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We know getting a mortgage seems intimidating. check out our frequently asked questions below to better guide you through the loan process.

Frequently Asked Questions

Pioneer Home Girls

HEre's how we can help:

Welcome to our FAQ page! We're here to address your questions about mortgages and home financing. Our experienced team is dedicated to providing clear answers and guiding you through every step of the mortgage process, wheither you're a first time homebuyer or a seasoned investor.
Explore our FAQs to find the information you need or reach out to us for further assistance.

Simplifying mortgages, one question at a time.

The first step is usually getting pre-approved. This involves filling out our application so we have a full picture of your financial standing to assess your eligibility for a residential home loan. 

What is the first step in the mortgage process?

Unlocking the mysteries of mortgages

What does the application process look like?

The mortgage application, you can expect to provide details about your income, assets, debts, and the property you intend to purchase. The application process for a mortgage typically involves gathering essential financial documents such as pay stubs, tax returns, W2's and bank statements.

What documents do I need to provide for a mortgage pre-approval?

Can I get a mortgage with a low credit score?

How does my credit score affect my mortgage application?

Empowering you with mortgage knowledge

Your credit score greatly influences your mortgage interest rate and loan terms. Lenders use it to assess your creditworthiness and determine the risk of lending to you. Higher scores often lead to lower rates and better terms, while lower scores may result in higher rates or difficulty qualifying for certain programs.

Even with a low credit score, obtaining a mortgage is possible. Out of our network of lenders, we have lenders who lend to individuals with low credit scores. We also offer personalized guidance to help improve your credit over time. Our goal is to find the right mortgage solution for you, regardless of your credit history.

Common documents include pay stubs, tax returns, W-2s, bank statements, and details about other assets and debts. We will also need to pull a credit report to see your monthly liabilities. 

Your affordability depends on factors like income, debt, and down payment. Beginning with our application can help us determine your budget.

How much home can I afford?

What is an escrow account?

An escrow account is a separate account where funds are held for property taxes and homeowners insurance. Your mortgage servicer may collect funds for these expenses as part of your monthly mortgage payment.

What are closing costs and who decides closing costs?

Closing costs are fees associated with finalizing the mortgage, including appraisal fees, title insurance, and lender fees are typically determined by the title company.

Common mistakes to avoid when applying for a mortgage include neglecting to check your credit report, skipping the pre-approval process, making significant financial changes, failing to provide requested documentation promptly, opening new lines of credit, ignoring your budget, and not seeking professional guidance from an experienced mortgage loan originator.

What are common mistakes to avoid when applying for a mortgage?

Can I pay off my mortgage early without penalties?

Most mortgages allow for early repayment without penalties, but it's essential to check your specific loan terms. Some loans have a Prepayment Penalty.

What happens if I miss a mortgage payment?

Missing a mortgage payment can have serious consequences, including late fees, damage to your credit score, and potential foreclosure. It's essential to communicate with your lender if you're experiencing financial difficulties to explore options for assistance.

Once we have you pre approved we are able to go over how much you qualify for and how much your monthly payment will look like for the type of house you are looking at. 

How will I find out my monthly payment?

What are the benefits of working with an independent mortgage loan originator?

Firstly, independent MLOs have access to a wide range of loan products from various lenders, providing clients with more options to suit their specific needs.
Secondly, independent MLOs typically offer personalized service, taking the time to understand each client's financial situation and goals. Independent MLOs may be more flexible and responsive, offering quicker turnaround times and more communication throughout the loan process.

After completing our application, we'll request your paystubs and W2s (or 1099s/2 years of tax returns for self-employed individuals). Upon receiving these documents, and a credit check to calculate your liabilities, we'll promptly review your file, aiming to provide pre-approval within 24-48 hours.

Yes, refinancing allows you to replace your current mortgage with a new one, often to secure a lower interest rate, take cash out of your equity, or change loan terms. Connect with us to talk about your refinancing options.

How long does it take to get pre-approved?

Can I refinance my mortgage?

How much home can I afford?

What are closing costs and who decides closing costs?

What sets apart Independent Mortgage Loan Originators from Correspondent Lenders like banks?

Empowering you with mortgage knowledge

One significant difference is the access to a broader range of loan products. While full time salary bank employees typically have access to a limited selection of in-house loan types, independent MLOs work with numerous lenders, providing access different loan options, saving you money. Additionally, independent MLOs offer a personal touch and are available outside of traditional banking hours. 

Closing costs encompass various fees incurred during the finalization of a mortgage. These fees, which include appraisal fees, title insurance, and lender fees, are typically determined by the title company.

Your affordability depends on factors like income, debt, and down payment. Beginning with our application can help us determine your budget.

We are here to help through the whole mortgage process. It can be scary and there are no silly questions. we will explain the process in a way that makes it easier for you to understand. We will help you understand your loan options and loan terms available to you when we consider a plan that meets your needs.

What happens if I don't understand something? 

What areas do you service?

Your home girls are currently licensed in Florida, Georgia, and Kentucky, ensuring expertise across multiple states. Our branch office is located in downtown Tampa, FL.

Why would my mortgage payment increase?

Your mortgage payment should typically remain stable, consisting of principal and interest, unless you refinance. However, if your taxes and insurance are escrowed, changes in these costs could impact your monthly payment. For instance, increases in property taxes or insurance premiums may lead to a higher monthly mortgage payment. Filling for homestead exemption can cap your property tax for your primary residence to a no more than 3% increase yearly. 

What is homestead exemption? 

Homestead exemption is a tax-saving measure provided by the state to shield your primary residence from property tax hikes. This exemption not only safeguards your property in the event of litigation but also imposes a 3% cap on annual increases in property taxes, offering valuable protection for homeowners.

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