Frequently Asked Questions

Q: Is there a fee for a pre-application consultation?
A: No. There are no fees for consultation, application or pre-qualification. It’s simply a chance for you to ask questions, explore options, and see if we’re the right fit.

Q: What documentation will I need?
A: It depends on your loan program and application specifics. Some require income, asset statements, and tax returns; others need less. Once we choose the right program, I’ll give you a personalized checklist so you know exactly what to gather.

Q: How soon will I know if I’m pre-qualified?
A: I’ll review your application within 24–48 hours and let you know if we need more info. You’ll always get a clear update and an estimated timeline. Often approvals are written same-day.

Q: Can I avoid paying a down payment?
A: Yes. Some programs no not require any down payment. Other programs require 3% down but depends on credit, income, assets, and property location. Once we review your application, I can see if you qualify for zero- or low-down options.

Q: What is Mortgage Insurance (MIP/PMI) and why is it required?
A: It’s insurance for the lender on loans with less than 20% equity. It’s common on several types of loans using FHA and first-time buyer programs. There are ways to reduce or remove PMI, and I’ll go over those with you when we discuss your options.

Q: Can I get a mortgage after bankruptcy?
A: Yes. Depending on the type of bankruptcy (Chapter 7 or 13), there’s usually a 2–4 year wait before approval. Let’s talk about your current situation so we can plan your next steps.

Q: What are the benefits of Government loans (FHA, VA, USDA)?
A: They’re often provide flexible terms, come with competitive interest rates, and can require little to no down payment. VA and USDA loans can also waive mortgage insurance.

Q: What is a physician’s loan?
A: A program designed for MDs, DOs, DDSs, DMDs, ODs, DPs, & DPMs with low or no down payment, no mortgage insurance, and flexible underwriting. Designed to help doctors become homeowners faster.

Q: How is an ARM rate determined?
A: Your adjustable rate is set by adding a margin to a market index. It can change periodically, depending on the terms of your loan.

Q: What is a balloon loan?
A: A short-term loan with lower initial payments but a large final “balloon” payment due at the end. It’s best suited for borrowers who plan to sell, refinance, or pay off the loan before it matures.

Q: What’s the difference between the interest rate and APR?
A: Your interest rate is the cost of borrowing the money. APR includes the interest rate plus certain fees, giving you the total yearly cost of the loan.

Q: What is an escrow account?
A: It’s a savings account for property taxes and homeowners insurance. Your monthly mortgage payment includes these costs, and the lender pays them on your behalf when they’re due.