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Frequently Asked Questions
Frequently asked questions; mortgage questions and answers. Fortress Home Mortgage.
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FAQ’s | Highlights

What Documentation Is Required?

Do You Offer Free Consultations?

What Is a Mortgage Broker?  

How Much Home Can I Afford?  

Does Fortress Charge An App Fee? 

How Does a Mortgage Broker Get Paid?

What Are Your Closing Costs? 

What Is The Interest Rate?

Required Documentation

Conventional mortgage financing. Required documentation to apply.1.  W2’s (most recent two years)
2.  Two months of bank statements (all pages).
3.  Copy of your current driver’s license

Without a doubt, this is one of the most frequently asked questions in the mortgage business.  On paper the process sounds simple.  Essentially, all that a borrower needs to begin the underwriting process are the above docs.  Remember, these are the items to start your mortgage journey!

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Frequently Asked Questions

What is a mortgage broker?

What is a mortgage broker; mortgage broker advantages; Fortress Home MortgageAnswer:  In brief, a mortgage broker is a third party originator that works with multiple lenders.  That is to say, a mortgage broker works with more than one lender.  The broker, or (TPO), originates the loan app and then sends it to the corresponding lender.  As a result of having multiple lenders, the mortgage broker can offer a wider variety of loan products.  And, better mortgage services!

Mortgage broker advice

Most often, getting sound advice prior to applying is the best way to start your mortgage journey.  It is important to note that Fortress Home Mortgage offers a free consultation, and we highly recommend using it.  For instance, we will answer all of your frequently asked questions, and then provide you with a customized loan worksheet summary.  In short, we will simplify the lending process with easy to understand illustrations.  And, our communication is always clear!  The following mortgage advice is a short list of commonly asked questions.

How much home can I afford?

How much home can I afford; Fortress Home MortgageAnswer:  Ultimately, it depends on three main criteria.  It is important to realize, that every loan application is case specific.  In other words, every borrower has a different set of credentials.  In short, home affordability comes down to three main categories.  First, determining the credit (or FICO) score.  Second, verifying income and establishing the DTI (debt to income ratio).  And third, verifying the amount of cash in reserve.

Does Fortress Home Mortgage charge an app fee?

No app fees; Fortress Home MortgageAnswer:  Absolutely not!  Fortress Home Mortgage does not charge an app fee.  Conversely, it is not uncommon for a mortgage company to charge an app fee.  Unquestionably, the main reason is to gain a financial commitment, and obligate clients.  In short, there is absolutely no reason to pay any lender or broker for an app fee.  Fortress Home Mortgage never has and never will charge upfront.  Without a doubt, our mortgage advice is always completely free. 

How does a mortgage broker get paid?

Mortgage commissions; Fortress Home MortgageAnswer:  Undeniably, by closing loan applications.  Consequently, no one is compensated unless the transaction is settled.  It is important to realize, that ultimately no sales person earns a commission on a mortgage transaction.  That is to say until the lender funds the loan!  In the case of a mortgage broker, the corresponding lender pays a commission percentage.  Or, the borrower pays an upfront charge.  The subsequent percentage is always based on the amount financed, or the mortgage amount.  In general, the percentage is anywhere between 1.75% – 2.75% of the mortgage total.

Answer:  mortgage closing costs are case specific to every loan application.

Low closing costs; Royal Oak Mortgage Broker; Fortress Home MortgageIn general, mortgage closing costs will vary.  However, Fortress Home Mortgage offers a unique customized loan worksheet summary.  Every applicant or mortgage inquiry will receive a free customized worksheet.  Click here for an example worksheet summary.   

Answer:  mortgage interest rates are based on the current market, and the borrower's credentials.

Low interest rates; mortgage home loan; Fortress Home MortgageIt is important to realize, that not every borrower will get the exact same interest rate.  As emphasized, every loan application is unique and has a different set of circumstances.  The best way to drill down on the rate is to apply, and then lock-in the rate for 30 days.    

Answer:  in most cases, either a Fannie Mae or Freddie Mac loan will offer the best loan program.

Mortgage programs for first time home buyers; Fortress Home Mortgage; how we're different; home mortgage brokerAs a mortgage broker, we will shop your loan app for the best offer.  More specifically, we can find the right program to fit your needs.  Such as, loans for self-employed borrower, or loans that accept bank statements in place of claimed income.  

Answer:  a mortgage escrow account can be waived in most cases.  

Mortgage escrow waiver; Fortress Home MortgageIn general, the lender will allow the borrower to waive escrows on a loan with a down payment of 5% or greater.  If the loan is government backed, such as with FHA or VA, then the loan must maintain an escrow account under all circumstances.    

Answer:  yes, Fortress Home Mortgage can work with low credit scores.  

Less than perfect credit; low credit score; Fortress Home MortgageWe understand the nature of credit, and we know how it can be improved in a very short amount of time.  Furthermore, we have a lot of experience in analyzing credit reports, and we understand how to set up a new loan application correctly.  The loan process can take many twists and turns, but we are very keen on avoiding surprises.

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