Frequently Asked Questions

Q.  Are there any special programs for 1st time home buyers.

A.  Yes.  We offer several down payment assistance and FHA programs designed with the 1st time homebuyer in mind.

Q.  Are there home loans for people with less than perfect credit?

A.  There are a number of loan products that Equity Solutions offers for people with marginal credit or bad credit.  We have found that many times your financial situation is not as dire as you think.

Q.  How long does the home mortgage process take from the date I have an accepted contract to the day we close the loan?

A.  The general answer is three weeks until your loan commitment date and one week to prepare your title work and close the loan.  (Four weeks is the rule of thumb).  The busy spring and summer months can slow the process marginally.  We will do everything possible to expedite the transaction as much as possible.

Q.  How much of my homes equity am I allowed to take out in a cash out refinance?

A.  Generally speaking, up to 90%.   However, there are some high risk / higher interest loans that will allow more equity to be cashed out.

Q.  Can I receive pre-approval prior to looking for my new home in order to determine how much I can afford?

A.  Pre-approval with Equity Solutions takes approximately 30 minutes and includes a credit report and consultation on which loan product best suites your needs.  You are provided with a certificate of approval valid for 4 months.  The charge for this service is $50 which is credited to your closing costs should you proceed with your mortgage with Equity Solutions.   Pre-approvals are subject to verification of the information submitted.

Q.  If I have great credit, however no job, is there a loan product for me?

A.  Yes.  For those people that have established good credit there are no income / no asset verification mortgages.

Q.  Does Equity Solutions have a mortgage program for self employed individuals?

A.  We offer several programs for the self employed.   There is often more documentation requested for underwriting purposes.

Equity Solutions also offers lines of credit that can be used at your discretion.  You are supplied with a check book and an open line of credit to draw upon.  Our loan officers can explain the guidelines of these programs.

One of the services we offer at Equity Solutions is our "No Charge Pre-Qualification".  This service is designed to calculate the maximum house payment you can afford based on your income and debt.  This service is a precursor to the pre-approval process.