How long does it take to get approved?
Not too long ago finding the right home loan was a difficult and time consuming process. Today you can shop rates, compare lenders and pre-qualify for loans within a matter of minutes. At Key Home Financing, we offer same day loan approvals. Fill in and submit an online application and a representative will call you within 24 hours to discuss your options.
Why do mortgage rates change?
As the central bank of the United States, the Federal Reserve monitors domestic economic growth and the rate of inflation. A council within the Federal Reserve Bank called the Federal Open Market Committee (FOMC) periodically reviews the state of the economy and determines the position of interest rates accordingly.
If the FOMC believes that the economy is growing too fast, thus generating inflation, it may decide to raise interest rates. On the other hand, if it thinks the economy is moving into a recession, it may choose to stimulate economic growth by lowering interest rates.
The changes in interest rates may influence whether you choose a mortgage with a fixed or adjustable rate. Have a look at today's interest rates and check out our menu of loan programs.
Or give us a call and discuss your options with a Key Home Financing representative.
What information do I need to apply for a loan?
Getting a loan can seem like a difficult task. In order to make your loan process quick and easy, we've compiled a list detailing the documentation that you will need if you apply for a loan with Key Home Financing.
- Complete, signed Purchase and Sales Agreement with all
addendums
- Property Information Listing Sheet from your real estate
broker
- Verification of total deposit held by your real estate
broker (copies of checks)
- Copies of your bank statements for all asset accounts
(checking, savings, CD's, IRA's, etc.) from the past two
months
- Copies of your most recent paystub from your employer
- Copies of your last years W2 form. Also, complete tax
returns if you are self-employed, commissioned, or if you
have overtime income
- Copies of your last twelve months of canceled rent checks,
if you currently rent (Optional)
For refinances please add the following:
- Property Deed
- Recent Real Estate Tax Bill
- Homeowners Insurance Policy
- Current Mortgage Statement
If you have any questions, please give us a call.
Can I get a loan if I have bad credit?
We evaluate each customer's credit report on an individual, case-by-case basis. Therefore past credit problems won't necessarily disqualify you. After considering a range of factors from credit to employment history, our loan representatives can access a full menu of loan programs so they can find a mortgage that's right for your situation.
Fill out an application or give us a call and talk to one of our loan representatives.
How do I get started?
From setting a budget to closing on a home, our mortgage specialists will guide you through the loan process and assist you with any of your questions. Complete and submit your on-line mortgage application and a Key Home Financing representative will contact you within 24 hours.
Should I refinance my home?
Consolidating debt, lowering your interest rate and building equity are some of the reasons why you might consider refinancing your mortgage. The bottom line is saving money.
Refinancing may not be right for everybody. How much money you might be able to save depends on a number of variables. Take a look at the Mortgage Report's updates on interest rates or use our finance calculator to determine whether refinancing is the right decision for you.
