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Mortgage Loan FAQ

Find the answers to the most commonly asked questions about mortgage loans in Phoenix, Scottsdale, Tucson, Flagstaff, and other major Arizona cities below.

What items will I need to complete my online application?

You should have the following documents available when you fill out the application:

  1. Pay stubs
  2. Most current bank statements
  3. For refinancing loans, your existing lender’s name and number and the number of your loan
  4. Current property tax information
  5. Current homeowners insurance information

How long will it take to process and close my loan?

Loan processing usually takes 10-30 calendar days. MC&I will typically issue its underwriting decision within 24 hours. However, because Arizona mortgage loans require a title search and sometimes a physical appraisal, the process may take longer depending on how busy the title and appraisal companies are.

What is a conforming loan?

A conforming loan has a loan amount of less than $417,000. MC&I’s conforming loans comply with the national underwriting standards of the Federal National Mortgage Association.

What is PITI?

PITI is an acronym that stands for principal, interest, taxes, and insurance. Principal and interest represent the mortgage payment, taxes represent 1/12th of your annual property taxes, and insurance represents 1/12th of your homeowners insurance. Together, PITI represents your total monthly mortgage payment.

What is Loan to Value (LTV)?

Loan to Value is the amount of the loan you request divided by the appraised value of the property. For example, if you requested an $80,000 loan to buy a property appraised at $100,000, your LTV would be 80%. Your LTV will come into play when determining your interest rate, qualification factors, pricing, and whether you need to purchase private mortgage insurance.

What is a jumbo loan?

A jumbo loan is an Arizona mortgage for an amount larger than $417,000.

What are closing costs?

Closing costs fall into one of two categories: recurring or non-recurring. Recurring closing costs are third-party and lender charges associated with the processing and closing of your loan. Non-recurring costs are charges you will have to pay for as long as you own the home, such as homeowners insurance and property tax.

How do I qualify for a home loan?

Mortgage loan qualification criteria can be broken down into four components:

  1. Income qualification - Do you earn enough income to make your mortgage payment and pay your other monthly obligations (e.g., credit cards, auto loans, etc.)?
  2. Credit qualification - Do you have a history of paying your financial obligations on time and as agreed?
  3. Property qualification - Is the property value adequate for the requested loan amount?
  4. Reserves - Once the loan closes, will you have sufficient funds in your bank account to cover emergencies?

When does it make sense to refinance?

Refinancing makes the most sense when doing so will lower your monthly payment or shorten your repayment term. If interest rates have dropped since you took out your existing mortgage, you might want to consider a refinancing loan.

What is equity?

Equity is the difference between the value of your home and the outstanding balance on your mortgage. For instance, if your home is worth $200,000 and you owe $150,000 on your home loan, your equity is $50,000. Homeowners can convert this equity into cash with a home equity loan. MC&I offers home equity loans in all areas of Arizona, including Scottsdale, Phoenix, Flagstaff, and Tucson.

What is private mortgage insurance (PMI)?

When your loan to value (LTV) exceeds 80%, some lenders will require you to purchase private mortgage insurance (PMI). PMI protects the lender against losses in the event you default on your mortgage loan.

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