Home Buying FAQ

The first step in the home buying process is to assess your financial situation and determine your budget. Evaluate your credit score, savings, and monthly income to understand how much you can afford. Next, consider getting pre-approved for a mortgage to strengthen your buying position and streamline the process.

Stockton Mortgage offers several advantages, including:

• A wide range of mortgage options tailored to your needs
• Competitive interest rates
• Dedicated loan officers who provide personalized guidance
• A user-friendly online portal to track your application and communicate with our team
• Years of industry experience and a trusted reputation

We offer various mortgage programs, including:

• Conventional Mortgages
• FHA Loans
• VA Loans
• USDA Loans
• Jumbo Loans
• Adjustable-Rate Mortgages (ARMs)
• Fixed-Rate Mortgages

In addition, we offer a wide range of other (non-qm) products tailored to fit many unique circumstances. Our loan officers will help you understand the eligibility requirements and benefits of each program to make an informed decision.

The down payment amount depends on the loan program and your financial situation. While a 20% down payment is often recommended to avoid private mortgage insurance (PMI), there are programs available that require lower down payments. Our loan officers will assist you in exploring the options that best suit your needs.

Typically, you will need to provide the following documents:

• Proof of identification (driver’s license, passport, etc.)
• Proof of income (pay stubs, W-2 forms, tax returns)
• Bank statements
• Employment verification
• Asset documentation (investments, retirement accounts, etc.)
• Additional documents may be required based on your specific circumstances

Our team will guide you through the documentation process and ensure a smooth application experience.

The mortgage approval process can vary based on factors such as the complexity of the loan, documentation provided, and the time it takes to complete the necessary appraisals and inspections. On average, the process takes around 30 to 45 days from application submission to loan approval. However, we strive to expedite the process without compromising accuracy.

Closing costs are fees associated with the home buying process, including loan origination fees, title insurance, appraisal fees, and more. The total amount can vary depending on factors such as the loan amount, location, and specific circumstances. Our loan officers will provide you with a detailed estimate of the closing costs involved in your transaction.

Yes, Stockton Mortgage offers a pre-approval process to help you understand your budget and strengthen your position as a buyer. By providing the necessary documentation, our team will evaluate your financial situation and provide you with a pre-approval letter, which demonstrates to sellers that you are a serious and qualified buyer.

Pre-qualification is an initial assessment based on the information you provide, giving you an estimated loan amount, you may qualify for. Pre-approval, on the other hand, involves a thorough evaluation of your financial documents and credit history. It provides a more accurate assessment and shows sellers that you have undergone a comprehensive review.

While having a good credit score is advantageous, there are still options available for individuals with less-than-perfect credit. Our loan officers can guide you through credit improvement strategies and explore alternative loan programs that may be suitable for your situation.