Frequently Asked Mortgage Questions

 
1. How is Inlanta Mortgage Pewaukee different than my local bank/credit union?
Inlanta Mortgage Pewaukee is committed to delivering an exceptional experience, tailoring the loan process to meet your financial goals. We are dedicated to you and will provide you:

  • Personal service. We have access to virtually every loan program available. We have both the knowledge and resources to get the loan closed. We also have the ability to tailor a program to the specific needs of the customer.More for your money. It is simple and easy to obtain a loan through Inlanta Mortgage. Consultations are free, service is personal and guidance is provided throughout the entire loan process.
  • Qualified and professional. With more than 20 years’ experience, Inlanta Mortgage has been meeting the needs of local families since 1993. Our loan consultants are specifically trained to assist customers in obtaining the best loan to fit their financial goals.
  • Wide-ranging experience. We work with both local and national investors to have access to the widest variety of mortgage programs and interest rates. We study each individual’s financial situation in order to meet their exact needs.

 

2. What are the advantages of purchasing a home?
Becoming a homeowner may sound frightening — but the more you know about why you should buy a home, the less scary it will seem. Some advantages of purchasing a home are:

  • Equity. Mortgage payments help you build equity, meaning your monthly payments are working for you.
  • Savings. Building equity in your home is a forced savings plan.
  • Appreciation. According to the National Association of REALTORS®, median single-family existing home sale prices have increased on average 5.2% each year from 1972 to 2014.
  • Tax Benefits. Because of the United States Tax Code, you are able to deduct the interest you pay on your mortgage, property taxes and some of the other costs involved in purchasing a home.
  • Predictability. A fixed-rate mortgage payment doesn’t increase over the years, where rent can increase yearly.
  • Stability. Living in the same neighborhood for several years allows your family to building relationships with the community.
  • Freedom. It’s your home — you can decorate and upgrade it to your lifestyle.

To learn more about the home buying process, click here.

 

3. Am I better off renting or buying a house?
According to new Trulia research, it is actually cheaper to buy a home than rent in every one of the country’s 100 largest metro areas. Homeownership nationwide is actually on average 38% cheaper than renting, due to low mortgage interest rates and increasing rent.

The thought of paying a mortgage may seem uncomfortable, but you’re already paying for a mortgage — yours or your landlords. As a homeowner, your mortgage payment helps you build equity, as it acts as a forced savings plan. If you’re renting, you’re building your landlord’s equity.

 

4. How much can I afford to borrow?
Our loan officers calculate affordability based on personal information, including income, debt-to-income ratios, credit history and down payment.

To see how much you may be able to afford, use one of our mortgage calculators or apply now.

 

5. Why is my credit score so important?
There are three major credit bureaus: Equifax, Experian and TransUnion — which means you receive three different credit scores. Your credit score is a 3-digit number generated using the personal information in your credit report. Data from your credit report goes into making up your score: payment history, amounts owed, length of credit history, types of credit used and new credit.

The significance of your credit score indicates to lenders and banks how reliable you will be to pay your loan back. Your credit score also determines the interest rate and terms of loan you receive too, which has the most potential to save you money.

To see what your score is, click here.

 

6. Why is my mortgage credit score different than the credit score I pull myself?

 

7. Will my credit history prevent me from getting a mortgage?
Our programs have different requirements have different requirements pertaining to credit history and being approved for a loan. If your credit score is not ready to secure a loan, our loan officers will work with you to increase your score.

To contact a Loan Officer, click here.

 

8. Do I need good credit to get a mortgage?
Different loan programs have various credit score requirements. Even if you don’t have perfect credit, there may still be a loan program for you. Contact one of our loan officers to see what loan program would be best for you.

To contact a Loan Officer, click here.

 

9. Is there a fee to submit my application online?
No, applying online is free.

To apply online, click here.

 

10. How long does it take to get a preapproval?
Typically, we can provide a preapproval within 24 hours.

To get started on your mortgage process, click here.

 

11. How is my mortgage payment determined?
Your mortgage payment is broken down into 5 parts:

  • Principal payment
  • Interest
  • Real estate taxes
  • Homeowners insurance
  • Private mortgage insurance (PMI)

Not included in your mortgage payment is Homeowner Association fees.

To learn what your monthly payment would be, contact a loan officer today.

 

12. Will my monthly payments change during the term of my loan?
The type of mortgage product you choose will determine if your payment can change.

If you have an adjustable rate mortgage, your rate will be fixed for a pre-determined period of time. After the fixed rate period, your interest rate becomes adjustable and will change once a year, depending on the global financial market. If you have a fixed-rate mortgage, your monthly payments (principal/interest) will never change. However, your mortgage payment can increase slightly if escrowing for taxes and insurance.

To learn what the best mortgage product is for you and your lifestyle, contact a loan officer today.

 

13. How long is a typical mortgage process?
If you are purchasing a house/condo, the date written in your offer to purchase indicates the closing date. If you would like to close sooner than 30 days, talk with your Loan Officer.

If you are refinancing a house/condo, a typical refinance is 30 days.

To get started on your mortgage process, click here.

 

14. What is mortgage insurance and why is it required?
Mortgage insurance protects the lender in the event that you stop making payments to your mortgage. It is required on mortgage programs that require little or no down payment. Mortgage insurance is required if you have less than a 20% down payment or equity in the home at closing.

 

15. If I have student loans, will I still qualify for a mortgage?
Having student loans will not automatically keep you from purchasing a house. The impact of student loans can vary for each borrower. In most cases, student loans will not prevent you from qualifying for a mortgage. Please contact your Loan Officer for more information.

 

16. Will I get prepayment penalties?
Standard conventional and government loans do not have prepayment penalties.

 

17. What type of documentation should I gather for a loan approval?
To start your loan process, at a minimum, you should bring:

  • The past 2 year’s tax returns with W2’s
  • Last 2 paycheck stubs
  • Last 2 month’s bank statements
  • Driver’s license

Please note that providing requested documentation is not required until after you have received a loan estimate.

 

18. When can I “lock” my rate?
A rate lock is when a lender guarantees an interest rate for a set period of time, usually between the beginning of your loan application and closing. Your loan officer may recommend this for you after you have an accepted offer on a home purchase.

To contact a loan officer, click here.

 

19. Can I borrow money to renovate the home I want to purchase?
Yes, we have a few different programs that will allow you to do this. Contact your loan officer to see if one of these programs would work for you.