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How long do I have to be employed before I can get a Mortgage. |
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As a general rule, you must have two continuous years in the same line of work. There are some exceptions. If you were a student and the job you've had for less than 2 years is related to your current line of work you got a degree or license for, or if you had training in the armed services and your recent job is related to your service training, with documentation of your educational background and your current job, it may be possible to get the 2 year requirement waived. Ask you loan officer for details.
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How long does it take to get a mortgage? |
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It is a good idea to allow at least two weeks from loan application to closing. To get a loan that fast, you will have to deliver all your documentation within a day after application. The time may be longer if your credit picture or property type offer special challenges. Ask your loan officer for details.
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What are the important factors to consider when I am looking for a mortgage?
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Find a person you are comfortable with, who listens to your conerns and gives you straight answers--in short, someone you can trust.
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I've heard that there's a lot of paperwork involved. Is that true?
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Yes, there are a lot of forms. But most of them contain information to help you know your rights and to understand more about the mortgage process. By filling out the loan application online and having a Borrower's authorization to obtain credit information e-mailed or faxed to you, most of the other forms will already be filled out when you receive them. This will greatly reduce your paperwork time.
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Why is it better to use a local mortgage broker than to do the whole transaction on the Web?
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You will always be dealing with one loan officer who will listen to your lending needs and suggest various ways of meeting your goals. You will not be limited to the choices offered on a Web site. Instead your loan officer will assist you in choosing from among hundreds of loan programs to find the one that fits your needs. That loan officer will answer your questions and watch over your loan to make sure that you have a smooth, on-time closing. He or she will accompany you to the closing and answer any questions you might have. There is a real advantage to being able to pick up the phone or send an e-mail to your loan officer and know that the same person who is familiar with your loan will be getting back to you immediately.
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