FAQ

Frequently Asked Questions

Purchase

Refinance

  • Can I Get a Mortgage If I've Had a Bankruptcy

    A Chapter 13 bankruptcy does not disqualify a Borrower from obtaining an FHA-insured Mortgage, if at the time of case number assignment at least 12 months of the pay-out period under the bankruptcy has elapsed.  With Chapter 7 bankruptcies, you must wait at least 2 years depending on the loan program you choose.

  • Why does my credit report have to be pulled to get a mortgage?

    Any time you apply for a large loan, your lender will require a credit report.  This gives them a complete picture of your finances.  Buying a home is a 

  • Can I get a mortgage if I'm paid commission?

    You must have a 2 year history with your current employer in most cases, before commissioned income can be used.  Sometimes exceptions can be made if you have had jobs in the same industry. 

  • What is the difference between down payment and cash due at closing?

    When financing a house, the down payment is the difference between  a home's purchase price and the amount of the mortgage.  The down payment must be obtained upfront before the home purchase can close.  Down payment, closing costs, taxes and insurance (escrow) are all pieces which make up the cash due the day you close on your new home.  Ask you Iron officer for a breakdown of how these numbers will look for you.

  • What is mortgage insurance and why do I have to have it?

    Mortgage insurance is there as a protection for the lender of your home loan.  Just as certain cars require higher auto insurance, home loans that put less than 20% down also require mortgage insurance as they may be less likely to not make consistent monthly payments.  

  • When will my first mortgage payment be due?

    Your first payment will be due on the 1st of the month, a month after closing.  For example, anyone who closes in April, their first payment will be due June 1st.

  • What can I do with my home equity?

    Pay off or consolidate unsecured debts like student loans and personal loans.  Pay down or pay off high interest loans, such as credit cards and vehicle loans.  Invest using your equity for a higher return.  Remodel or add on to your current home.  Some retirees use Home Equity Lines of Credit for additional income.  Refinancing down the road can provide limitless opportunities to use your equity. 

  • Can I refinance my home and get money back?

    Possibly.  It depends on how much equity you have in your home, or how much is your home worth vs. how much do you owe in loans against your home.  Getting money back at closing from a refinance is also called a cash-out refinance.  You typically would need to have more than 20% equity in your home in order to get a cash-out refinance.

  • How long does it take to refinance my home?

    A refinance should not take much longer than a standard home purchase, if not be shorter.  If you have all the information needed about your home - current mortgage statement(s), insurance declarations page, property tax bill and all the information about you - your income documents like 30 days worth of paystubs, past 2 years of w-2s and tax returns - then a refinance should go very quick.  When an appraisal is required (which takes upwards of 10 days to get back on average), a lender's title policy (takes about a week to 10 days as well0, and payoff statements for all loans you will be paying off with the refinance (takes 1-3 days).  If you are prepared at the beginning with all the documents needed from you, a refinance could take as little as a couple weeks time to complete.  

  • Why should I refinance my home?

    People refinance their homes for many reasons - lower their interest rate, lower their payment, take cash-out to do home improvements or consolidate debt, or change loan programs to remove mortgage insurance. 

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