Getting a mortgage can be a bit overwhelming, but let's just go over a couple of questions we commonly hear. Remember, we're with you from start to finish and will be happy to answer any other question you may have and will make this process as painless as possible. 

What kind of credit score do I need to get a mortgage?

We can work with scores as low as 580. Not quite there? We'll get you there. 

Is it a good time to refinance my mortgage?

Yes. People have different goals for refinancing their home. Some want to consolidate higher interest credit cards and installment loans into the equity of their home. Some want to lower their interest rate or the term of their loan. Still others want to get some cash out to help pay for college expenses for their children. Whatever your reason is, we can help you at Two Rivers Mortgage Company. 

I understand that Two Rivers Mortgage Company is a brokerage. What does that mean?

As mortgage brokers, we can look at many different banks and get you the right mortgage. It's similar to independent insurance agents who don't just represent one company, but many.  The banks we shop have lower rates than local banks because they do not have to have retail locations to operate. We pass that savings onto you. 

Are there any extra fees for using a broker?

Nope

Do you charge points?

No. We do not get paid through charging you points. We simply get paid by the banks that we represent. 

Do I have to come to the Ottawa office to do business with Two Rivers Mortgage Company?

No. Everything that we need to do can be done through email, phone, and Docusign. 

How long does it take to get a decision on my loan?

After we take your loan application, we give ourselves 24 hours to give you a yes or a no. If we tell you yes, we'll give you exactly what documents you need to bring to us. If we tell you no, it's really a not yet. We'll set a second meeting to go over the specific steps we need to take to improve your credit and set realistic expectations for how long that will take. 

How long does it take to close my loan?

30 days

Does my credit score affect my interest rate?

It does, but not as much as you would think. 

What determines the value of my home?

A lot of things go into the value of your home, but in general the number of rooms you have and what your neighbors are selling their homes for affects it the most. 

Can I borrow my down payment?

Unfortunately, no.  Your down payment has to be either your money or money that was gifted to you. 

Can I be unemployed?

No, you must be working.  

What is the minimum down payment? 

It depends on where you live. In certain areas, 100% financing is available. A typical down payment though is 3.5%. The answer depends on your location and your credit score.  

May I use child support as income?

Yes

What documents do you need at the time of application?

  1. Last Two Years Tax Returns
  2. Last Two Years W-2's
  3. Most Recent Month's Paystubs
  4. Last Two Month's Bank Statements ( Checking, Savings, 401K, etc)
  5. Copy of Current Driver's License or State Issued ID (Front & Back)

What documents will you eventually need to complete my application?

  1. Copy of Sales Contract
  2. Earnest Money Check (Front & Back)
  3. Homeowners Insurance Declarations Page & Invoice
  4. Bankruptcy Discharge Papers (If Applicable)
  5. Divorce Decree (If Applicable)

Do you have options for mortgages for investment properties?

Yes, we do. We are investment property/landlord friendly. 

Do you have programs for First-Time Home buyers?

Yes!  We know this can be both a scary and exciting time. We'll help this process be as simple and easy to understand as possible for you.  

How long do I have to wait to get a mortgage if I had a foreclosure or bankruptcy?

If you are willing to put down a higher down payment we do have a program that will allow you to apply for a mortgage the day after your foreclosure or bankruptcy.  If you don't have a higher down payment, there is a 3 year waiting period from the date of your discharge if you had a house foreclosed upon. If you did not have a house foreclosed upon, the waiting period is 2 years. The discharge date is the date you need to measure the waiting period against. If you have any questions, just give us a call. 


If you have another question or want us to clarify something, email aaron@tworiversmortgagecompany.com or call (815) 324-9760.