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Within a few minutes you will get personalized recommendation on your monthly payment and how much home you can afford.
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Fill out this short form and one of our Home Loan experts will contact you right away!
Documents needed, within 24 HOURS, to Proceed
- 30 days of most recent pay stubs
- Year to Date Profit & Loss statement (self employed only)
- 2 years most recent tax returns
- 2 years most recent W2’s or 1099’s
- 2 months of most recent consecutive bank statements (all pages, even the blank ones.)
- Full 2 years of residential history
- Full 2 years of employment or school history
- Signed Authorization Package
The more we have upfront, the faster and easier the process will be!
When do I start looking for a mortgage once I’ve decided to purchase a home?
As soon as you’ve made a decision to purchase a home, or even if you’re just considering a purchase, call us and let us help you through the process. You can typically get “prequalified” to purchase a home in one day, however to become fully “preapproved” takes longer but is well worth it for serious home shoppers!
What’s the difference between Prequalified and Preapproved?
Prequalification for a home loan is based upon basic information verbally provided by a borrower when completing a loan application. An estimated purchase price for a home, review of credit history and approximate income/assets will be needed in order to make an initial determination. This information should give our loan officers a pretty good idea of what you can qualify for before you shop and while this is a quick, convenient way to get a GENERAL idea of your ability to purchase, it is based solely only on unverified information and could be subject to change upon receipt of your actual credit documentation.
Preapproval is the same process except the necessary paperwork is actually collected to support and verify the information provided on the loan application. Upon receipt of all required credit docs, the file is submitted to an in-house underwriter for a full review and determination of borrower’s ability to repay the loan. Once this conditional approval is received and it’s determined that all loan criteria can be met, you can shop with confidence knowing you’re fully PRE-APPROVED!
I’ve heard it’s difficult to get a mortgage these days, is that true?
Yes and No. It is certainly more difficult to secure mortgage financing these days than it was 10 years ago, however recent improvements in mortgage programs and guidelines are once again helping many people achieve the American Dream of Home Ownership!
What if I don’t have perfect credit?
Not everyone has perfect credit! If you have credit bumps, our experienced loan officers can assist you in a step-by-step plan to improve your credit score. We currently underwrite loans in-house with 620 FICO scores but have numerous outside broker products for lower scores when warranted. These loans, however, are underwritten directly by the off-site investor and are often subject to longer turn times than in-house loans. The higher a credit score, the less risk for the investor and the more options for you!
What if I don’t have much money for a down payment?
Georgetown Mortgage offers a variety of both conventional and government options requiring little or no down payment. On the conventional side, we offer traditional 95% financing while FHA products afford as little as 3.5% with allowable gift funds from immediate relatives or employers. 100% financing options include USDA and VA loans (we also participate in Homes for Heroes) and are a great alternative for those who qualify!
Let us help you choose the right product for your unique situation!
I see low interest rates advertised on TV and the Internet. Are yours higher?
The rates and fees question is a good one. Typically, the interest rate for your mortgage is dictated primarily by the loan product you’ve selected, your credit score and the amount of money you want to borrow. Obviously, the higher your credit score and the less you borrower against the property’s value, the friendlier the rate. FHA and VA loans typically have lower interest rates but may not result in a lower mortgage payment than a Conventional loan. Confusing, right?
On top of that, some advertisers tout low rates and fees but when you check the fine print at the bottom of the advertisement, there is usually strict criteria involved to qualify With Georgetown Mortgage, your loan officer will help you choose the best product for your situation and do everything to secure the lowest rate possible.
How long will it take to close a home purchase or refinance loan?
This is one of the most important questions to ask. If you’re purchasing a home, you need to choose a lender that can close your loan by the closing date stipulated in the contract. While there is more leeway and flexibility for a refinance, you could still lose out on a lower rate or experience tax and insurance issues if the loan doesn’t close quickly enough.
At Georgetown Mortgage, we strive to close our home loans in 18 business days. However, this largely depends on you, the borrower! Our 18-day roadmap involves working closely with you and your realtor to keep the process moving forward. It also requires clear and frequent communication plus a commitment from you to provide requested documentation and sign required disclosures in a timely manner. Our production team can only move as fast as we receive information such as pay stubs, tax returns, bank statements, etc. Working together as a team will ensure that you experience a smooth, timely closing!