Lender Questions

What is included in a house payment?
When you are deciding how much house you can afford, take into account that your monthly house payment will include Principal & Interest on a loan, homeowner’s insurance, mortgage insurance and property taxes. Ask your Kopf Agent which of these monthly costs are tax deductible.

What is a pre-qualification letter?
This is an initial estimate of the amount of money a lender will consider lending you. A pre-qualification can be provided free of charge (for most lenders) and can be extremely helpful when shopping for a home, as you will be able to customize your search towards homes that are within your price range.

What do closing costs include?
Closing costs will vary depending on the lender you choose. Typically, they include processing and administration of the loan, prepayment of interest charges (to the partial month in which you close), impound for property taxes, hazard insurance and mortgage insurance.

When do my mortgage payments start?
Typically, your mortgage payments start 30 days after closing.

When I go to a lender, what documents do I have to provide?

• W2’s for each employer for the past two years
• Residence Addresses for the past two years
• Names and Addresses for each employer for the past two years
• Names, addresses, account #’s, balances on all Checking & Savings accounts and 3 months of statements.
• Names, addresses, account #’s Balance and monthly payment on all open loans
• Application fee
• If self-employed, 2 years of complete federal tax returns
• Driver’s license and Social Security Numbers

How much house can I afford?
Go to our mortgage calculators at the top of the page!

What is Title Insurance?
Title insurance is designed to protect the policyholder of such title insurance for covered losses caused by defects in title (ownership) to the Real Estate that are in existence on the date the policy of title insurance is issued. Title insurance is different from casualty or liability insurance. The Buyer is encouraged to inquire about the benefits of title insurance from a title insurance agency or provider. An owner’s policy of title insurance, while not required, is recommended. A lender’s policy of title insurance, if required by the mortgage lender, does not provide protection to the Buyer. It is the Buyer’s responsibility to make inquiries with regard to owner’s title insurance prior to closing.