FAQ Page - A&D Mortgage LLC
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FAQ Page2017-05-23T23:16:58+00:00
If I have had bad credit, do I still get a loan?2015-07-23T10:11:33+00:00

Most of the times you do. Even if you have had bad credit, it is not the only factor that the lenders look at, lenders also look at your employment history, income, debt, and cash reserves.

What is the difference between a second home and an investment property?2016-12-05T13:02:12+00:00

A second home is a home for your own personal use. The mortgage process for a second home is very similar of that of your primary home . An investment property is a property you rent out as a landlord or buy to fix the property and then sell it for a higher prize. This could be an apartment property, condominium, or single family residence.

When will I have to pay for Private Mortgage Insurance (PMI)?2014-10-03T21:11:41+00:00

Normally, if the amount of your loan is higher than 80% of the home’s appraised value, you will have to obtain private mortgage insurance known as PMI.

What is the minimum down payment I have to give for a home?2014-10-03T21:11:20+00:00

It depends on the value of the home, on an average situation between 3.5% to 20% of the home’s value.

What if I have a specific property in mind?2014-10-03T21:11:00+00:00

Its not favorable if you do not set a budget first. First get prequalified, and from there we will be able to help you set a budget for your home, and also the monthly payment.

What does getting prequalified means? How does it work?2014-10-03T21:10:26+00:00

Getting prequalified means that the lender makes an estimate of how much you will be able to borrow based on your assets, income, and debts.

The lender checks your information and gives you a general estimate of the amount of the loan and the monthly payments.

With the preapproval done, the lenders review some basics about your finances and provide you with an official letter that states that as long as you meet certain requirements, you will be approved for a specific loan amount and program according to your needs.

Most of the times the sellers require the preapproval in order to sell you a home. Being preapproved gives you not only more confidence, but also brings you a step closer to your dream home.

When applying for a loan, what do the lenders look at ?2014-10-03T21:10:32+00:00

Lenders usually take a look at your credit, the assets that you have, how much of down payment are you giving, how much is your income, and the debt(s) that you may have.

Could switching jobs affect my mortgage application?2017-06-04T23:24:17+00:00

When someone switches to a new position, a lender’s primary concern is whether or not the new position is permanent, not temporary and that the borrower has not been placed on any type of probationary period. Underwriters also look to see that you have a history of working in the same field.

Can a 2nd job be used in qualifying?2017-06-04T23:25:20+00:00

A second job income can be included in your qualifying ratios as long as you have had the position for the past two years. If you have been employed for less than 24 months, it will be looked at only as a compensating factor.