FAQ

Getting pre-qualified for a mortgage is a great first step to kickstart your home buying journey. Pre-qualification gives you a picture of how much you can afford based on your credit, income, and debt. It helps you determine your budget, understand estimated monthly payments, find the right loan program, strengthen your offer, and save time.

When you apply for a home loan, several documents are requested to confirm your ability to make monthly mortgage payments. Here are a few items you will likely will need to submit:

• Income history and employment verification from the past two years, such as tax returns, W-2s, and 1099s (if applicable)

• Asset statements for bank, retirement, and brokerage accounts

• Monthly debt payments, including any outstanding loans and credit cards

• Records of rent payments, divorce, bankruptcy, or foreclosure

The idea of meeting with our lenders can be resourceful, especially if you’re buying your first home.

Take a deep breath and relax—you don’t have to be stressed. Here, at ZoomHub Loans, we'll simply want to learn a few basics about you and your financial situation.

Then comes the paperwork! Once your loan process gets started, be prepared to provide proof of:

• Where you work

• Your income

• Any debt you have

• Your assets

• How much you plan to put down on your home

ZoomHub Loans will clearly explain your mortgage options and answer all your questions so you feel confident in your decision.

Closing costs can make up about 3 – 6% of the loan amount. This means that if you take out a loan worth $200,000, you can expect closing costs to be about $6,000 – $12,000.

There is no one-loan-fits-all. ZoomHub Loans offers a wide range of mortgage programs to choose from depending on what may be the most beneficial for your circumstances. Your Loan Officer can present different scenarios to see what best aligns with your goals—whether a fixed-rate or adjustable-rate mortgage, or a Conventional loan or government-backed loan, such as FHA, or USDA. We Also offer for foreign residents and ITIN applicants.

A monthly mortgage payment includes several components often referred to as PITI: principal, interest, taxes, and insurance. Any condo fees or homeowners association fees may also be factored into a monthly payment.