Is there someone I can talk to when I need to?
How much is a loan going to cost me?
The cost of a loan depends on three main factors – the type of loan, the loan amount, and the applicant’s financial history. The most efficient way to determine the cost of a loan is to apply with us. Following due diligence, we will provide you with a written loan estimate.
Do you service my loan?
Robinette Financial Group does not service loans. We are a mortgage broker that works with multiple lenders to help clients find the best loan option – saving you time and money.
What types of loans does Robinette Financial Group Offer?
We have loan products to meet the needs of residential and commercial borrowers. Visit Loan Programs on our site for more information.
Is it hard to get a loan if I am self-employed?
In recent years, the expansion of the gig economy has pushed more and more lenders to offer loan programs (often called non-conventional loans) for self-employed individuals. Robinette Financial Group has strong relationships with lenders who provide Non-conventional loan programs, and we pride ourselves on successfully closing hundreds of loans every year for self-employed borrowers.
Can I get a loan if I am not a US Citizen?
You are not required to be a U.S. citizen to obtain a mortgage loan. However, an individual who is not a U.S. resident cannot participate in any conventional, government-backed loan programs. Robinette Financial Group has deep expertise in this area and secured real estate financing for many non-U.S. citizens. Contact us for more details.
What is the difference between being pre-qualified and pre-approved for a mortgage?
A pre-qualification is a letter of approval stating you meet basic financial criteria, based most often on the borrower’s word. A pre-approval statement from a lender means the broker has investigated your assets, debt, and credit history to determine whether you can qualify for the loan. A pre-approval is more powerful than a pre-qualification when presented with an offer to purchase a home, especially if there are multiple offers.
How does my credit score affect my mortgage application?
Your credit score is an important factor in determining how much you can borrow and the loan’s interest rate. A high credit score generally gives a borrower the best terms. A lower credit score can present challenges, but Robinette Financial Group thrives on creating solutions for all customers. We are partnered with excellent credit repair teams who work with our clients to prepare them to meet qualification requirements.
Is a home appraisal required to obtain a loan?
Most lenders require an appraisal to complete a loan for a purchase or refinance. The purpose of an appraisal is to ensure the lender is not loaning more than the home is worth.
How much money do I need to put down to get a mortgage?
Your down payment depends on your financial history, type of loan and loan terms. There are some government-backed programs that require as little as 3.5% down payment. While VA programs require zero down payment, we work with lenders that have a multitude of Down Payment Assistant Programs available.
When can I lock the mortgage rate?
You can typically lock a rate after the initial loan approval.
WHAT IS PMI?
Private mortgage insurance (PMI) is required by most lenders on a conventional purchase or refinance loan if the down payment or home equity is less than 20%. PMI is generally removed once your loan payments accumulate to satisfy the 20% requirement. There are loan programs and payment options for some borrowers to avoid PMI. Please speak to our Home Loan Expert to learn more.
