| Frequent Questions - Mortgage |
Where Do I Begin?
Clearview Real Estate representatives can answer your questions, help you select the best financing for your needs, prepare estimates of your closing costs and down payment, calculate payment schedules, and help you determine what price home you can afford. To help get you started, contact Clearview today.
How Do I Prepare To Apply For A Mortgage Loan?
Getting a Mortgage Loan is a big step, so you'll need to understand exactly what is involved. Make a list of any questions you have about the loan. Review the "Glossary Of Mortgage Terms" section of this site so you'll be familiar when you meet with your Real Estate representative.
How Much Can I Afford?
Generally, lenders want your monthly payment, including taxes and insurance, to be 30-35% of your gross monthly income. Your Real Estate representative can help you determine what price home to shop for by reviewing your income, debts and credit. You can also apply for a pre-approval where the lender approves the loan before you find a new home. A pre-approval typically makes your offer more attractive to a seller.
What Is A Good Faith Estimate?
A Good Faith Estimate is a written estimate of closing costs provided by the lender within three days of applying for a loan.
How Do I Apply For A Mortgage Loan?
When you want to refinance your existing mortgage or you have found a home you want to purchase, you can apply by clicking here. The most common items that may be required are listed in the ‘Mortgage Process’ section of this site
What Happens After I Apply For A Mortgage Loan?
After you have applied for a loan, the information you have supplied will be verified and a credit report will be completed. An appraisal will be performed on the home you are purchasing to determine its market value. When all the information is collected, it will be reviewed for loan approval. It usually takes at least 15 days for approval.
What Is The Minimum Down Payment Required To Obtain A Mortgage?
The required down payment on a purchase may be as low as 5% of the sale price of the home.
Can Members Be Prequalified Or Preapproved For A First Mortgage?
Members can get prequalified for a first mortgage simply by visiting the ‘Prequalify For A First Mortgage’ section of this site and providing basic information. Prequalification is not a guarantee that the mortgage will be approved, but will give the member an idea, based on their debt-to-income ratio, if they will qualify. A pre-approval requires that the member completes an application that is submitted for underwriting. This can be done by visiting the ‘Apply For A Mortgage’ section of this site.
Can Closing Costs Be Financed As Part Of The First Mortgage?
Closing costs can be financed into the loan on a refinance mortgage, but not for a mortgage to purchase a home. Portions of those closing costs may be paid by the seller if agreed upon in the sales contract.
What Is PMI?
Private Mortgage Insurance (PMI) is required on any first mortgage loan with a down payment of less than 20% of the sales price. PMI covers the lender against loss on the property.
How Do I Determine How Much Money I Can Borrow On A Home Equity Loan?
Clearview's home equity loans are based on a percentage of the appraised value of your home - 80%, 90%, 100% or 110% - minus the amount you owe on your first mortgage.
How Much Are The Closing Costs For A Home Equity Loan?
Closing costs on home equity loans vary from state-to-state and normally run between $500 to $800. These costs can be deducted from the loan proceeds requiring no up-front or out-of-pocket expenses from the borrowers.
How Much Can I Borrow On A Home Equity Loan?
You may borrow any amount from the minimum home equity loan of $10,000 to the maximum of $400,000 based on our 80% equity program. Other equity loan programs have different criteria.
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