Top 5 mortgage questions answered
Buying a home is an exciting experience, but people often worry about getting a mortgage. The process can be a stressful one, but it doesn’t have to be. We’ve taken five of the most common mortgage questions and addressed them below.
From understanding pre-qualifications and pre-approvals to the role of credit scores in the mortgage process, we’re here to make demystify mortgages. However, for questions involving your unique mortgage goals and more in-depth answers, a mortgage professional at Credit Union of Southern California (SoCal) is more than happy to help!
1. What is a mortgage pre-qualification?
A prequalification will let you know if you would qualify for a mortgage and how much you may be able to borrow. To do a pre-qualification, you’ll need to provide your name, Social Security number, income, and permission to check your credit score.
2. What is a mortgage pre-approval?
A pre-approval is a more in-depth look at your financial profile. To get pre-approved, typically you must compete a mortgage application and provide documentation (including proof of employment, income, and debt). Based on this information, as well as your credit history, a mortgage pre-approval provides a fairly accurate estimate of your purchasing power, and we’ll tell you the maximum loan amount and interest rate that you would qualify for.
3. What price home can I afford?
Before you request a pre-qualification or pre-approval, it’s good to run the numbers yourself. This mortgage qualifier calculator will provide an estimate of your monthly payment and will help you determine how much you can spend on a new home.
4. What credit score do I need to get a mortgage?
CU SoCal offers several different mortgage loan programs, including some which have more flexible credit score requirements. We know you’re more than a credit score and will do all we can to help you get a mortgage, even if you have an average credit score or need to build your credit.
5. How long does it take to get a mortgage?
From application to approval and closing, getting a mortgage can take anywhere from 30 days to 60 days. However, some home purchases can take longer, depending on factors unique to your situation. There are steps homebuyers can take to speed up the home loan processing time, such as gathering documents ahead of time.
Applying for a CU SoCal mortgage is easy! You can apply Online, call the CU SoCal Home Loans team at Center at 800.698.7196, or email us at [email protected].
