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Please reach us at info@LumosMortgageGroup.com if you cannot find an answer to your question.
Generally, we will need - What good originators call C.I.A. -
You'll typically need proof of income (pay stubs, tax returns, or other documents ), credit reports, bank statements, and identification. Specific requirements vary depending on the loan program.
The minimum credit score depends on the loan type:
Generally, we calculate your affordability based on income, debts, credit score, and down payment. Our main indicator is your DTI ( Debt To Income ) ratio. Basically a math equation used to calculate all of your monthly liabilities with the proposed housing payment over your total qualifying income.
This ratio determines which loan programs you qualify for. A pre-approval is the best way to determine your budget.
Pre-qualification is an estimate of what you might qualify for, with no expertise driven data or typically without a credit report. While pre-approval is a more detailed process involving verification of your financial documents and actual precise calculations. Sellers always want to see pre-approvals.
On conventional loans, PMI is typically required if your down payment is less than 20%. It protects the lender in case of default and is added to your monthly payment.
A fixed-rate mortgage keeps the same interest rate fixed for the life of the loan, while an ARM starts with a lower rate that adjusts periodically based on market conditions.
Many loans allow early payoff without penalties AFTER FIRST 6 MONTHS, but check your loan terms to confirm.
ABSOLUTELY, refinancing allows you to replace your current loan with a new one at a potentially lower interest rate or better terms. Call us to help your naivagte if refinancing makes sense for you right now..
Closing costs include all costs associated with making your transaction close. They are all fees for appraisal, title insurance, lender charges, escrows, and more. Generally they range from 2% to 6% of the loan amount depending on the transaction and the vendors you elect.
Yes! Many Options! Some include FHA loans, USDA loans, and state or local first-time homebuyer programs with grants or lower down payment requirements. * Programs vary per eligibility, area, and other specific criterias
FHA loans require as little as 3.5%, and some conventional loans allow 3%. VA loans and USDA loans offer 0% down options for eligible buyers.
FHA loans are backed by the government and are considered more flexible "starter' loan designed for buyers with lower credit scores or smaller down payments. They may have higher mortgage insurance costs.
Lenders use your DTI to assess how much of your income goes toward debt. A lower DTI increases your chances of approval. DTI determines program eligibility, in some cases down payment and also possibly interest rate options
Yes, many loan programs allow gift funds, but you may need a letter from the donor confirming the funds are a gift, not a loan. Gift fund requirements vary per loan type.
There are so many options available for investors! Conventional loans, DSCR ( NO INCOME DOCS NEEDED ) loans, and portfolio loans are common options for financing investment properties.
Yes, rental income can often be used to qualify, provided you meet lender requirements.
Lenders may use a percentage of rental income, typically 75%, to account for vacancy and maintenance costs. This varies per loan program and lender.
DSCR loans focus on the property's cash flow ( rents to be received ) rather than your personal income, making them ideal for investors.
Conventional loans usually cap financed properties at 10, but some portfolio or private lenders may allow more.
Yes, foreign nationals can qualify for specific programs that don’t require U.S. citizenship or permanent residency. WE have many lenders to support us.
Some lenders accept ITINs for foreign national loans, while others require no SSN or ITIN but may have higher down payment requirements. We have options for you!
Down payments typically range from 25% to 40% depending on the program. There are a few options, depending on specifics.
Yes, foreign national loans are tailored for non-residents and often have simplified income verification requirements. DSCR are also a good option.
Yes, bank statement loans or other alternative programs can assess your business deposits instead of traditional income verification.
A bank statement loan uses your deposits over 12 or 24 months to determine your qualifying income, bypassing tax return requirements. Awesome option for all business owners. Ditch the returns!
Yes, non-QM (non-qualified mortgage) loans allow alternative documentation for self-employed borrowers.
Yes, but lenders may require proof that the funds won’t negatively impact your business operations. Terms may vary.
A mortgage broker acts as an intermediary between you and multiple lenders, helping you find the best loan for your needs with just one application ( think wholesale shopping like Costco- WE DO THE SHOPPING FOR YOU). A lender provides the funds for your loan directly, but their options are limited to their own loan products, their rates and fees are generally a bit elevated due to the cost of running their business.
A mortgage bank funds loans with its own capital and typically offers only its in-house loan products, with less flexibility- More red tape.. A broker works with a network of wholesale lenders, offering a wider range of loan options and competitive rates; broader opportunity to negotiate.
Underwriting fees cover the cost of the bank evaluating your financial profile and verifying your loan’s eligibility, and ultimately approving your loan. Processing fees cover administrative tasks such as gathering documents, managing your application, communicating with the bank, and coordinating with parties involved in the transaction.
Sure however it is not something that we recommend. We can do some work of providing preliminary estimates However, for a formal pre-approval- with accurate information pertaining to your situation, a credit pull is required to verify your financial standing = DTI = eligibility.
A credit pull for pre-approval is considered a "hard inquiry" for formal underwriting approval, it may have a minor impact, typically less than 5 points- generally seen on lower scores or credits that have had many inquiries within the last 90 days
Yes! At Lumos Mortgage Group, we are bilingual and can assist clients in both English and Spanish to ensure clear communication throughout the mortgage process.
The typical mortgage process takes 19-35 days from application to closing. However, this timeline can vary depending on the complexity of the loan and the responsiveness of all parties involved. Generally, the rule of thumb is as quick as you move and collaborate with us.
Yes, it’s highly recommended to get pre-approved before you start shopping. Pre-approval shows sellers and real estate agents that you’re a serious buyer and helps you understand your budget. it helps set very realistic and clear goals for yourself and also for your agent.
No, we do not charge for consultations. Free Consultations is our thing. We want to make sure that you fall in love with us, that we are able to form a trusting relationship with you and that we are both a good fit for each other. Our goal is to provide you with the guidance and information you need to make the most informed decisions for your family and your goals.
As a mortgage broker, we are paid by the lender after your loan closes. This allows us to provide our services at no direct cost to you while ensuring we help you find the best loan product for your needs. Hence why our relationship is our priority. At LUMOS, we take a lot of pride in bonding a strong foundation of trust - this way you are sure to share our name with those you love and care for that need mortgage lending advice.
Illuminating the Real Estate Experience.
LUMOS is your trusted resource for Mortgage Loan needs in Florida & Texas.
17687 NW 78th Ave, Hialeah, FL 33015
Reach Us: FLORIDA: 954.737.5410 TEXAS: 945.292.4774 E-Mail: info@LumosMtg.com
Copyright © 2023 Lumos Mortgage Group LLC. | NMLS# 2598846
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All loans are subject to credit approval by the lender underwriter.
Other restrictions apply.
Mortgage Broker Only: We are not a mortgage lender, mortgage correspondent lender, or Mortgage Bank.
Lumos Mortgage Group | NMLS# 2598846 | All Rights Reserved |
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17687 NW 78th Ave, Hialeah, FL 33015
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