Frequently Asked Questions at Centerbrook Mortgage Company of West Bloomfield Michigan

These are a few of the frequently asked questions at Centerbrook Mortgage. If you have any additional questions, we encourage you to contact us. Our goal is to make your home mortgage experience as stress free as possible!

Can I include Alimony or Child Support as Income?
In order for alimony or child support to be considered as income, it must continue for at least 3 years after the date of the mortgage closing. There are variables which we would prefer to explain to you in person, so please contact us if you would like further information.

What's a credit score or FICO score?
FICO scores are calculated from a lot of different credit data in your credit report. The 5 categories and percentage the categories are used to determine your credit score are:

Payment History (35%)
Amounts Owed (30%)
Length of Credit History (15%)
New Credit (10%)
Types of Credit Used (10%)

Please contact us if you would like more information about FICO scores.

Can you explain the loan process?
This is a brief overview of the loan process. You will receive more detailed information in an application packet when we meet with you.

1. If you are anticipating applying for a mortgage, the first thing you should do is organize your financial documents from the past 2 years. You may contact us for details on what types of information you will need to provide.

2. You should get qualified before you apply for a loan - this will help you understand how much you can borrow. A pre-qualification is not as beneficial as a pre-approval where you have to go through a more rigorous process which includes verification of your credit, income, assets and liabilities. It is highly recommended that you get pre-approved before you start looking for a house. This will help you.

3. Shop loan programs and rates. Think about how long you plan to keep the loan, understand the difference between rates and points, and compare different programs.

4. Obtain loan approval. Once your loan application has been received, we will start the loan approval process immediately. This involves verifying your credit, income, assets, and liabilities.

5. Close the loan. After your loan is approved, you will be required to sign the final loan documents. This will normally take place in front of a notary public.

Your loan will normally close shortly after you have signed the loan documents. On refinance and home equity loan transactions, federal law requires that you have 3 days to review the documents before your loan transaction can close.

We hope that you have found this information useful. We encourage you to contact us if you have further questions or would like to meet with us to discuss your mortgage options.