Frequently Asked Questions
Here are some FAQ, but we always love to hear from you. So, whether you have a specific question or simply want to satisfy your curiosity, feel free to ask and explore the realms of knowledge.
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F.A.Q.
How long does the loan process take
Once the sales contract has been executed, the time to close a loan is from 30-45 days. As with all process, your path is different and someone else’s path. To be prepared in the loan process will help alleviate stress of the uncertainty. Not to say it will not take longer to close.
In 2021, the average closing time was 52 days per Ellie Mae.
How much does it cost
What does closing cost include
Closing Cost are fees you pay Lender/Broker to originate your loan. The fees are to include but not limited to appraisal, title search, home insurance. Different loan types may require different cost/fees.
What is credit score and why is it important
Per CFPB, A credit score is a number that is used to predict how likely you are to pay back a loan on time. Credit scores are used by companies to make decisions such as whether to offer you a mortgage or a credit card. They are also used to determine the interest rate you receive on a loan or credit card, and the credit limit.
Credit scores and credit reports
Per CFPB, Your credit reports and scores have an impact on your finances. Our resources can help you better understand them, learn how to correct errors, and improve your credit record over time.
Credit scores vary with different platforms
Per CFPB -Several other companies also provide “educational” scores that might give you some sense of what your scores might look like. Your educational score can be different from the score a lender would use, and the differences can sometimes be significant. The CFPB published a report on these differences.