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Mortgage Basics

Things to Avoid During the Home Purchase or Refinance Process

This is not an exhaustive list, but the general idea is to keep your financial position essentially the same as when you applied for the loan.  Do not move money around, don’t change how you’re earning money, and don’t take on new debt.  Any one of these things can derail your application or in the best case scenario, require more paperwork and documentation that can cause delays in the process.  

For best chance of approval, avoid these things until your transaction is 100% closed and paperwork is recorded with the county clerk:

The Loan Process: What to Expect

Applying for a mortgage doesn’t have to be complicated or intimidating.  Knowing what to expect along the way can make the whole process less stressful.  

See a loan timeline from start to finish, and learn what’s needed to qualify for a typical mortgage.

Learn About Your Loan Disclosures:

At the beginning of the loan process, you will a receive a loan estimate outlining estimated costs for your loan.  We try to quote fees as accurately as possible so you know what to expect upfront.

Closer to your closing date, you will receive a closing disclosure, which looks very similar to the loan estimate, but will have more accurate, updated numbers.

Review the samples provided and get familiar with the formats.

County Loan Limits: How Much Can You Borrow?

Every county has a conventional and FHA loan limit based on the median home prices in the area.  These loan limits are updated annually.  They are important because you will find the best loan terms when borrowing under these loan limits.  

If you’re right near the limit, it may make sense to put more money down, or borrow less to get the best terms.

Jumbo loans are available over the conventional loan limits.