Frequently Asked Questions on home loans.

Ask our mortgage experts for free advice on your mortgage

Browse our frequently asked questions below for quick answers. If you are unable to find the answers to your questions below call a Mortgage Expert at 1-800-555-2098 or use the contact form to the right and a representative will contact you within 24 hours with a response.

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    How long does it take to get a home loan pre-approval for a new mortgage?

    Loan pre-approval can be given in a matter of minutes either over the phone or in person. Your loan officer will walk you through the pre-approval process by asking you information on your income, assets, credit and what your goals are in buying a home. Based on this information you will be given a pre-approval that will allow you to place an offer on a new home.

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    What information do I need to get a mortgage approval?

    • Last two years W2's Statements
    • Last two 2 Years Tax returns if Self Employed or Commission
    • Most recent month of pay stubs
    • Social Security Awards Letter (if applicable)
    • Pension Awards Letter (if applicable)
    • 2 months bank statements (PDF eStatements)
    • Divorce decree (if applicable)
    • Rental Payment History (if applicable)
    • Social Security Card
    • Drivers License or other identification
    • ** Additional information may be required depending on program.
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    How much do I need to save for a down payment to buy a home?

    Working with Riverbank Finance LLC you may be able to purchase a home with no down payment mortgage. Other available mortgage programs will require as little as a 3.5% down payment for an FHA Loan or 3% down for a Conventional Loan.

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    How long does the mortgage process take?

    The industry average is between 45 and 50 days to close a loan. The mortgage process with Riverbank Finance typically takes around 30 days for most loans however times may vary based on loan programs. We recommend speaking with your loan officer to establish an estimated timeline for your loan closing. If you are in a time crunch be sure to speak with your loan officer about options to close your loan quickly! Our personalized loan may allow options to have a quick closing and save your purchase agreement from expiration.

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    Will the new lender require an appraisal of the property?

    In most cases the property is the collateral for the loan, however, in some cases we do not need the appraisal when we can streamline the process for you. Our loan options to refinance such as an FHA Streamline Mortgage or the Home Affordable Refinance Program may allow you to refinance without an appraisal.

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    Can I refinance if I owe more than my house is worth?

    There may be options available! For example, if your home is worth $100,000 but you owe $150,000 you may still qualify. Through programs like the HARP refinance you may be able to lower your rate and term regarless of your home's value. Ask your loan officer what options are available if you are under water on your home loan.

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    What is "Making Home Affordable" all about?

    This is a program put in place by President Obama. The Making Home Affordable program offers two different potential solutions. 1. Refinancing mortgage loans, through the home affordable refinance program (HARP) 2. Modifying your current mortgage to make it more affordable for your family to stay in the home. Read more about President Obama Mortgage.