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| What are my Tax benefits? | | Whether you are a first time homebuyer or a current home owner who is looking to pay off high interest debt, you will automatically receive a Tax benefit. If you are a first time home buyer, the interest which you pay on your mortgage is deducted on your personal Income Tax return. If you are a veteran home owner paying off credit card debt, then not only is your interest a deduction, but the credit cards you are consolidating become a deduction as well! | | | | How long does the loan process take? | | On average, the typical loan closes between Two weeks and Four weeks depending on quick procurement of specific documentation. | | | | How is my rate determined? | | Your rate is determined according to your credit score, Loan-to-Value ratio, income and several other factors. Your mortgage consultant will gladly discuss these factors with you! | | | | Once I buy a house, how long do I have to wait until I can refinance? | | Typically, most banks require home seasoning, which means you must have lived at the residence for at least 1 year. In certain circumstances, a few banks only require 6 months of seasoning. | | | | Will I skip a mortgage payment? | | You will automatically skip a one month mortgage payment, which will help free up some additional CASH for you and your family. | | | | What documentation do I need? | | It depends on whether you’re purchasing a home or refinancing your current mortgage. If you are purchasing a new home, the most important documentation to provide is a sales agreement and your income documentation. If you are refinancing, First Liberty will need to see your income (Last 2 years W-2’s and two recent pay stubs), your last mortgage statement, a copy of your home owner’s declaration page and other case specific documents. | | |
| Help! I have a very case specific question. |
| Please call and speak with one of our extremely helpful mortgage consultants! |
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| 1-888-294-9990 |
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