Free Tips & FAQs

Working with a loan officer will benefit you in many ways. A loan officer is your direct contact throughout your home buying prices. You won’t have to worry about regularly contacting all the people involved in the mortgage loan process (and there's a lot). Such as the underwriter, title company, and others. This will relieve a lot of stress on your plate and keep you feeling confident in the process.

Loan officers are knowledgeable about all of the various types of loans offered by the financial institutions can advise you on the best options for your needs. They also must have a comprehensive knowledge of lending products, banking industry rules and regulations, and the required documentation for obtaining a loan. Your loan officer is responsible for the initial screening process by factoring in your annual income, credit score, and debt-to-income ratio.

Lastly, loan officers will help you negotiate the best mortgage program terms. They answer questions about different types of mortgages and explain why their recommendation is a good fit for you.

The mortgage application process can feel overwhelming, especially for the first-time homebuyer. As your loan officer, I will be on your side making sure you are set up for financial success in your future. I'm here to help you purchase your dream home and get you through the mortgage process with ease. Whether it’s a first home, a vacation home or an investment property, you can count on having someone in your corner.

Apply With Me

Frequently Asked Questions

Please reach me at kkrikor@partnersmortgage.com or call 248-767-0330 if you cannot find an answer to your question.

Why does my credit report have to be pulled to get a mortgage?

Any time you apply for a large loan, your lender will require a credit report. This gives them a complete picture of your finances and trustworthiness when it comes to paying back your loans.

Can I get a mortgage if I'm paid commission, overtime, or tips?

You must have a 2 year history with your current employer in most cases, before commissioned income can be used. Sometimes exceptions can be made if you have had jobs in the same industry.

What is mortgage insurance and why do I have to have it?

Mortgage insurance is there as a protection for the lender of your home loan. Home loans that put less than 20% down require mortgage insurance.

What is the difference between down payment and cash due at closing?

When financing a house, the down payment is different between a home's purchase price and the amount of the mortgage. The down payment must be obtained upfront before the home purchase can close. Down payment, closing costs, taxes and insurance (escrow) are all pieces which make up the cash due the day you close on your new home. Ask me for a breakdown of how these numbers will look for you.

When will my first mortgage payment be due?

Your first payment will be due on the 1st of the month, a month after closing. For example, anyone who closes in April, their first payment will be due June 1st.

What can I do if I only have a small down payment or none at all?

Home loans will allow you to secure a 0%, 3%, or 5% down payment plus closing costs. Another similar loan option is called a piggy-back loan where you get approved for the first and second mortgage at the same time to avoid PMI. OR you could also apply for a FHA loan which only requires you to put down 3.5% down. Your interest rate will probably be higher, and you will be required to buy private mortgage insurance (PMI).

Helpful Home Buying Tips

Frequently Asked Questions

Mortgage Tips

Helpful Home Buying Tips

Frequently Asked Questions

Mortgage Tips

This website uses cookies.