FAQ
Your questions are our priority.
Did you know the average homeowner only owns three homes in their lifetime? It makes sense to have many of the same questions if you only did something three times in your life.
Still have questions?
Please send us your question, and one of our Loan Officers will respond within 48 hours.
Pre-qualification is a tool that can help you estimate how much you can borrow. It is not a commitment from a lender to fund your loan.
Pre-approval involves checking and verifying your ability to secure a home loan.
Needing to pay off debts before getting preapproved is a common misconception. Cash for a downpayment is much more critical. Before spending any money to pay down debt, meet with your Loan Officer. They will review your situation and give guidance if you need to make financial changes.
It would help if you got pre-approved when you’re serious about purchasing a home. There are over 40 million errors on credit reports. Pre-approval gives you time to identify and fix any mistakes in your credit history. You also receive an estimate for your loan approval and a commitment from the lender to fund your mortgage. Getting pre-approved makes the process of buying a home easier.
You should get pre-approved before looking at houses. That way you’re prepared to make a strong and confident offer when you find your dream home.
Sellers are more likely to accept pre-approved offers. Pre-approval means your lender has checked and verified your ability to borrow. If you submit an offer without pre-approval, you’re likely to lose to someone who is.
There is no upfront cost to you for the service we provide. We don’t get paid if you don’t close on a home. Unlike other brokers and lenders, we take a consultative rather than a sales approach. That means it is in our Loan Officer’s best interest to deliver a mortgage best fit your goals, not their pocket. We love educating our clients. We’ll go the extra mile to make sure you understand every cost that applies to your mortgage.
We get paid after you close on your new home. The portion that pays for our services diverts when your loan is funded. It is yet another part of our process you don’t have to worry about. If we know you can get a better deal with someone else, we will refer you to them.
Your pre-approval through Prestige Home Mortgage is valid for 120 days. This is 30% higher than other lenders, who offer the standard 90 days.
Your pre-approval through Prestige Home Mortgage is always FREE. Other lenders will charge you to apply for pre-approval. This is to deter you from changing services. We never charge for pre-approval as a show of respect and appreciation for your business.
Yes, you can get pre-approved for a mortgage online.
We tell most clients not to change jobs while looking for a home. Lenders tend to prefer borrowers with at least two years at their place of work.
You’ll receive final documents to sign in the days leading up to closing. Then you’ll meet with your and the seller’s closing teams. You’ll provide funding to the title company, and you and the seller will complete all closing documents. Congratulations, at this point, you are now a homeowner!
Click here to read more about the closing process.
Or, you can speak to a Loan Officer for more specific details.
This is not an easy question since it depends on your goals and current situation. Speak with our Loan Officers if you’re struggling to answer this question for yourself.
For a traditional conventional loan, you need at least 20% of your loan value for your down payment. We also have access to loan programs with as little as a 3% down payment if you qualify. It all depends on your situation and your goals.
Now is almost always the best time to buy a house. If you’re concerned about rising rates, refinancing is always an option down the road.