The first step in buying a home is the pre-approval process. This is where we will collect your information and the needed documentation, learn more about you and your goals, to see how much and what programs you qualify for.

The pre-approval application, itself does not expire, your credit report is good for 120 days. However, if you are getting close to the 120 day mark, you don't have to start all over. We just need to update your documentation and application. The best part is the pre-approval is free!

Fairway’s Closing Guarantee is a result of the confidence we have in our team. We are so confident in our process that if we made a mistake we will cover certain expenses and fees associated with the error. Please reach out to one of our loan officers today for more information! Fairway’s Cash Guarantee is a program we offer that helps your pre-approval complete and stand out. The program comes with an addendum that is added to the contract wherein Fairway agrees to buy the property should the deal fall apart for certain reasons. It helps give the seller confidence in your offer being the best for them. Please ask one of our loan officers for more information.

Hard credit inquiries are when a company pulls your official credit report. Numerous inquiries consistently over time or in a short window can have an impact on your credit report. Be mindful of who and how many times your credit is pulled. A credit inquiry has a minimal impact but if you have had your report pulled many times that impact will add up.

The different consumer credit services do not use the mortgage industry scoring model so their score will be different from what we see. These programs are a great way to get a look at and monitor your credit report though. You should look at your credit report annually at a minimum to ensure its accuracy.

It means that a commitment has been made between my company and the investor on your behalf regarding the interest rate in your mortgage loan. Our mortgage advisors watch the market on a daily basis to make sure that when we lock your interest rate, it is in the best interest for you and your loan.

Rates can move more than daily, but on a typical day rates do not move very much. This is why it is important to employ The Metrolina Mortgage Team to assist you in making the determination of when to lock your loan. Things that will affect the interest rate moving are strong swings in the equity to stock market and indications from our economic position in not only the U.S. markets but the world market as well.

With mortgages, there are two types of points you can come across and be asked to pay. The first is Origination Points. This is simply a fee that goes directly to the lender as revenue for doing the loan. The other type of points paid on mortgages are called discount points. Discount points are simply money paid upfront for a lower interest rate. Because they are used to lower your interest rate-discount points are not revenue to the lender.

Private mortgage insurance is required on conventional loans and may allow you to purchase a home for as little as 5% down. This coverage requires a monthly insurance fee to be paid. PMI is only required if your loan-to-value is 80% and above.

Closing costs are those costs that include the loan origination fee, discount points, appraisal costs, and any other charges associated with the legal transfer of property. Typically, these costs will range between 2% and 3% of the mortgage amount.

There are many programs available for both first-time and repeat buyers with limited down payment funds. It’s best to speak with a licensed loan officer to explore these programs and find what is best suited for your situation.

There are many reasons to refinance outside of just lowering your rate. We help clients with debt consolidation, change their mortgage term to pay off their loan faster, renovate their home to meet their needs, the best way to find out if your mortgage is meeting your needs is to schedule a mortgage review consultation. Contact us to get one scheduled today.

It's simple, we put our clients first. We are here to serve people, loans are just one way we do that. Once you go through our mortgage planning process and experience the Fairway difference, you'll never go anywhere else. When you combine our rates, experience, and level of service we simply cannot be beat.