Yes! In fact if you are in the process of looking for a property we recommend that you apply for pre-approval. A pre-approval is a firm lender commitment based on the estimated loan amount and purchase price information that you provide in your application. A pre-approval gives you greater flexibility and leverage while you conduct your home search. Please note that we cannot lock your rates until you specify a property address.

Yes. We offer loan products with no money down. Please contact us for specific product information on zero or low down-payment options.

At application, please supply us with your last two years complete tax returns with all attachments and accompanying W2s; your last two pay stubs; your last two bank statements; and a complete copy of executed contract for a purchase transaction or current hazard and title insurance for refinance transactions.

When a lender is evaluating you for a loan, your credit history is one of the most important factors in determining your credit worthiness. Your credit history will show the debts you own and your ability to pay them. This helps the lender determine their risk, meaning how likely you are to repay your debts. The credit report will also show any items on public records including liens, bankruptcies, foreclosures, etc

To get your credit report, a lender will order a credit report from a credit bureau. The credit bureau will then return your information or score back to the lender. There are three main credit bureaus in the United States. They are:

• Equifax
• Trans Union
• Experian.

These bureaus do not approve or deny you for a loan. They simply report your credit information. The bureau will include a credit score with your credit report.

You may be able to draw on the equity built up in your home to get cash for consolidation of bills, major purchases or even for education purposes. If you decide that refinancing is the best way to obtain cash for these purposes, you may want to consult your financial advisor to determine the best way to proceed.

A loan generally is for a fixed period of time with an initial balance and fixed monthly payments. A line of credit is similar to a credit card in that it only requires payments when there is an outstanding balance. Contrary to a loan, there is no initial balance on a line of credit. You are required to make a minimum payment each month based on a percentage of the balance.

In most cases the answer is yes. The interest on home equity loans or lines of credit can be tax deductible (please consult your tax planner for exact details). That's why many people choose to get a home equity loan or line of credit to finance cars, boats or other high ticket items.

Interest on your credit cards or auto loans is not tax deductible. And because you're borrowing against an asset (your house), the interest rate is generally lower than other loan types.

In general, the interest is deductible on a home equity loan or line of credit up to $100,000. If you are married and filing separately, interest is tax deductible on a loan or line of credit up to $50,000. Again, it's important to consult a professional tax planner for the specific tax laws that apply to you.

A Closing costs can be divided into three categories:

• Lender fees (points, appraisal, credit report, underwriting, settlement and tax service fee)

• Prepaid (prepaid interest, real state taxes and escrow, insurance premiums and escrow)

• Settlement costs (title insurance, settlement/attorney fees,city/county/state taxes, recordation and messenger fees)

The interest rate is the cost to borrow the lender's money. The APR represents the total cost of the mortgage over the life of the loan, including closing costs and lender points.

This amount represents the interest that accrues between the day your loan closes and the last day of that month, and is added to your closing costs. After this one-time pre-payment your interest will be included in your regular monthly payments.

Hazard insurance protects homeowners against property damage and is required by lenders before you buy or refinance a home. Hazard insurance shields you against property damages caused by a fire or a severe storm and should cover the cost of rebuilding your home. Generally, you have to confirm at closing that you've secured one year of hazard insurance coverage.

PMI is a type of insurance provided by a private mortgage insurance company that is used to protect the lender in the event that you default on the loan. Mortgage insurance is usually required on a conventional loan when your down payment is less than 20%. If you secure a FHA or VA loan you will have to pay FHA mortgage insurance premiums or VA guarantee fees.

A possible alternative to mortgage insurance is a second trust loan, also referred to as a "piggybank loan". This type of loan may help you avoid private mortgage insurance if you are purchasing a home with less than 20% down. The most common type is an 80/10/10 where a first mortgage is taken out for 80% of the home's value, a down payment of 10% is financed in a second trust. In some cases, you may even qualify for a piggybank loan with no money down.

Typically PMI will no longer be required once your loan balance falls below 80 percent of the home value. You can reach this 80% level by:

Paying enough of your loan over time to reduce the principal balance Your home appreciating (increasing in value) enough so your loan balance is less than 80%
A combination of the two

Be sure that your loans allows PMI to be canceled once you reach the 80% loan to value ratio. Sometimes your PMI will be canceled automatically once you have paid enough, but you should not rely on that to happen. The appreciation of your house is important since the lender will not know what the increased value is. Typically you will need to get a certified appraisal of your house to show the latest market value.

No. If your home is currently for sale we cannot provide you with a loan on that home. If your home has recently been for sale it must be off the market for 60 days before we can provide you with a loan on that property.