FAQs About the Loan Process
JCRMG INC NMLS 2418994 | DRE 02173635 | EQUAL HOUSING OPPORTUNITY
To apply for a mortgage, you’ll typically need:
- Proof of income: pay stubs, tax returns, W-2s
- Proof of assets: bank statements, investment account statements
- Credit history: credit report
- Personal identification: driver’s license, Social Security number
- Employment verification
Note: Specific documentation requirements may vary depending on the lender and loan program.
2. How do I know which mortgage loan program is right for me?
Our Mortgage Loan Originator, Joe Frank Cerros, NMLS 2418994, will work with you to assess your financial situation, homeownership goals, and preferences. We recommend the loan program best suited to your needs, subject to lender guidelines and borrower eligibility.
3. What is the difference between a fixed-rate and an adjustable-rate mortgage?
- Fixed-Rate Mortgage: The interest rate remains the same throughout the life of the loan, providing predictable monthly payments.
- Adjustable-Rate Mortgage (ARM): The interest rate is fixed for an initial period (e.g., 5, 7, or 10 years) and then adjusts periodically based on market conditions.
Actual rates and terms depend on lender approval and your financial profile.
4. How much down payment is required?
Down payment requirements vary by loan program:
- Conventional Loans: Typically 3% to 20%
- FHA Loans: As low as 3.5%, subject to borrower qualifications
- VA Loans: No down payment required for eligible borrowers
- USDA Loans: No down payment required for eligible rural properties
Down payment requirements may change based on lender guidelines, loan type, and borrower eligibility.
5. What is the pre-approval process?
Pre-approval involves a preliminary review of your financial information to estimate how much you can borrow. It typically includes:
- Submitting an application
- Providing necessary documentation
- Undergoing a credit check
Pre-approval gives you a clearer idea of your budget and strengthens your position when making an offer on a home.
Pre-approval does not guarantee final loan approval. Terms and conditions may vary.
6. How long does the mortgage approval process take?
The mortgage approval process typically takes 30 to 45 days, but it can vary based on factors such as the complexity of your financial situation, property appraisal, and responsiveness of all parties involved.
7. Can I refinance my existing mortgage?
Yes, JCRMG INC offers various refinancing options, including rate-and-term refinance and cash-out refinance, to help you:
- Achieve lower interest rates
- Change your loan term
- Access your home equity
Eligibility for refinancing depends on your credit profile, property value, and lender guidelines.
8. What are closing costs?
Closing costs are fees associated with finalizing your mortgage, which may include:
- Loan origination fees
- Appraisal fees
- Title insurance
- Attorney fees
- Prepaid interest and property taxes
These costs typically range from 2% to 5% of the loan amount, but actual costs vary based on lender, loan type, and property location.
9. What is a mortgage rate lock?
A mortgage rate lock is an agreement between you and your lender to secure a specific interest rate for a set period, usually 30 to 60 days. This protects you from rate fluctuations during the loan approval process.
Not all borrowers may qualify for a rate lock. Terms vary by lender and loan program.
10. How can I contact JCRMG INC for more information?
For personalized assistance and expert guidance, contact:
Joe Frank Cerros, Mortgage Loan Originator, NMLS 2418994
📞 1-888-600-7577
We’re here to help you every step of the way!
JCRMG INC NMLS 2418994 | DRE 02173635 | EQUAL HOUSING OPPORTUNITY
Disclaimer: All information provided is for educational purposes only and does not constitute a commitment to lend. Loan terms, eligibility, and rates may vary. Approval is subject to lender guidelines and borrower qualifications.