5 Questions You Should Ask Us | Trusted American Mortgage

Looking to buy a house for the first time, or ready to buy a new house? One of your first steps is finding a mortgage lender, which is where we come into the picture.

Our mission is to help you find a financial solution that’s ideally suited for your family’s unique needs and situation. But don’t simply take our word for it—put us to the test!

Here are a few questions you might want to ask us:

What kinds of loans do you offer?

When it comes to a mortgage, one size doesn’t fit all! That’s why there are a large number of loan types.

We offer a full spectrum of loan types, including fixed-rate and adjustable-rate mortgages. Other types of mortgage loans, including those specifically for active military and military veterans, are also available.

Our commitment to you is to help you sort through the loan types to find the best one for your needs.

How much of a down payment will I need?

The answer to this question is tied somewhat to the type of mortgage you choose. With some types of loans, you may not need any down payment at all.

With other loans, you will need a down payment, which can be as little as 3%. The 20% number you often hear is an ideal target, but usually not necessary to obtain a loan.

What interest rate will I qualify for?

This is a common question, but one we won’t know the answer to until we pull a credit rating for you. Interest rates are set by the market, but your specific rate is tied to your credit score.

It’s also important for you to know that there’s a difference between an “interest rate” and an “APR.” APR, or annual percentage rate, includes all the embedded fees associated with your loan.

How long does it take to get a mortgage?

A national survey related to closing times found that the average turnaround time is 50 days, but your actual experience may vary a little bit.

It’s important to know that the turnaround time is also tied with the type of mortgage loan you’re obtaining. With certain mortgages, such as FHA loans, it can take longer to finalize the loan, since an inspection is required and home repairs may be needed.

What documents will I need to get started?

When you reach out to us about obtaining a mortgage, we’ll guide you through the entire process, including what information and documentation we need from you. But, if you’re looking to get a jump-start, there are some basics to start putting together.

You will need to have proof of your identity, proof of your income and assets, and you will need to provide us with authorization to review your credit reports.

Our experts at Trusted American Mortgage are dedicated to helping you find the right funding for your home purchase and walking with you every step of the process. Call us today and get a partner in the mortgage business!