Frequently Asked Questions
1.Why use Prestige Lending?
There are many reasons to work with us at Prestige Lending. As a mortgage broker, we are at an advantage due to being able to secure the best terms possible for your home loan by shopping for the best rates and having access to unlimited loan programs. Also, our team is very seasoned and knowledgeable. We’ve worked in the financial industry for many years, and we’ve built our business on repeat clients and referrals from referral partners such as realtors, builders and financial advisors.
« View All Questions2.What is the difference between a pre-qualification and a pre-approval?
A pre-qualification provides a general indication of whether you would qualify. It is based only on the data submitted by you, the borrower. We review income and debts/monthly obligations to pre-determine the loan amount and loan program that you might qualify for. A pre-approval requires the completion of a mortgage application and the submission of necessary documentation such as income and asset documents. Authorization for a credit check is also required. This allows the lender to provide a conditional commitment for a particular loan amount, interest rate, and loan type.
« View All Questions3.Do you offer soft credit pulls?
Yes; however, most times a hard credit pull is required prior to providing a pre- approval letter.
« View All Questions4.How long does it take to receive a pre-approval letter?
Most times we can issue a pre-approval letter within minutes to an hour of review of the loan application and supporting documentation. In some cases, we may need to inquire with our underwriters about certain scenarios and circumstances. In those cases, we’re still usually able to provide a quick turnaround.
« View All Questions5.How long does the mortgage process take?
In most cases, provided that we receive requested documents within a timely manner, we can be ready to close within a few weeks. In some cases, we can close as quickly as a couple of weeks.
« View All Questions6.Do I need a 20% down payment?
No. Conventional loans allow for as little as 3% down when meeting Fannie Mae’s definition of a first-time homebuyer. Otherwise, you may put down as little as 5%. You may put down only 3.5% on an FHA loan and $0 down on VA and USDA.
« View All Questions7.How do I know which loan program is best for me?
That’s what we’re here for. We will work with you to determine the best loan type and down payment options that best suit your circumstances.
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