Here are some common mortgage questions. Have a question you don’t see answered? Call us at 610-345-9100.
Employment and mortgages
Part of the mortgage process includes verifying income. You must be able to show that you can afford the home loan payments, regardless of the type of home loan program. If you do not have a job or any other way to financially support a mortgage, consider holding off applying for a home loan until you can verify employment and income. If you can prove steady, reliable income – go ahead and apply to pre-qualify for a loan!
Credit and mortgagesCredit is a major player in the home loan process. Your credit score determines your eligibility for home loans and your interest rate. Better your credit, the better your rates.
If you do not have good credit, consider one of the following steps:
- Visit with a credit restoration expert. Contact us for a referral. 610-345-9100
- Take six months to a year and focus on repairing your credit – no late payments, pay down debt, no new credit accounts, etc.
- Learn about the do’s and don’ts of credit when it comes to applying for a mortgage.
Underwater mortgagesDo you owe more on your mortgage than your home is worth? The “housing crisis” of the past several years led to a drop in the value of homes. Many face mortgages that are much higher than their current property values.
- The government has put a handful of programs in place to provide assistance to homeowners. Guidelines and restrictions apply, however there may be options for you depending on the current loan you have. The HARP program and FHA Streamline refinance may help you refinance at a lower rate without an appraisal. Call me at 610-345-9100 to see if you are eligible.
You can switch mortgage lenders at any time - even if you’ve been with your current company for years or if you’re in the midst of refinancing. We’ve met several who are tired of the runaround of the ‘big banks’ and want to switch to someone local and easy to work with. Until you’ve signed on the dotted line – there’s always a way out!
If you’re considering switching lenders, make sure to keep all of the documentation together – your new lender will need to see that. Also, if you’ve already had an appraisal performed, that is one fee that will need to be repeated and cannot be recovered.
We highly recommend The Ken Pitts Mortgage Team. Ken and his team were very helpful, honest, and highly dedicated on making sure the process went as smooth as possible. They were always available when we needed them for any questions or concerns regarding the mortgage application, paperwork, or forms that needed to be filled out. What a great team they are! We just can’t thank them enough for everything they did for us!
Ken Pitts is the best mortgage broker around! He is sincere and loyal to his clients. Ken helped us buy our home in 2018 and then assisted us with a Refinancing Loan in 2019. We're blessed to know him, and would recommend him to family, friends, etc! Thanks for everything, Ken! :-) ~The Hiester Family
Ken (along with his team) has been my go-to lender since I bought my first home in 2015. I just sold and purchased my second home last week and through the entire process Ken was super helpful. He answered every question I had with a very quick response time. He crunched my numbers every single time something came up within minutes of me reaching out to him. He was so insightful to learning how much was affordable and what numbers we had to hit or couldn't go below. Ken keeps you informed the entire time on the mortgage approval process and guided me through every step. I would highly recommend Ken and his team. I can't say enough or put into words how much Ken helped make buying a home less stressful and seamless. If you are looking for a smart, detail-oriented, informative, insightful, helpful, knowledgeable lender, Ken is your guy.
Ken and his team were organized, responsive, and always available. He made our financing process smooth from pre-approval to closing. He was able to prepare both a construction/rehab pre-approval and also conventional financing for our home purchase.
We were first time home buyers and it was very scary territory! The second I walked into Ken office Kim made me feel so comfortable! Ken was so great at explaining everything to use and him and Jackie were so thorough and professional! The whole team is so great I would recommend them to anyone!
Ken and his team we awesome to work with. You all made this process so easy. Thank you for all you did to make our dreams come true. I will recommend them to everyone I know.
Ken and his colleagues were very easy to work with to finance the purchase of our new house. Everyone was friendly and efficient and Ken was a great resource for questions about the process. He was able to get our pre-qualification letter out the same day we needed it. Once we were under contract, at his recommendation, we locked in our rate at a great time and there was no drama in the closing process. We were able to do all the paperwork online--no messing with fax machines or dropping physical papers off anywhere. We would definitely work with Ken again.
Ken and his team are a pleasure to work with! He was always happy to help and answer any questions we had and keeping in contact every step of the way.
We only had just over a month for have our loan ready. Ken assured us it would be ready. From start of the process to the closing, the process was seamless. Ken's team was efficient, knowledgable and helpful the enter time. They assisted us with everything that was needed and kept us informed the entire time. I would recommend Ken and his team to anyone needing a mortgage.
Ken and his team have been great throughout my house purchase. They are always available and help you understand every step of the process. I would highly recommend!