Mortgage FAQs

Frequently Asked Mortgage Loan Questions

Purchasing a home is one of the most pivotal moments in an individual’s life. It’s important to establish relationships that benefit the loan process.  Unlike large banks, at Expert Mortgage Group, Florida residents in search of mortgage loans can speak directly to a dedicated team of certified professionals. Many times, there are countless questions before starting the process.  Let the team at Expert Mortgage guide you through the loan process.

If you have any questions that are not mentioned below, or if you would like to speak to one of our local mortgage experts, don’t hesitate to call us at (305) 463 – 0405 or email Jeff Lieberman directly at jeff@expert-mtg.com.  Some of the more common questions are listed below:

Frequently Asked Mortgage Loan Questions
Is it Possible to Apply for a Loan Before I Purchase a Property?
Yes. It's called getting pre-approved, and it should ALWAYS be the first step for any potential homebuyer.
What Exactly is a Pre-Approval?
A Pre-Approval is simply an approval for a specific loan amount prior to finding the home you would like to purchase. Basically, the loan is underwritten and the lender commits to a specific loan amount. Pre-approval can provide a great advantage with a homeowner or realtor if someone else is interested in the same home simultaneously.
What is Required for the Loan Process?
While every situation is different, the most commonly requested documents are: two most recent pay stubs, two most recent bank statements and prior year W-2 forms and tax returns.
How Long is the Loan Process?
While the industry average is 45-60 days, At Expert Mortgage, we can close most files within two to four weeks.
When Will I Be Able to "Lock In" My Mortgage Rate?
You can lock or float your interest rate at any time during the process of your loan. Your loan officer will discuss these options with you upon taking your loan application.
Is it Possible to Pay My Loan Off Earlier or Pay Extra?
Absolutely! You can make additional principal payments at anytime during your loan term or pay the entire amount without penalty in full.
How Will I Know Which Loan is Best For Me?
Well that’s where we come in.  At Expert Mortgage Group, we will review your current situation and future goals, then ask you questions like: How long do you expect to stay in the house?  Which is more important: low monthly payments or low closing costs?  Do you expect your income to increase in the next three years?  The answers to these questions will help us determine the best loan for you.
What Are Closing Costs?
Closing costs are fees and expenses that both buyer and seller must pay at closing. They generally include: origination fee, discount point(s), appraisal fee, credit report, title search, recording fees, and other costs described in the HUD-I at settlement. Then we will discuss all available options to help you make the right decision about your loan.
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