Frequently Asked Questions

Infinity Home Loans - Frequently Asked Questions

Dedicated to Helping Dreams Come True for Individuals and Families throughout Palm Desert, CA and the surrounding communities.

Purchasing a new home is likely one of the largest investments you will ever make. With it comes responsibility and a plethora of questions. Take a moment to review the most Frequently Asked Questions when it comes to homeownership. If you do not find the topic you are looking for contact us today for more information!

How do i start the process of getting a mortgage?

Call us to set an appointment, get your documentation ready or you can use our secured online application.

What documents will i need to begin the mortgage process?
  • Last 2 years of your full tax returns and W2’s
  • Last 30 days of paystubs
  • Proof of any other income you would like to use to qualify
  • Last 2 bank statements
  • Any 401K or other asset statements you would like to have considered
  • Drivers license and social security card
What is the difference between a pre-qualification and pre-approval?

Pre-qualifying is just the first step. It gives you an idea of how much of a loan you’ll likely qualify for. Pre-approval is the second step, a conditional commitment to actually grant you the mortgage.

Which type of mortgage is best for me?

Since your situation is unique to you, so it your mortgage. We tailor fit you mortgage to your needs and wants.

Are there mortgage options geared specifically to first time home buyers?

Yes, we have first time homebuyer programs that can potentially help you with your down payment, closing costs and appraisal fees.

Will my interest rate change?

Once you lock in your interest rate, the only way it can change is if you want to buy down your rate later on in the process.

What are mortgage points?

Mortgage points, discount points are what you pay to buy down your interest rate. 1 point equals 1% of the loan amount.

How much money will i need to purchase a home?

You will need your down payment which could be anywhere from 0-20% of the sales/ loan amount, closing costs which could be anywhere from 0-6% of the sales/loan amount, appraisal fee which could be anywhere from $450-700 and a home inspection fee of approx. $350.

How long does the mortgage approval process take?

The loan approval process can take anywhere from 17 days to 45 days. You the borrower can ensure the process goes as quickly as possible by communicating in a timely manner with your loan officer as well as sending in any required documentation as quickly as possible.

Why do i need a bank appraisal?

Banks appraise properties in order to determine the current market value. They do this to ensure that they are not “over investing” with the loan, by putting up more money than the home is worth. … Banks appraise home because they need to protect their investment, and yours as well.