FAQ

We recommend that you contact our experienced loan officer to see the different loan options and you can plan it accordingly.

If the gift is from a family member (aunt, uncle, cousin, parent, sister, brother, fiancé, in-laws), you can use it for down payment. Some documents need to be submitted to use this gift for down payment. Please contact any of our Loan Officers and they can guide you with this.

There are few loans that may not required down payment. VA and USDA loans, as well as state bond programs are some of them. The property should the primary residence of the applicant. Please contact any of our Loan Officers to check if you qualify.

You cannot use borrowed funds that are unsecured such as a personal line of credit, credit cards, cash advance, etc. But if you have a vehicle, real estate, IRA or a 401k account, you may be able to borrow against them.

It means you are obtaining a new home loan to lower the interest rate, payment schedule or terms of your original mortgage.

You can refinance for the above reasons and also you can refinance for a higher amount to pay off debts or get cash to use for some other purpose. You also have the option to switch from fixed rate to adjustable rate or vice versa. You can also change the remaining terms of the loan by refinancing.

Most lenders require that you get an appraisal before you refinance a mortgage. The appraiser assures that the lender is only approving the amount equal or lower than the current value of your property.

You may not need an appraisal to refinance your loan if you have an FHA loan, VA loan or a USDA loan.

It varies by the loan type and the lender. In normal circumstances it is a minimum of 6 months if you have a conventional mortgage or VA loan and want to do a cash-out refinance and for FHA loan it is 6 months to 1 year.