Frequently Asked Questions

Even though the two terms sound similar, they are slightly different. A pre-qualification is an estimated figure of how much you can afford based on a few pieces of information you provide to your mortgage broker. There is no application required. Whereas pre-approval is a much more in depth process that yields a more accurate number of how much you can afford.

To get preapproved you must fill out a mortgage application. A lender will then complete the application process by reviewing credit (we use a soft credit inquiry so it doesnt affect your credit), verifying income, and assets for down payment. It also saves you valuable time because you already know how much you can spend and won't waste time looking at homes outside your price range.

• Fill out our easy and secure online application GET STARTED
• Securely upload documents we request after the application is complete 
• Soft credit review (does not affect credit score)
• Determine ideal down payment 
• Review preapproval numbers with us
• Start shopping!

That depends on how bad the credit score is. Typically the lower the credit score the higher the interest rate due to the increased credit risk for the lender. We can review your credit with a soft credit inquiry so your credit score will not be negatively affected.. Then we can advise you on ways you can potentially increase your credit score so you can qualify for a better interest rate.

You can request a free annual report from the three major credit bureaus every 12 months by visiting this site: annualcreditreport.com 

FHA loans are insured by the Federal Housing Administration (FHA). The FHA provides insurance to lenders in case a buyer defaults on a loan. FHA loans are often used with lower credit scores or low down payments, but not always. First time homebuyers with good credit and a low down payment can also take advantage of FHA benefits. 

I often hear this question and respond that I cannot answer that questions without having more details. What determines an interest rate? Purchase/refi, purchase price/home value, loan amount/loan-to-value, credit score, loan type (FHA. VA, conventional, jumbo), single family or condo, county of purchase due to loan limits, primary residence/second home/investment property, fixed rate/adjustable rate, fully amortized/interest only, escrow period? As you can see there are a lot of things that go into determining an interest rate. As a professional, I think it's only fair to determine the full accurate scenario before quoting rates. Also be aware that rates change daily and sometimes multiple times per day. 

Yes, there are first time homebuyer programs allowing these buyers to put less money down on a home they want to purchase.  

Because mortgage interest rates can change daily, locking your rate is an important part of the mortgage process. Locking your interest rate guarantees a certain interest rate for a specific period of time, usually around 30 days.

In most cases, you can lock your interest rate as soon as your loan application is complete, loan preapproved you are under contract (for a purchase).

Since mortgage rates change frequently, there’s no way to time it perfectly. No one knows what the future holds. If you have a good mortgage broker, they will help you determine when it’s a good time to lock your rate..

Some lenders charge a fee to lock your interest rate. Ask questions on the front end so you know what to expect. Oak Creek Funding does not charge to lock your rate.

Choose your lender carefully. Look for a high level of customer satisfaction. Work with a company who treats you like a person and not a number and who answers the phone when you call. It's best to use someone who works with multiple lenders so they can shop the best rates for you and determine the best lender for you based on your specific situation. It's also good to work with someone who is based on your state as they know all the local laws, values and unique conditions in your area. 

A typical escrow is 30 days or less. The escrow period, defined on the purchase contract and agreed upon by both buyer and seller, is usually what dictates when your loan closes. If you have already entered into a contract and are closing in less than 30 days, you can still close your loan on time. We have closed loans in as little as 9 days!