What do I need to bring in with me when we meet to fill out the application?

You need to bring your last 2 paystubs, your last 2 years’ W-2’s, your Homeowner’s Insurance information, and your most recent retirement statement if you have one.

Do I have to have an appraisal done?

Yes. Full appraisals are required for every loan that Home Loans offers, with the one exception of the FHA Streamline Refinance.

How much money will I have to put down?

On a refinance, you will very rarely need to bring and money to the table at all. When buying a new home, you could need as little as $500, or as much as 20% of the purchase price, and these guidelines are always changing.

How much are closing costs?

Closing costs consist of charges from the Appraiser, Title Company, Underwriter, and County and State. Most of them are derived depending on the loan amount, but usually run between $1500 - $2500. Once again, Home Loans can almost always roll in the costs so that you do not have to pay for them out of pocket.

How long will the process take from Application to Close?

I basic estimate would be 30 days. However, depending on the situation, we have closed loans before in a matter of 2-3 days. A typical refinance will take 2-3 weeks, and a Purchase could take 2-4 weeks, depending on the contract.