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Michael Inkman

Fairway Independent Mortgage Corporation

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FAQs

What do I need to do to get prequalified?

  • Gather your bank statements, w-2 forms and paycheck stubs and send to us
  • Michael will pull your credit and evaluate your documents
  • He will discuss with you what your best options will be
  • He will then write you a prequalification letter

Having a prequalification will show all parties how serious you are about an offer and will make the whole process less stressful.

What documents do I need?
Most loans require the following:

  • Copy of your Social Security card
  • Pay stubs for the last two months
  • W-2 forms for the past two years
  • Bank statements for the past two to three months
  • One to two years of federal tax returns
  • A signed contract of sale ( if applicable)
  • Information on current debt, including car loans, student loans and credit cards

What is the difference between FHA and a VA Loan?
FHA loans have a loan guarantee by the Federal Housing Administration FHA issues specific guidelines for mortgages. A VA loan is a loan guaranteed by the Veterans Administration. To qualify for a VA loan, you must have served in the Armed forces for a specific amount of time.

What does “PITI” mean?
PITI is your Principal + Interest + Taxes + Insurance = a monthly mortgage

What is Debt Consolidation?
It is a process that consolidates all of your debts into one large one. You then make one monthly payment.

What are the benefits of a Debt Consolidation Loan?

  • You only have one monthly payment & it’s lower than all your payments you make to your creditors combined.
  • The interest rate you pay is lower so more of your payment goes directly to the principal
  • Combining all your interest bills into one payment makes your bill paying easier on you

 

If you have questions we have not answered, please feel free to send us a message

 

Do You Know How Much Home You Can Afford?

Get Pre-Approved Now!

Michael Inkman

Contact Michael


michael@michaelinkman.com
Mobile: (214) 762-4659
NMLS #152707
FIMC
Company NMLS #2289

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Fairway Independent Mortgage Corporation
1800 Golden Trail Court
Carrollton, TX 75010

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