Frequent
Mortgage
Questions
Mortgages are complex financial instruments and the process isn’t as straightforward as it always should be. We strive for consistent, friendly and timely communications but even with that there are times people have additional questions.
Here are a few common questions, in no particular order.
Do I need a pre-approval and how long does that take?
With a complete set of documentation and a hard mortgage pull we can have a pre-approval letter ready for your offer in just a few hours… and yes on the weekends as well!
How long does the mortgage approval process usually take?
Most approvals take between 30 to 45 days, depending on individual circumstances and documentation readiness.
I’ve heard about Reverse Mortgages can you help and explain this program?
The Home Equity Conversion Mortgage, or HECM, often referred to as a reverse mortgage due to the loan reverse amortization aspects of the program is a complex and much misunderstood financial tool. We not only offer this great program but are well versed in the various use cases and benefits of this tool! Let’s Talk today!
What is Down Payment Assistance (DPA) and should I consider this option?
A Down Payment Assistance program helps buyers come up with that, often, difficult down payment. Most every mortgage loan, save the VA and USDA mortgages, require some amount of down payment as a percentage of the purchase price. Conventional loans have a 3% down option and FHA loans are a minimum of 3.5% down. If you are unable to source that amount either from your own funds or as a gift you could use a DPA program to fill that gap. These programs are great tools that have their pro’s and con’s, there is no free money. Inquire today about whether you need to go the DPA route or not.
Can Approved By Charles help if I have a low credit score?
Absolutely. We specialize in finding mortgage solutions tailored to your unique financial situation.
Do I need a down payment to qualify for a mortgage?
While many loans require a down payment, we can explore options that minimize upfront costs for you.
Guiding You Through Every Mortgage Step
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