Frequently Asked Questions

» How long does the mortgage process take?
» How much does it cost to close a mortgage?
» When should I apply?
» Where do I apply?
» What information will be required when I apply?

How long does the mortgage process take?

Processing and closing a mortgage usually takes between seven and 30 calendar days. Your Mortgage Consultant can give you a precise estimate based on your individual situation.

How much does it cost to close a mortgage?

For purchases, most mortgages require a minimum down payment as a percentage of the sales price or appraised value [ whichever is less]. Moreover, some loans require a very low down payment. Closing costs include:

  • Loan origination [varies with loan type and term]
  • Discount points [optional - can be paid to lower your interest rate]
  • Appraisal fee
  • Credit report fee
  • Flood zone determination fee
  • Title insurance fee
  • Deed recording fee
  • Survey fee
  • Pest inspection fee [if necessary]
  • Underwriting/document review fee
  • Interim interest [varies with the closing date]
  • Tax service fee
  • Attorney fee

Many of the same fees apply to refinance loans, but closing costs can often be included in the loan amount on refinances.

When should I apply?

Most borrowers apply once they have selected a property. However, you can get pre-qualified by Clearway Mortgage so that you'll already know how much house you can afford before you start shopping.

Where do I apply?

If you want to apply with Clearway Mortgage, please call one of our Mortgage Consultants at 1-877-265-8485, Monday - Friday, 8:00 to 5:00 CT. You can also click here and apply on-line. They will answer any questions you have and schedule a personal appointment at a time and location convenient for you.

What information will be required when I apply?

To speed the application process, here is some of the information you should gather:

  • Sales contract
  • Social Security number[s]
  • Gross monthly income[s]
  • Name/address of each employer for past two years
  • W2 forms for past two years and year-to-date earnings
  • Last two monthly checking/savings account statements [if not Whitney accounts] and brokerage statement or name, address, account number and balance for each deposit account/brokerage account
  • Residence address, including landlord and/or mortgagee address and account number, for the past two years
  • Mortgagee name and address plus address and account number for other real estate owned
  • Name, address, account number, balance and monthly payment for all outstanding debts
  • If self-employed, last two years of personal and corporate tax returns, year-to-date profit and loss, business tax returns and balance sheet

Didn't find the answer you were looking for? Call us today at 877-265-8485 or visit our contact page.