Frequently asked

The interest rate you will receive is determined by your credit score, the % that you plan to put down on the home and your debt-to-income ratio.

A borrower with a credit score above 680 and a debt-to-income ratio less than 50% can put as little as 3% down as a first time home buyer.

Mortgage insurance will be required for any down payment amounts less than 20% down.

First Time Home buyers can put as little as 3% down with a 680+ credit score and receive special interest rates.

The only upfront cost when applying for a mortgage is the credit report fee- approx. $85-90 per person. This is the actual charge from the credit agencies- there is no upcharge.

No, I do not charge any application fee.

Fill out the online application form and upload your last 2 W-2s or Taxes (if self employed) and 1099s (if applicable), last 2 paystubs covering 1 month, most recent 2 bank statements for your paychecks and the account for the downpayment. Christy will give you a call to talk about your information and to find out your wishes.

Typically 90 days if we do a hard credit pull. A soft credit pull can be used with a credit score over 700 and no delinquent accounts, which will last longer, but ends up in additional credit report fees.

It is time to start working on your loan. We will update any documents that need to be updated.

I will send the loan for conditional loan approval and order the appraisal.

Once the lender conditionally approves the loan, they will provide conditions that need to be completed to obtain final loan approval.

You should not quit your job, buy a car, obtain a new credit card or do anything to change your credit situation. Any of these items could change your approval. Wait to buy large items until after your loan has been closed and funded.

The average timing is 21 days. This is all dependent on how quickly the applicant provides documentation and the type of loan you are seeking.

Conventional, FHA, VA, Self-Employed, Investment, 1099 only, P&L only, Asset Utilization, HELOCs, 2nd Mortgages, Fix & Flip, Rehab, Construction loans, Bridge loans Commercial properties- Bridge, construction, purchase and refinance loans

YES you can! We can do a Debt Service Coverage Ratio (DSCR) loan with as little as 20% down payment and 6 months of monthly payments in reserves.

Traditionally 680 or above is needed for a Conventional Mortgage. A FHA mortgage will go as low as 550 in some circumstances VA Loans- There is no set credit score – it varies by lender.

Barrett Financial Group works with 180 different lenders. We can lend on specialty situations that other lenders may not be able to lend on.

I will work with your attorney before agreements are made to make sure the spouse that is keeping the house is approved to keep the house. As well as search the home title for additional liens and determine the payoff which is not the same as the appraisal value.

YES, a rush is possible but it will include additional fees for a rush appraisal and title might charge more as well. It is important to communicate your timing from the beginning. I will make sure to let you know what is realistic or if the rush is doable.

I am a broker- I work for the borrower not the lender. I help negotiate competitive wholesale rates and closing costs. I work nights and weekends, not just 8am – 5pm. If your loan falls through with one lender, we can flip it quickly to another lender and likely still make the closing date. I do the shopping around for you for rates and terms. This is less work on the borrower’s side.