Frequently Asked Questions

When should I begin the home financing process?
While you won’t have to begin financing until you’ve finalized your decision on a home and begun making payments, it’s important to begin preparing for that moment as early as possible. Make sure to invest regularly in your savings account, spend within your means, and choose a home that fits your budget.
What factors influence my borrowing capacity?
Your borrowing capacity will typically be determined when you get pre-approved for a loan. During that process, your mortgage lender will verify your current income, credit score, assets, and revolving and installment debts like credit cards and student loans. By using those to calculate your debt-to-income ratio (DTI), they can approve you for a corresponding home loan.
What does the closing process look like?
Once everything has been set in stone, you will have a three-day review period to look over the final documentation. You will also have the opportunity to do a final walk-through of the house to ensure things are in order. After that review period, you will sit down with your lender and sign the final documentation. Congratulations on your new home!
What’s your rate?
Here at Rosa Briggs, we offer both fixed-rate and adjustable-rate mortgage loans. Fixed rates will provide you with consistent monthly payments for the duration of the loan, while ARMs will move up and down with the current market after an initial lower payment period. Contact us today to learn more about which option is right for you.