Your Loan Questions Answered
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Home Sweet Home-California Mortgage Loans
Read some of our most popular loan questions answered below:
How long do we need to wait to refinance after a forbearance? Great question. Top lenders with competitive rates require 6-12 months. There are lenders that will allow a refinance as long as the forbearance balance is paid up before closing on the new refinance.
Are lenders still requiring multiple employment verifications? The short answer is, yes. Due to the unprecedented pandemic, employment and income are being checked a few times during the course of the loan process. Speaking with your Human Resources Department ahead of time may save time and energy.
Do I need a Profit and Loss Statement if I receive a 1099 or I’m self-employed? Yes. Lenders do require this. It’s a Fannie Mae and Freddie Mac guideline. We also need two most recent and consecutive months of bank statements for the business.
Will interest rates drop more after the election? We get this one. A lot! If we had a crystal ball…Here’s some history on it from The Mortgage Reports. Click here. It really depends on other factors in the economy. Say a pandemic…Click here to read Fed Chairman Jerome Powell said at the Fed Chair meeting last week.
How long will my purchase or refinance take? We are closing both in less than 22 days. Rates are historically low and worth a look if they will save you money.
What other burning loan questions can we answer?