When you come to First Foundation to arrange a mortgage our associates will ask you questions to determine how much mortgage financing you can qualify for and which product would work best for you. Some of the most commonly asked questions are:
- Where are you employed? How long have you worked there?
- What is your total gross family income (before tax)?
- Do you currently own or rent the place where you live?
- What is the monthly amount of rent or mortgage you are now paying?
- What is your net worth (assets minus liabilities)?
- What are your monthly debt expenses (vehicle payments, credit card payments, etc.)?
- Tell us about your credit history. Have you been able to keep up with your bill payments?
There are also questions that you should be asking First Foundation associates, so that you better understand how much you can afford and how the the mortgage process works. These questions are:
- How long will it take to get my application approved?
- What is the maximum mortgage I can afford and what is the monthly payment?
- How does the mortgage process work? What are the steps from the time I apply to the time I move into my home?
- How can I increase/decrease the amount I pay each month (what are my payment options)?
- What is the interest rate?
- Can I repay early without penalty?
- How will different amortizations affect the total interest I pay?
These questions are not the only questions that you could be asked or that you could ask, they’re just a starting point. By all means, if you think of anything else, ask away!
If you have any questions now, please contact First Foundation and one of our associates will be happy to give you some answers.