How long will it take to complete the loan process?
Most loans close within 30 days

Can I get pre-qualified for a mortgage loan before I find a property?
Yes, often within 24 hours if you come to the office or apply online.

Can I submit my application online?
Yes. An online Java applet will guide you through the process, or you can print out a PDF file that you can fill out and send by mail.

What is the initial cost to start the process?
Your only upfront fee is $25.00, which covers the cost of your credit report.

Can I lock in an interest rate?
Yes, and there is no fee to do so.

How long may I lock a rate?
15- and 30-day locks are most common, but longer locks are available.

Can I buy the interest rate down on my mortgage?
Yes, we will discuss this with you during the application and see if this is in your best interest.

How do I know The Mortgage Partner” can give me the best rate?
We are a mortgage broker and have access to lenders with wholesale rates which are not available to the general public.

Do I need perfect credit?
No, we have many mortgage loan options.

What are closing costs?
Closing costs consist of an origination, processing, and lenders fee, appraisal, credit report, and title work.

Who will make the arrangements for an appraiser?
You may select your own appraiser or we will choose a local appraiser who will then contact you to schedule an appointment.

What is included in “title work”?
Title work is a search of the property to check for liens, encumberances, and judgements. They also verify property taxes, prepare your documents where you sign the final loan papers and record your mortgages.

What states do you do mortgage loans in?
Several. Legal requirements look at the state the property in question is located, not the address of the borrower. We specialize in Utah and Idaho.

What is a pre-qualification?
This is the process of determining whether a customer has enough cash and sufficient income to meet the qualification requirements set by the lender on a requested loan. A pre-qualification is subject to verification of the information provided by the applicant. A pre-qualification is short of approval because it does not take account of the credit history of the borrower.

What is the pre-approval and pre-qualification?
The pre-approval process is much more complete than pre-qualification. Pre-approval includes all the steps of a full approval, except for the appraisal and title search. Pre-approval can put you in a better negotiating position, much like a cash buyer.

When does it make sense to refinance?
Usually people refinance to save money, either by obtaining a lower interest rate or by reducing the term of the loan. Refinancing is also a way to convert an adjustable loan to a fixed loan or to consolidate debt. The decision to refinance can be difficult, since there are several reasons to refinance. However, if you are looking to save money, try this calculation:

-Calculate the total cost of the refinance
-Calculate the monthly savings
-Divide the total cost of the refinance (#1) by the monthly savings (#2). This is the "break even" time. If you own the house longer than this, you will save money by refinancing.

Since refinancing is a complex topic, consult a mortgage professional.

What is a rate lock?
A rate lock is a contractual agreement between the lender and buyer. There are four components to a rate lock: loan program, interest rate, points, and the length of the lock.

What's the difference between a mortgage broker and a lender?
A mortgage broker counsels you on the loans available from different wholesalers, takes your application, and usually processes the loan which involves putting together the complete file of information about your transaction including the credit report, appraisal, verification of your employment and assets, and so on. When the file is complete, but sometimes sooner, the lender "underwrites" the loan which means deciding whether or not you are an acceptable risk.

Will I save money going directly to a mortgage lender?
Not necessarily. In fact, if you are a reasonably astute shopper, you will probably do better dealing with a mortgage broker. Mortgage brokers do not add any net cost to the lending process, because they perform functions that would otherwise have to be done by employees of the lender. Furthermore, because mortgage brokers deal with multiple lenders -- in a typical case, 25 to 30, sometimes more -- they can shop for the best terms available on any given day. In addition, they can find the lenders who specialize in various market niches that many other lenders avoid, such as loans to applicants with poor credit ratings, loans to borrowers who do not intend to occupy the property, loans with minimal or no down payment, and so on.

What is a full documented loan?
Both income and assets are disclosed and verified, and income is used in determining the applicant's ability to repay the mortgage. Formal verification requires the borrower's employer to verify employment and the borrower's bank to verify deposits. Alternative documentation, designed to save time, accepts copies of the borrower's original bank statements, W-2s and paycheck stubs.

What are the other types of loans?
Stated income/verified assets: Income is disclosed and the source of the income is verified, but the amount is not verified. Assets are verified, and must meet an adequacy standard such as, for example, 6 months of stated income and 2 months of expected monthly housing expense in reserve.

What is a good faith estimate?
It is the list of settlement charges that the lender is obligated to provide the borrower within three business days of receiving the loan application.

What is a conforming loan?
A loan eligible for purchase by the two major Federal agencies that buy mortgages, Fannie Mae and Freddie Mac. The loan limits are currently $417,000 for a single family house.

What is a jumbo mortgage?
A mortgage larger than the maximum eligible for purchase by the two Federal agencies, Fannie Mae and Freddie Mac, currently $417,000.

What are points?
It is an upfront cash payment required by the lender as part of the charge for the loan, expressed as a percent of the loan amount; e.g., "2 points" means a charge equal to 2% of the loan balance.