Frequently Asked Questions

here are three types of mortgage companies: bankers, brokers and financial institutions. Bankers are lenders that originate and fund loans in their own name and then sell them to secondary market investors. Some will service the loan and some won’t. (The lender will sell the servicing rights which means you make your monthly mortgage payment to that lender). Mortgage brokers are middlemen between you and a larger mortgage banker or financial institution. They do not underwrite or use their own funds to close loans. Financial institutions originate and fund their own loans. They usually collect payments for the life of the loan.

• What types of mortgages do you offer?
• What is your Annual Percentage Rate (APR)?
• When can I lock in my interest rate?
• How much do you charge for origination fees?
• How much would you charge for closing costs?
• Are you offering any closing cost incentives?

• What types of mortgages do you offer?
• What is your Annual Percentage Rate (APR)?
• When can I lock in my interest rate?
• How much do you charge for origination fees?
• How much would you charge for closing costs?
• Are you offering any closing cost incentives?

Doing your research ahead of time is always important when buying your first home. Start by knowing your financial situation – do a budget in order to determine how much money you will need to have for a monthly mortgage payment.

Second, you need to get pre-approved to see how much you can afford. It’s important to make sure you are comfortable with the monthly mortgage payment. Lastly, you should talk to a mortgage counselor about different mortgage products – be sure to understand how much money you should save have for a down-payment and the advantages/disadvantages of paying Private Mortgage Insurance (PMI).

Although the documents you will need will vary based on the type of loan, here’s a basic list of documents you will need in order to apply for a loan:

• Current names, account numbers, and balances of checking, savings, money market, retirement, and credit card accounts Bank address
• Checking and savings account statements for the past 3 months
• Your most recent pay stubs, W-2s and other proof of employment and income verification
• A purchase contract (if you have one) Social Security numbers for borrowers
• Individual taxpayer identification numbers
• Home addresses for at least the past two years
• Federal income tax returns for the past two years
• Evidence of any other income you receive
• Balance sheets and tax returns if you are self-employed
• Divorce settlement papers (if applicable)
• Information on other consumer debts, such as credit cards, car loans, furniture loans, student loans, and department store credit cards
• Gift letters, if you are using gifts from parents, or relatives to help cover the down payment or closing costs

1. You’ll know how much you can afford
2. You can spend more time looking at the right homes
3. You’ll be able to beat out the competition when making an offer on a home
4. You can purchase a home more quickly
5. You can do your homework first

If you have recently changed jobs and, more specifically, fields of work – it could affect your ability to get a loan. The best thing to do, is call a SIRVA Mortgage loan counselor to discuss your specific situation. Our counselors are standing by to answer any questions you might have about your unique situation.

The best thing to do, is call a SIRVA Mortgage loan mortgage counselor to discuss your specific situation. Our counselors are standing by and ready to answer your questions. We promise to help make the application process easy.

Lenders will request access to your credit score because it’s an indication of how well you’ll pay back a loan. It tracks all sorts of factors related to your history of paying back credit cards and debt.

Most mortgage companies will look at your credit as a way to determine your interest rate and the types of products available to you. The better your score the lower the interest rate and the more product options you will have. Knowing your credit score and ensuring there aren’t any outstanding issues associated with it, could end up saving you thousands when applying for a mortgage.

There are three ways to request your credit score:

1. Visit annualcreditreport.com and complete the online form
2. Call 1-877-322-8228 to speak to an Annual Credit Report representative
3. Mail in a request form to:

When you lock-in a rate, it’s a promise made to you by your lender that they will hold a certain interest rate and/or point combination until the time of closing. Typically mortgage companies have a certain window of time that you can lock in your interest rate, for example, 30 days before the estimated closing date. Each mortgage company has its own guidelines for rate locking – so be sure to understand your agreement.

Private Mortgage Insurance (PMI) is charged when borrowers are looking to get a loan without a 20% down payment. Private Mortgage Insurance premiums are paid by you, the borrower. The insurance reiumburses the lender if you default on your home loan. The PMI amount you pay will vary dependent on the type of mortgage product and your area.

When you see the phrase “lender paid mortgage insurance” – be careful not to interpret this as something for “free”. Instead of paying for Private Mortgage Insurance (PMI) which is paid by you the borrower, the lender will actually make up for the amount that you’re not paying in PMI by increasing your mortgage rate. It might not always mean that you’ll pay more or less – but it’s important to calculate how much you’ll be paying in both the lender and borrower PMI scenarios.

Most lenders will actually require you to have homeowner’s insurance before closing. Everyone wants to make sure your home is protected in case of an unforeseen disaster or incident. Not to mention, your insurance will help you protect one of your most valuable assets.