Mortgage Rates and Most Frequently Asked Questions

Interest rates can change rapidly, plus there are many factors that affect interest rates. For this reason it is best to call any of our Loan Officers 502-412-8400 or 502-415-6911 for a current interest rate quote and let them guide you through the process. With a few quick questions we can obtain an accurate rate quote. Please note that interest rate quotes do not mean that you are “locked in”. Ask your Loan Originator for help with this.

FAQ for Getting a New Loan:

1. What parameters can impact my interest rate?

Credit score, Loan to value, type of loan, and loan size just to name a few.

2. When I apply for a loan, do I need to give any money upfront?

No, with JPMortgage Company, there are no application fees, there are no upfront costs.

3. How much are closing costs?

Depends on whether or not the lender is providing a credit to you based on your interest rate.

4. Do I need an appraisal?

Most transactions require them, but there are times when you might not.

5. Do I need an attorney?

No, that is part of the process that we will arrange for you.

6. How long does the process take from start to finish?

This depends on the borrower(s) response time to the Loan Originator and Lender Underwriting times. Usually the process takes between 30-45 days.

7. I am a first time home buyer, are there any special programs?

Currently there aren’t, but this can change.

8. How do I compare Mortgage Companies?

You should ask for each Mortgage Company’s current rates AND closing costs. It is important to feel comfortable with the person you are dealing with and their mortgage industry experience.

Qualifying for a Loan FAQ:

9. How do I know if I qualify?

A complete Loan Application is essential. All data will be verified. You can find an application on our website by clicking here.

10. I just recently lost my house or a second home to foreclosure or short sale, Can I Refinance or Purchase another home?

Not for 3 years.

11. I recently filed for Bankruptcy, can I get a loan?

Not for 2 years from the discharge date and proper paperwork.

Employment Related FAQ:

12. How long do I need to be employed in my current job?

It depends on the type of loan you are pursuing. If you have recently changed jobs or are a new hire, generally a letter from an employer for a new hire will suffice or 30 days on the job.

13. I recently changed my job status from W-2 to Self Employed, what does that mean for me?

You are required to have filed 2 consecutive years of tax returns to prove Self-Employment income.

14. Are gaps in employment ok?

Yes in most cases, but must be explained.