Mortgage FAQs
Lately we’ve been getting a lot of mortgage questions, so we had our friend Michael Dectis of Meridian Bank write up a few frequently asked questions about mortgages. If you have any specific questions about mortgages or your financial situation, please reach out to Michael. We are here to make your homeownership dreams a reality!
What information is needed for a mortgage loan?
During the initial application, a basic interview will be conducted. You will be asked about your 2 year work history, housing history, review income and assets. I credit report will be required to finalize a pre-qualification.
What documents are needed?
Depending on your specific situation, there may be a few documents that will be needed. The mortgage lender will need to see recent paystubs, recent bank statement, W2s/1099s, tax returns etc. This information is used to verify the information provided and finalize your pre-qualification.
Down Payment Options
There are many down payment options that are available. Being a first time homebuyer, you can put down as little as 3%. If you already own a home, you would need to put down at least 5%. This is for Conventional financing.
Interest Rates
Interest rates tend to vary from day to day depending on the marketing conditions. Your interest rate can only be locked once you have an agreement of sale.
What does my mortgage payment include?
Your monthly payment is going to include principal, interest, homeowners insurance, property taxes and PMI if you put down less than 20% with Conventional financing.
Down Payment & Closing Cost Assistance
Depending on your credit history and credit score, down payment & closing costs may be provided. Currently, there is a program call K FIT which allows for 5% of the purchase price to go towards the down payment. You must have a middle credit score of a 660, purchase the home as your primary resident, meet the income limit requirements and complete counseling. You must also qualify for a Conventional mortgage.
How do you apply for a mortgage loan?
You can simply apply for a mortgage by calling Michael Dectis. He can provide you with all the necessary steps, answer any questions and show you the best options the available to you.
You can also apply on his website:
Michael Dectis NMLS #1698294
Mortgage Loan Originator
Email: mdectis@meridianmortgage.com
Mobile: 484.767.7040
Fax: 484.235.0171