Frequently Asked Questions (FAQ)
Residential Mortgage FAQs
What’s the difference between pre-qualification and pre-approval?
Pre-qualification is an estimate of what you might be able to borrow based on basic information you provide. Pre-approval is more formal — it involves a credit check and document review and shows sellers that you’re a serious buyer.
How much down payment do I need to buy a home?
Down payment requirements vary by loan type. Some programs allow as little as 3–5% down, while others may require 20% or more. We’ll help you find the best option based on your situation.
Can I still qualify for a mortgage if I’m self-employed?
Yes. You’ll need to provide documents such as tax returns, profit-and-loss statements, or business bank statements to verify income. We specialize in helping self-employed borrowers.
What credit score do I need for a mortgage?
Many lenders look for a minimum score around 620, but higher scores can help you qualify for better rates and terms.
How long does the mortgage approval process take?
On average, 30–45 days from application to closing. Having your documents ready can help speed things up.
What are closing costs, and how much should I budget for them?
Closing costs are fees for services like appraisals, title insurance, and lender charges. They typically range from 2% to 5% of the loan amount.
Can I refinance my mortgage if rates go down?
Yes. Refinancing may help you lower your monthly payments or shorten your loan term. We’ll review your situation to see if it makes sense.
What’s the difference between a fixed-rate and adjustable-rate mortgage (ARM)?
A fixed-rate mortgage keeps the same interest rate and payment for the entire loan term, while an adjustable-rate mortgage starts with a lower rate that can change over time. We’ll help you decide which structure fits your goals.
Do you offer FHA or VA loans?
Yes. We offer FHA and VA loan programs for eligible borrowers — both can make homeownership more affordable with lower down payment options.
Can I get a mortgage if I’ve had past credit challenges or a bankruptcy?
In many cases, yes. Depending on how much time has passed and your current credit standing, there may still be loan programs available to you.
What’s included in my monthly mortgage payment?
Your payment typically includes principal, interest, property taxes, and homeowner’s insurance (PITI). If you have less than 20% down, private mortgage insurance (PMI) may also apply.
Do you offer interest-only or jumbo loan options?
Yes. We can structure interest-only or jumbo loans for qualified borrowers, particularly for higher-value homes or unique financial situations.
Can I use gift funds for my down payment?
Yes. Many loan programs allow you to use gifted funds from family for your down payment or closing costs, as long as the source is properly documented.
Can I buy an investment property through Global Equity Mortgage?
Yes. We offer DSCR loans, bank-statement programs, and other investor-friendly options for rental and income-producing properties.
What’s the best way to get started?
The easiest way is to click “Get Pre-Approved (Residential Only)” and complete our quick online form. A licensed loan officer will reach out to review your options.
Commercial Mortgage FAQs
What types of commercial properties can you finance?
We work with a wide range of properties, including multifamily, retail, office, mixed-use, industrial, and more.
How is a commercial loan different from a residential loan?
Commercial loans are based not only on your personal finances but also on the income potential of the property. Loan terms, rates, and structures are often customized to each project.
What documents are required for a commercial loan application?
Typically: business financial statements, tax returns, rent rolls, leases, and property details. We’ll provide a custom checklist for your specific deal.
How long is the typical approval process for commercial financing?
It varies depending on the loan type and complexity, but generally 30–60 days.
What’s the minimum and maximum loan amount you provide?
We typically finance projects from $250,000 up to $25 million+, depending on property type, cash flow, and location.
Do you provide financing for fix-and-flip or construction projects?
Yes. We offer financing solutions for fix-and-flip investors, ground-up construction, and major renovations.
Do you offer financing for tract or subdivision development projects?
Yes. We provide funding for tract development, including horizontal (land and infrastructure) and vertical (home construction) phases. These loans are tailored for builders and developers working on multi-lot or phased residential communities.
Do you offer lines of credit or bridge financing?
Yes. We provide short-term bridge loans and revolving credit lines for investors and businesses needing flexibility during acquisitions or repositioning.
What’s a DSCR loan and how does it work?
A Debt Service Coverage Ratio (DSCR) loan is based on the income the property generates rather than personal income. It’s ideal for investors who want to qualify using property cash flow.
Can you help refinance an existing commercial mortgage?
Absolutely. We help clients refinance for better rates, pull out equity, or transition from construction to permanent financing.
Do you work with SBA loans?
Yes. We help small business owners access SBA 7(a) and SBA 504 loans for real estate purchases, expansions, or working capital needs.
Are there prepayment penalties on commercial loans?
Some commercial loans include prepayment penalties or yield maintenance clauses. We’ll always explain these clearly before closing so there are no surprises.
Do you finance mixed-use or portfolio deals?
Yes. We have lenders who specialize in mixed-use, multi-property, and portfolio loans, whether under a single LLC or multiple entities.
Can you work with investors based outside the U.S.?
Yes. We offer options for foreign nationals and international investors, depending on the project and location.