Frequently Asked Questions

Find answers here to frequently asked questions about Mortgage Counseling and the services provided.

Can I get a mortgage if I have bad credit?

If you have a less than perfect credit score the best thing to do would be to try to repair it as much as possible before applying for a mortgage loan. If you cannot repair it quickly for some reason (such as your credit issues being caused by a recent bankruptcy), then you may still find a lender through our network willing to work with you and offer you a mortgage loan. Be aware, however, that a low credit score may force the lender to seek other surety to reduce the risk they are taking with the loan, perhaps by demanding a higher down payment percentage or by increasing the interest rate for any loan that they offer you. If you are eligible, you may want to look into the options provided by a VA or FHA home, as these types of government-backed loans carry less risk for the lender and therefore may be offered with fewer credit restrictions.

How much of a down payment do I need?

This depends on the type of loan that you are going to get and your credit score. Some loans, such as refinances or home equity products, do not require any down payment at all. Other loans, such as FHA or VA loans may also be zero down payment loans or require very little by way of a down payment because of their government backing. For most traditional loans, however, you should try to build up as much of a down payment s possible, minimum 10% of the home value, while 20% is a good amount that should impress any lender.

Does TheMortgageCousel.com offer home loans?

This site is designed as a means of providing information as well as access to a network of lenders only. The owners of this website do not offer home loans or mortgage products directly.

How long does it take to get a mortgage?

It depends on the mortgage type. Refinances can be handled very quickly with ample cooperation from you, taking as little as two weeks. A mortgage for a new home can take considerably longer due to the extensive checking, property verification and other issues in the escrow process that must be settled first. Some homes are in escrow for up to six months!