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 with 3.5% down payment or as low as 560 with a 10% down payment. 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 wholesale lenders and get you the right mortgage. It's similar to independent insurance agents who don't just represent one company, but many.  The wholesale lenders 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?


Do you charge points?

No. We do not get paid through charging you points. We simply get paid by the wholesale lenders 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 our secure online application, email, phone, and digital signatures. 

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 not yet. If we tell you yes, we'll give you exactly what documents you need to bring to us. If it's a not yet, we'll give you a software generated credit improvement plan that will tell you the exact steps that you need to take to increase and improve your credit score. 

How long does it take to close my loan?

It will primarily depend on your credit score, but purchases can be completed between 30-45 days. Refinances can be done in as little as 9 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. Ask us about how to structure your deal with a seller's credit. The seller can give a credit towards your closing costs and prepaid expenses of up to 6% on a FHA mortgage.

Can I be unemployed?

No, you must be working.  However, if you are on permanent disability, receive social security, or have child support that is court ordered and will continue for 3 years or more you can use that as qualifying income.

What is the minimum down payment? 

It depends on which mortgage program we're using. Some mortgages offer 100% financing for higher credit score borrowers, some mortgages offer 3% down, and some mortgages come with a 3.5% down. The answer is it just depends. 

May I use child support as income?

Yes, so long as it is court ordered, consistently paid to you, and will last for 3 or more years.

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. We have some programs that are offer as low as 15% down on a non-owner occupied property. 

Do you have any down payment assistance programs for First Time Homebuyers?

We don’t have any down payment assistance programs for first-time homebuyers, but we can help you structure your deal so that you can minimize the amount of money that you bring to the table. 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?

Chapter 7 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. 

Chapter 13 Bankruptcy:

You may apply for a mortgage under a Chapter 13 Bankruptcy as long as you are making the payments as dictated by your plan.

Can I finance my closing costs into mortgage? 

Generally speaking, this is not something you can do on most mortgages. However, you can ask the seller for a seller's credit.  The seller's credit it the seller's agreement to pay a portion of your closing costs.  On a FHA application, this can be up to 6% of the contract price. On a conventional application, this can be 3% of the contract price. Feel free to ask us and your realtor about this technique for further explanation. 


If you have another question or want us to clarify something, email or call (815) 324-9760 or scroll down to the bottom of this page and fill out the form and we’ll contact you.