will be added onto the loan amount.
|
