Should I pay off my credit cards first before I apply? I had a bankruptcy 10 years ago, does this affect my credit? Do I have to use my realtors mortgage company? How long does the loan process take? Below are some commonly asked questions. If you don't find the answer you're looking for, then ask us by clicking here. Or better yet, call us today at 954.568.2787 for a complimentary in-depth quote and overview of current market conditions affecting the mortgage market from one of our friendly professional mortgage consultants. Some Common Questions Are: What is the difference between pre-approval and pre-qualification? The pre-approval process is much more complete than pre-qualification. For pre-qualification, the loan officer asks you a few questions and provides you with a pre-qual letter. 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 debts. 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 type of documentation is needed when I apply? click here. Don't see the question or answer here? Ask a question here.