FAQ
We frequently receive questions from potential borrowers about our services. Here are the answers to some of the most frequently asked questions.
Do you have questions about home loans?
You’re not alone. At Stratus Home Loans, we get a lot of questions about the mortgage process. Here are some answers to some of the most frequently asked questions we get.
What’s the difference between being pre-qualified and pre-approved?
Pre-qualification is little more than a conversation with your loan originator about your finances and intentions to purchase a home. However, when you get pre-approved, we’ll check your credit, review your finances, and factor in your employment history to estimate how much home you can afford. Pre-approval takes a little more time and effort, but it also carries a lot more weight.
How much do I need for a Down Payment?
Your down payment depends on the type of loan you’re looking for and your credit. We have lots of options – as little as 3.5% down for FHA loans, 5% down for conventional loans, 10% down for vacation homes, and 100% loans for veterans choosing to use their VA benefits.
What will my monthly mortgage payment be?
At Stratus Home Loans, we understand that your monthly mortgage payment depends on many factors, including your home price, down payment, loan term, property taxes, homeowners insurance, and interest rate. Your exact payment amount will be included in your closing documents. We are here to help you understand all of the factors that go into your monthly mortgage payment so that you can make the best decision for your individual circumstances.
Can I refinance to take cash out of my house?
At Stratus Home Loans, we offer a variety of options that allow you to tap into your home’s equity and take cash out. Consult your Mortgage Advisor, for the best cash-out refinancing option for you. A cash-out refinance is when you refinance your home for more than what you currently owe on the loan, and take the difference in cash. This can be a good way to consolidate debt, make home improvements, or pay for other major expenses.
Does my co-borrower’s credit score matter?
Your co-borrower’s credit score will play a factor in the decision making procress. Both debt-to-income and creditworthiness will be considered in the qualification procrocess. We will look at both scores and use the lowest. However, if your co-borrower’s income isn’t required to qualify, you can go with the person that has the highest credit score on the mortgage.
