Q: Why do I need a pre-approval?

A: A pre-approval is the recommended first step when buying a home and can be accomplished quickly, many times by phone.  We’ll get some preliminary information from you, review it and determine whether you qualify for a loan. Once you get your mortgage pre-approval, you’ll know approximately how much you can borrow and will have peace of mind to shop for your new home with confidence. Sellers will also feel more comfortable knowing that they have an eligible buyer.

 

Q: What information do I need to obtain a pre-approval?

A: Our loan officers will ask for basic personal information for each borrower.  This can include full names, dates-of-birth, Social Security numbers, recent addresses, employment history and income/asset information.

 

Q: What loan program is right for me?

A: This is determined by your loan officer based on a variety of factors that include credit, income and down payment.  Gulf South Mortgage offers programs for every qualifying scenario. Every client is different, ask our experienced loan officers which program is best for you.

 

Q: How much are closing costs?

A: The total closing costs vary depending on the amount borrowed and the value of the property. In this equation, taxes and insurance are the biggest variable. Many expenses such as the appraisal fee, attorney fees, etc. are consistent, and we will gladly provide you with a written estimate of the anticipated cost during the initial application process. Don’t be shy about asking, we want you to be informed and comfortable with what to expect.

 

Q: How long does it take to close a mortgage loan?

A: Most mortgage loans can be closed within 30 days. However, no two borrowers are alike often resulting in requests for specific documentation. Your timely response to these requests speeds the process. Rest assured, Gulf South Mortgage works efficiently and will do all we can to expedite your closing.