Please reach out to us at Franklin@unitedworxmortgage.com if you cannot find an answer to your specific question.
A mortgage is a loan specifically for purchasing real estate, where the property serves as the collateral.
While there are many different types of mortgages, the most common include fixed-rate mortgage, adjustable-rate mortgages, bank statement, FHA and
tax i.d. loans.
A down payment is the initial amount paid toward the purchase price of the home. The average down-payment is around 3.5%, but the amount will depend on the loan type.
The time it takes to close a mortgage loan can depend on quite a few factors. Our team prides ourselves in closing most loans in less than 30 days, by collecting the borrowers information all up front by having the industry knowledge and experience to know potential additional items underwriters may ask for.
Closing costs are fees associated with finalizing the mortgage, including appraisal fees, title insurance, and loan origination fees.
The amount you can borrow typically depends on your income, credit score, debt-to-income ratio, and the lender's criteria.
A refinance is the process of replacing an existing mortgage with a new one, often to secure a lower interest rate or change the loan term.
A credit score is a numerical representation of your creditworthiness, and it affects your mortgage interest rate and loan approval.
The steps typically include completing an application, a pre-approval, submitting documentation, underwriting, and closing.
Commonly required documents include proof of income, such as pay stuns or tax returns, personal identification, bank statements and credit history. Some situations can require additional documentation, which is why you need an experienced loan officer like our team at United Worx to guide you through this process of what you need.
During the closing, you'll review and sign documents, pay closing costs, and officially transfer ownership of the house. Of course our team will be there to take happy closing photos for you and your family.
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