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Our Faqs
Find answers to common questions that can help you learn more about our mortgage lending services
How do I apply for a mortgage with your company?
You can start the application process on our website by filling out the form online, setting up a loan consultation appointment, or calling us on the phone. There is not an application fee.
How does the mortgage application process work?
Application: Unlike banks and credit unions, we are available to take your loan application over the phone or you can apply securely online or through our app.
Pre-Approval: A pre-approval requires you to provide documentation to verify your income, assets and credit, including bank statements, pay stubs, and federal tax returns. The value of a pre-approval is much higher than a simple pre-qualification in this market.
Property Search and Offer: Working with your realtor is the fun part! The realtor will submit the offer to the seller.
Underwriting: Underwriting will review all of your documents once you are under contract (your offer has been accepted). If you receive an "initial approval" from underwriting, additional documents may be required to receive a final approval.
Loan Approval: You receive final approval from the lender (clear to close).
Closing: The final paperwork is signed by all parties and the loan is then funded and recorded.
Pre-Approval: A pre-approval requires you to provide documentation to verify your income, assets and credit, including bank statements, pay stubs, and federal tax returns. The value of a pre-approval is much higher than a simple pre-qualification in this market.
Property Search and Offer: Working with your realtor is the fun part! The realtor will submit the offer to the seller.
Underwriting: Underwriting will review all of your documents once you are under contract (your offer has been accepted). If you receive an "initial approval" from underwriting, additional documents may be required to receive a final approval.
Loan Approval: You receive final approval from the lender (clear to close).
Closing: The final paperwork is signed by all parties and the loan is then funded and recorded.
What types of home loans do you offer?
We offer a range of home loan options, including Conventional, FHA, VA, USDA, Jumbo, Bank Statement, Asset Qualifier, Refinance, Reverse Mortgage, and so many others. Each loan type has unique features to suit different financial situations. Let our expertise guide you to find the one that is right for you.
What factors influence mortgage eligibility?
Mortgage eligibility is influenced by factors such as credit score, income, employment history, and debt-to-income ratio. These factors help determine your ability to repay the loan.
How much can I afford to borrow?
Your borrowing capacity depends on your income, expenses, creditworthiness, and the type of loan you’re applying for. We’ll work with you to find a loan amount that works with your budget and your comfort level.
What is the difference between pre-qualification and pre-approval?
Pre-qualification provides an estimate of how much you may be eligible to borrow, while pre-approval is a more thorough assessment based on verified financial information. Pre-approval strengthens your position when making offers on homes.
What are interest rates and how do they affect my mortgage?
Interest rates are the cost of borrowing money. They directly impact your monthly payments and the total amount you'll pay over the life of the loan. Lower rates mean lower overall costs.
How does the down payment affect my mortgage?
A higher down payment reduces the loan amount, potentially lowering monthly payments and interest costs. The down payment amount depends on the loan type and other factors.
Can I refinance my existing mortgage?
Yes, you can refinance to adjust your loan terms, lower your interest rate, or take cash out. We can guide you through the refinancing process to determine if it's the right choice for you.
What are closing costs?
Closing costs include fees for services such as title company costs, setting up your escrow account (property taxes and insurance), origination fees from lender for underwriting, etc. We typically have the lender pay our origination fee to help keep your closing costs lower.
If I go directly to a mortgage lender, will I save money?
Mortgage brokers perform functions normally performed by lender employees, so they do not add any net costs to the loan process. Additionally, since mortgage brokers work with multiple lenders they are able to shop around for the best terms on any given day. Aside from finding lenders, they can also search for lenders specializing in various niches, including loans for borrowers with bad credit, loans for non-occupants, low down payment loans, and others.
What sets your mortgage lending services apart from others?
At Loan By Vicky, we prioritize personalized service, competitive rates, and a streamlined application process. Our experienced team is dedicated to helping you find the best mortgage solution for your needs.
How long does it take to get a mortgage approved?
The approval process typically takes a few weeks, but the timeline can vary based on factors such as the complexity of the application and the responsiveness of involved parties.
Do you offer assistance for first-time homebuyers?
Yes, we provide guidance and support for first-time homebuyers, including information about special programs and down payment assistance options.
What if I have a low credit score? Can I still get a mortgage?
While a higher credit score is generally preferred, we offer options for individuals with lower credit scores. Your eligibility and terms may vary based on the specific loan program.
How do I lock in an interest rate?
We will typically work through this together. You will want to lock in once you are under contract on your home and your loan has been uploaded to the lender.
Can I make extra payments or pay off my mortgage early?
Yes, you can make extra payments and even pay off your mortgage early. If you are paying off your mortgage you can do so after making six monthly payments without a penalty.
What happens if I miss a mortgage payment?
Missing a mortgage payment can lead to late fees and negatively impact your credit score. It's important to communicate with us if you're facing financial difficulties to explore potential solutions.
How can I get in touch with your customer support?
You can reach me by calling or texting at 385-220-5458 or sending an email to loansbyvicky@gmail.com.
What is a mortgage broker and what do you do?
As mortgage brokers we have access to 60+ wholesale lenders providing you with multiple options for all your home buying needs with lower rates and exceptional service. At Loans By Vicky, we stay in constant contact with you throughout the entire process. We are still here for you even after you close. We love making friends one mortgage at a time!
Get Pre-Approved quickly through our app!
- Address: 8325 North Cedar Drive, Eagle Mountain, UT 84005
- Phone: 385-220-5458
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