Q: Why use Banas Mortgage?

A: Banas Mortgage deals with multitude of lenders for your specific needs.


Q: I’m a first-time home buyer, what should I do first:

A: Before looking for a home, contact Banas Mortgage to determine your price range, down payment, and estimated settlement costs.

Q: Why do I need a home inspection?

A: Before you close on a home, you should hire a home inspector to evaluate its condition. That way, you avoid surprises after settlement, and you can see the condition of the home firsthand. You can also order additional tests for radon, wood destroying insects or lead paint.

Q: Why should I be pre-approved with Banas Mortgage before I look at home?

A: Before you start looking for a home, knowing what loans are available to you and their rates and terms lets you focus your search on getting the best home for your money. A pre-approval letter is also part of the buyer’s offer on a home. Having this letter in advance ensures that the seller will take the buyer’s offer seriously. An important factor anytime, buy especially if there are multiple offer.

Q: When can I lock the interest rate, and will it cost me to do so:

A: Interest rates might fluctuate between the time you apply for a mortgage and closing. To prevent getting a higher rate, you can lock the rate for a specified period.

Q: Is there a prepayment penalty on a loan:

A:   In New York State there are no prepayment penalties on any mortgage.

Q: What is the minimum down payment required for a loan?

A: With a down payment of less than 20 percent, you will probably have to get mortgage insurance increasing your monthly payments.

 Q: What are the qualifying guidelines for a loan?

A: Ask about requirements relating to your income, employment, assets, liabilities and credit history. Qualifications for first-time homebuyer programs, Veterans Affairs loans and other government-sponsored mortgages are typically less stringent.

Q: What documents will I have to provide Banas Mortgage?

A: Banas Mortgage require proof of income and assets, including bank statements, tax returns, W-2 statements and recent pay stubs. More may be needed to show your down payment and ability to pay closing costs.

Q:   How long will it take to process my loan application?

A: It can take anywhere between 45-60 days. Be patient and forward any requested documents quickly to speed up the process.

Q: What might delay approval of my loan?

A: A job change, an increase or decrease in salary, a new debt, a change in your credit history or change in marital status could delay you loan approval. The best way to avoid that is to put your financial life in a holding pattern until you reach the closing table.