Frequently Asked Questions
Why do we pull your credit?
By law we are required to pull your credit to originate your loan. Without a proper credit score we cannot accurately price your loan. Pricing indicates the interest rate we are able to provide you.
Why do interest rates vary?
When determining the interest rate to charge borrowers, lenders factor in the consumers credit score, reserves, and ability to repay the lender. We make this determination on a risk based assessment of your loan that is both safe to you and us, the lender.
Why do you need my tax return?
By law we are required to document your income. Without your tax returns we cannot legally originate your loan. Your tax returns also allow us to properly calculate your income to see how much home you can truly afford.
Why do I need to send you additional documents, such as bank statements?
By law we are required to document your assets. Your assets allow us to accurately gauge how much home you can afford, and let us direct you to the best product available to you. We assess your financial situation to understand what closing costs you may be able to pay upfront, and the total down payment you may be able to afford.
Have more Americans been able to buy homes because of mortgage lenders?
Yes! Mortgage lenders have pioneered the home mortgage market, using innovative loan packages to allow low-to moderate-income borrowers, and borrowers with less than perfect credit histories, to start enjoying the benefits of home ownership.
Why do business with a mortgage lender rather than your bank?
The consumer receives a knowledgeable professional through the complex mortgage lending process. We provide the consumer with extensive choices and access to many different types of home loans. Banks typically use their retail staff to originate loans, who do not specialize in home loan origination.