In this business, we work with a lot of mortgage lenders and banks, but there are only a few lenders who I consider my go-to guys. Chris Fratelli from Union Home Mortgage is one of those guys, and he’s joining me today to answer some frequently asked questions about the lending process.
Is the mortgage process difficult?
It can be, but it really depends on the loan officer themselves. A loan officer is the one who sets expectations upon your group. If the officer tells the client specifically what they need to provide, what time they should have it by, and also explains the process from start to finish, then it’s actually a breeze. It’s about setting the proper expectations.
Does it cost anything to apply for a mortgage?
It doesn’t. It really just costs your time, which is about 15 minutes for the application. You don’t have to wait months or even hours; you’ll know within 15 to 20 minutes whether or not you’re qualified. If I can’t get you approved, then I’ll create a roadmap for you to figure out what you need to do for approval.
Is it easier to get qualified at a local bank?
The only thing a local bank can offer you that I can’t is the ability to provide your bank statements. Local banks and direct lenders play by the same rules; we’ll ask you for the same documentation. In some cases, banks may require more documentation.
What are interest rates doing in 2018?
They are moving up, so I believe that we’ll be seeing some rate hikes this year. Buy now rather than later.
If I don’t have any money to put down toward the house, can I still buy?
You can, but it’s quite specific now. There are a lot of programs and grants out there that offer clients the ability to buy with no money down. If a client doesn’t have money for a down payment and they don’t qualify for those programs and grants, we can discuss how they might be able to get the money through other avenues.
After going under contract, how long does it take to get to closing?
Thirty days is the industry standard, but you really want to give the seller the appropriate amount of time to handle everything they need, such as moving out of the home.
Do you have a favorite loan program?
I love working with vets. I appreciate the sacrifices they made for our country. It’s always an exciting time to get to close, but especially for a vet who’s buying a home for the first time. The VA loan program is actually a very underutilized program. You’d be surprised at how many veterans out there don’t understand the benefits they can enjoy. It’s one of the most lenient programs available, with no money down required.
How do I apply?
The best way is for your agent to give me your contact information so I can reach out to you and set up an appointment to start your application.
If you would like to contact Chris to set up an appointment or to address any questions about the lending process you may have, give him a call at (717) 712-4739. For other real estate questions, feel free to reach out to the Heather Neidlinger Team by phone or email. I look forward to representing your next real estate deal.