FAQs

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When is my first payment?
Why do I have to give blank pages to my bank statements?
Why can’t escrows from my previous mortgage company be transferred to my new escrow account? (Especially when the current mortgage is with Bellco.)
Why do I have to prove my other house is free and clear when you can see there is no mortgage on the credit report?
Why do you have to use the lower of mine and my spouse’s two mid scores?
Can I lower my rate after I lock if rates drop?
Where do I make my first payment?
Which loan is best for first-time home buyers?
How can I get a mortgage for a second home?
Can I get a mortgage with 5% down?
How long does it take to be approved for a mortgage?

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When is my first payment?

The due date for your first mortgage payment depends on the closing date, and it’s usually more than 30 days away. Typically, you can estimate it by adding a month to the closing date, then figuring your payment will be due on the first day of the following month. For example, if you closed on your mortgage on March 12, your first payment would be due May 1. You can find the due date for your initial payment among the documents you receive at closing.

Why do I have to give blank pages to my bank statements?

Underwriters require all pages of a bank statement as no two bank entities have the same format on their statements. It’s important for them to be able to see all information on the statement due to underwriting requirements and agency guidelines.

Why can’t escrows from my previous mortgage company be transferred to my new escrow account? (Especially when the current mortgage is with Bellco.)

Unfortunately, you cannot reassign your escrow account from one loan to another. If you pay off your current mortgage with a new loan, the original lender will refund the remaining funds in your account. The lender is unable to transfer the funds to your new mortgage account.

Why do I have to prove my other house is free and clear when you can see there is no mortgage on the credit report?

In today’s financial world, there are many types of financing that may not report to a credit company, such as a privately held mortgage. In addition, any tax, insurance, or HOA liabilities are part of the qualifying ratios in your mortgage qualification.

Why do you have to use the lower of mine and my spouse’s two mid scores?

The agency requirements to determine loan eligibility mandate that the lowest middle score is used for all borrowers involved in the qualifications. If only two scores are available, the lowest would be used to qualify.

Can I lower my rate after I lock if rates drop?

Locking in your mortgage rate preserves any movement — whether up or down — in interest rate fluctuations. Markets can improve or deteriorate on any given day and choosing to lock the rate freezes your upside or downside during your transaction.

Where do I make my first payment?

Included in your closing paperwork is a copy of the first payment coupon, which will list the entity that your first payment should be submitted to. Subsequent payments could change if the servicer of your loan is transferred. If this is the case, you will receive the required transfer paperwork and notifications.

Which loan is best for first-time home buyers?

This depends on a few different factors, including your credit history, down payment amount, and other financial qualifications. Your best bet is to get in touch with a loan officer to go over your options together.

How can I get a mortgage for a second home?

If you’re looking to purchase a second home, you can finance the transaction with a conventional loan. It’s helpful to have a conversation about your down payment amount and interest rate, so reach out to us to learn more.

Can I get a mortgage with 5% down?

Yes, you can! Based on your financial and credit history, you will have a variety of options with a 5% down payment. Your loan expert can help you decide which home financing program will work best for you.

How long does it take to be approved for a mortgage?

It will depend on your situation, but your initial approval can occur the same day you speak to a loan officer. Typically, the underwriting process will take a few weeks, which is when you’ll receive your final approval.