Frequently Asked Questions
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- I am selling my current home to purchase this home. What type of documentation will be required?
We'll ask you to provide a copy of the settlement or closing statement you'll receive at the closing to verify that your current mortgage has been paid in full and that you'll have sufficient funds for our closing. Often the closing of your current home is scheduled for the same day as the closing of your new home. If that's the case, we'll just ask you to bring your settlement statement with you to your new mortgage closing.
- I am relocating because I have accepted a new job that I haven't started yet. How should I complete the application?
If you will be working for the same employer, complete the application as such but enter the income you anticipate you'll be receiving at your new location. If your employment is with a new employer, complete the application as if this were your current employer and indicate that you have been there for one month. The information about the employment you'll be leaving should be entered as a previous employer. We'll sort out the details after you submit your loan for approval.
- I have student loans that aren't in repayment yet. Should I show them as installment debts?
Yes, we will need to estimate the payments based on your loan balances when reviewing the application.
- How will a past bankruptcy or foreclosure affect my ability to obtain a new mortgage?
If you've had a bankruptcy or foreclosure in the past, it may affect your ability to get a new mortgage. Unless the bankruptcy or foreclosure was caused by situations beyond your control, we will generally require that two to four years have passed since the foreclosure or bankruptcy has been discharged. It is also important that you've re-established an acceptable credit history with new loans or credit cards and provide us with a satisfactory explanation.
- What, exactly, is an installment debt?
An installment debt is a loan that you make payments on, such as an auto loan, a student loan or a debt consolidation loan. Do not include payments on other living expenses, such as insurance costs or medical bill payments. We'll include any installment debts that have more than 10 months remaining when determining your qualifications for this mortgage.