Frequently asked questions

In most cases, we will review your application and issue an approval within a few hours. If you are self-employed, we will need to see your most recently filed federal tax return to calculate income (ideally the last two years), so have that ready. Just give us a call or submit your application online for the fastest turn times. And don’t worry, if we can’t get you approved now, we will put together a custom “game plan” to get you ready for homeownership ASAP.

There is a ton of misinformation out there regarding credit pulls. At the VERY MOST, a single credit pull could drop your score by 5 points, but that is extremely rare. We can also run a “soft pull” that has no impact on your scores. In 20+ years, we have never seen a client NOT qualify because of a credit pull, but we have seen far too many clients hurt by waiting too long to have their application reviewed in full.

Communication, Service, and Rates. We know the process can be stressful, and we will make sure you understand every step along the way. We are available when you need us, not just during traditional business hours, and we provide service with a smile. Plus, we shop over 150 lenders to make sure you are getting the best deal for your specific needs.

The average “big bank” loan officer has been in business about 6 months. They have limited loan options available, and if you don’t fit into one of their standard programs they will move onto the next call center notification. And guess what? We work with most of them anyways, so you can get the security of a big bank loan with the hands-on expertise of a local professional.

There is absolutely no cost to have your application reviewed and approved by the Otter Mortgage Team. We are only paid if and when you close on your home purchase or refinance. If you are buying a home, there will likely be up-front costs paid to third parties (like earnest money, home inspection and appraisal). If you are refinancing your home, you may be eligible for an “appraisal waiver” which eliminates all up front costs. No matter what, we will make sure you understand any and all costs required to close on the home loan designed just for you.

Adjustable Rate Mortgages (ARMs) are loans with an introductory fixed rate period (typically 3, 5, 7, or 10 years) that adjust according to market conditions thereafter. The starting rate is typically lower on these loans than a traditional fixed rate mortgage, so these loans provide an opportunity for lower rates and payments in the short term. However, they can adjust upwards after the initial fixed rate period. This is often a good solution for borrowers that intend to sell or refinance the property before the fixed rate period expires.

A home inspection is a professional assessment of a property’s structural and functional condition, examining systems like plumbing, electrical, HVAC, and the roof, to ensure they are safe, functional, and free from major defects. This is typically NOT a requirement to secure a mortgage, but it is strongly suggested you get one to make sure there are no major surprises with your major investment. A home appraisal looks at basic property health and safety standards, but the main focus of the appraisal is the home value—determined largely by recent nearby sales, and adjustments based on square footage, condition, location/view, etc. Almost all loans require that an appraisal be completed by an appraiser that is independent from the lender, buyer, seller, and all other parties involved in the transaction.

If you are like us, you may have been seduced at some time by late night infomercials, flashy social media ads, and/or top selling books promising a fortune in real estate investments. Can it be done? Absolutely! Can it be done with no money out of pocket? Typically not, at least not with traditional mortgages. Lenders typically require at least a 15% down payment for an investment purchase, and that money cannot be a gift from the seller. Reach out, and we will walk you through the “do’s” and “don’t’s.”

As a mortgage broker we have access to hundreds of programs that a single bank could never provide. Traditionally, true banks are the most restrictive in regards to underwriting qualifications, so don’t let one “no” stop you. And even if we can’t provide a solid “yes” now, we’ll put together a custom plan to get you into a home ASAP. Even with super low credit, most folks can qualify in 6-12 months by following a few simple steps.