Frequently Asked Questions

One of our trained and experienced staff members would simply need about 15 minutes of your time to be able to determine the best options for you! Don't have 15 minutes? Fill our our simple, quick, and easy online application on your own time!

Easy! Just call us directly at (814) 410-1064 and one of our licensed Loan Officers will be able to assist! Don't have time to talk? Fill out or simple, quick, and easy online application!

Once you are under contract, your file will need to move quickly to ensure we hit the close date. Be sure to send in the documents that your Loan Officer and Processor request to keep your file moving quickly. If you have questions along the way, please be sure to ask! If you want to get a jump start on gather documents, click here to learn what is commonly needed, depending on your situation!

FHA: 3.5%

Conventional: 5% with 3% options (certain qualifications are required for 3%, HomeReady/ Home Possible options).

VA: 0%

USDA: 0%

An earnest money check, also known as; earnest money deposit (EMD) or good faith deposit, is a deposit that you provide to your real-estate agent or title company showing good faith to the seller of the home that you are a serious buyer. Don't worry, this money is credited back to you at closing or credited towards your closing costs!

Easy, click HERE to learn more!

Most home related inspections are optional but as the lender, we will need to perform an appraisal to make sure your homes value is at least what you are purchasing the home for along with meeting current lending safety standards. This is done through an Appraisal Management Company (AMC). Appraisals are designed to protect you the consumer, along with the lender!

PMI is for Conventional loans and protects the lender in the event you stop paying your mortgage and default on your loan. You can request to have PMI eliminated once your outstanding balance reaches 80% of the original loan amount. 

A portion of your monthly mortgage payment that you pay goes towards your escrow account. This is an account that is required to be established by all servicers to be set up and is designed to pay for your taxes and home owners insurance. It is also designed to make homeownership more simple. You make one monthly payment, we will handle the rest! 

Your monthly mortgage payment will consist of:  

• Principal
• Interest
• Homeowners insurance
• Property taxes
• Mortgage Insurance (MI)/ Private Mortgage Insurance (PMI), depending on the loan program

This is a great question and depends a lot on your situation. Industry standard is around 45 days. Our close times commonly range from 20-35 days. To ensure as quick of a close as possible, please visit our commonly needed documents page so you can get a head start!

Once we receive your contract, the following steps will occur:

1. Initial disclosures will be sent to you
2. We will submit your file to Processing
3. We will then submit your file to Underwriting
4. Once the Underwriter approves your loan to close, we will submit your file to closing
5. YOU CLOSE ON YOUR HOME!

Give us a call at 814-410-1064, apply now with our online application, or email us at david.bassett@valorhl.com today!