EXAMPLE PAGE - REAL ETSTATE - COLDELL BANKER - Flipbook - Sida 14
HOMEBUYING BASICS
Frequently
Asked Questions
What types of mortgage
programs are offered?
What could delay my loan approval?
There are many types of mortgages, and
credit problems or if your employment and/
choosing the right one for you is an important
or financial status changes between the time
decision. Below lists several programs, but talk
you submitted an application and the final
to a local mortgage professional to see which
loan approval. There may also be a delay if the
program is right for you.
home you selected appraises for less than the
15, 20 or 30-year Fixed Rate loans
Delays could result if the lender discovers
agreed purchase price.
Adjustable Rate Mortgage (ARM)
Can I pay those other things separately?
New Construction financing
With most loans you can pay taxes and
VA and FHA loans
insurance separately if you borrowed no more
than 80 percent of the purchase price or
How long does a mortgage
application take to process?
It typically takes 45 to 60 days to process an
application. The time depends on how quickly
the lender can get an appraisal of the property,
review your financial statements, employment
and credit information.
What’s included in my house payment?
Principal and interest on your loan. Depending
on the terms of your loan, the payment may
also include homeowner’s insurance, mortgage
insurance and property taxes.
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appraised value of your home. Check with
your lender to be sure.
What do the closing costs include?
Closing costs cover processing and
administration of your loan. You may also have
to prepay interest charges to cover the partial
month in which you close and deposit money
into an escrow account for property taxes,
homeowner’s and mortgage insurance.
