Frequently Asked Questions
How can I get a pre-approval?
Getting a pre-approval is quick and easy! If you are not set up with a loan officer already, call our office and we can set you up with a loan officer who can have your pre-approval done in minutes!
How can I apply for a mortgage?
Applying for a loan has never been easier. We have simplified the process for our clients by setting up an online application system. Ask your loan officer for a direct link to your application which you can complete at your pace!
What is an appraisal?
An appraisal is the estimation of the home's current market value. This ensures that you, the buyer, are paying the fair market price for the home. The average cost for an appraisal is between $400-$500 and is a fee that is paid out of pocket.
Do I need an Attorney?
Whether or not your state requires an attorney while you are buying your home, we strongly recommend having one. Buying a home is the biggest purchase you will ever make and having an attorney to guide you through the process can only benefit you.
What is the minimum down-payment for conventional, FHA, AND VA loans?
Conventional fixed-rate loans are available with a down payment of as little as 3%.
FHA loans are available with a down payment requirement of 3.5%.
VA loans offer low to no down payment options for eligible veterans.
Working with a think mortgage loan officer opens a range of loan options. Ask your loan officer which best available loan option is right for you.
What is an earnest money deposit?
Earnest money is a good faith deposit that shows how serious you are about buying your home.
The average good faith deposit is between 1%-3% of the property purchase price.
What are closing costs?
Closing costs typically vary based on many factors including the sales price of your home, the size of your down payment, and the property location. It is recommended to estimate 2-4% of the sales price of the home as an expectation for closing costs.
Do I need to get an inspection on the home I am buying?
Home inspections are not required for the mortgage process but are highly recommended by all real estate professionals. The cost of a home inspection varies but ranges between $200-$500.