Registration Info
Hi, how can we help?
We have selected some frequently asked questions below.
We know buying a home can drum up a lot of questions or if refinancing you may want to know how much cash out you can pull from your home. Find the answers to your questions below.
How long does it take to close a loan?
We want you to get the keys to your new home as soon as possible! If all documentation is in order and there are minimal to no setbacks, we can close in as little as 30 days.
I don’t have enough money for my down payment.
Not all loans require 20% down. There are programs like the FHA Loan Program that puts donations and grants towards your down payment.
Veterans can finance up to 100% of your mortgage with the VA Loan Program. Contact one of our loan officers today at 703-239-7700 or email us at info@citylendinginc.com to apply.
Do I need to find my home before I apply for a mortgage?
No! And getting prequalified for your mortgage before you find a home may actually make you a more competitive buyer.
Contact one of our loan officers today at 703-239-7700 or email us at info@citylendinginc.com to get pre-qualified.
How important is my credit score?
Your credit score is a big part of the mortgage application. A “good” score falls at 600 and up, the higher the better. If your credit score is low, let’s work together to figure out ways to bring it back up! You can calculate your FICO credit score here. https://www.myfico.com/fico-credit-score-estimator/estimator
What documents do I need to apply for a loan?
You’ll need to provide documentation on your income, assets, credit history, taxes, and anything else that gives us a good picture of your finances. This may include W2s or 1099s, tax returns, bank statements.
What is the difference between 15 and 30-year mortgages?
These are two different term lengths of a mortgage loan. With a 15-year fixed rate mortgage, you’ll make higher monthly payments, but pay off your loan in half the time. Whereas with a 30-year fixed rate mortgage, you’ll have lower monthly payments but a higher interest rate.
What kind of loan is the right for me?
We offer a variety of loan programs to work with your financial profile and preferences. Contact one of our loan officers today at 703-239-7700 or email us at info@citylendinginc.com to explore your options!
What will my mortgage payment be?
Your monthly mortgage payment depends on a number of factors: your term length, mortgage type, down payment, property appraisal, credit score, etc. You can get an estimate of what your payment might look like with a mortgage calculator.
Owning vs renting
When you own a home, your monthly payments are going towards your mortgage, and you’ll eventually pay off your house, versus paying rent indefinitely on a place that you’ll never own.
Homeownership gives you:
- Total control of the property
- Ability to renovate and design to your preferences
- Increase equity and market value with renovations
- Tax deductible
What is the difference between Loan Officers and Realtors?
A loan officer is an agent that helps you throughout the financial process, selection of loan program, and loan processing. A Realtor focuses on the acquisition/sales of a property and isn’t involved directly in the loan negotiation process.
Didn’t find the answer you were looking for?
Not to worry. Please make sure to contact us directly and we will make sure to answer any and all of your questions.
