Frequently Asked Questions

When do I get my money?

If all goes smoothly, you'll get your money within 21 to 28 days after you start the application process. Once you've signed the loan documents, we'll send you the proceeds in about seven business days.

We move things along pretty fast. But a lot depends on you. We need all your information and documents in as complete a form as possible.

Why do you need so many documents for a home loan?

We need to get a complete picture of your finances to get you the best loan. The documents we require are standard across the mortgage industry. If some bank tells you they don't need documents, they're lying. They're going to get those exact same documents from other sources and that will add time to the loan process.

Why do you verify my employment so many times?

We keep the mortgage process short, but sometimes a lot can change in a month! We check your employment a couple of times during the process to make sure your employment hasn't changed. So rule number one when applying for a mortgage: don't change jobs until you've got your money!

Why don't I qualify for the lowest interest rate?

Banks determine what interest rates — and loans — you qualify for based on the amount of debt you can handle on your income, your employment history, and your credit history. Basically, mortgage lenders are betting that you'll pay back the loan. So they charge you higher interest rates to offset the risk of lending money to you. A few things might make you a higher risk borrower: credit problems, income not high enough, or not enough equity or collateral for the loan.

What's a low FICO score?

People with FICO scores above 650 usually qualify for the best loans. Any FICO score between 600 and 650 means that you've got some credit problems but you should be able to get a loan. A score below 600 means you have some issues with your credit or employment history that need to be resolved. There's still hope. But you need to talk to us about your FICO score and what you can do to get a loan.

If you pull my credit, will my FICO score be affected?

No. Your FICO score is based on all kinds of data sent to credit reporting companies, not just how many times you or businesses check your credit. Checking your credit score yourself doesn't affect your score, and all the credit checks in one month are considered just one credit check.

If you're shopping for loans and a loan officer tells you not to check your credit or have a competitor check it, beware! This officer is discouraging you from shopping around for a better deal. In fact, you can have as many banks and mortgage companies check your credit as there are banks and mortgage companies under the sun. The catch is that they have to do this checking within a single 30 day period.

Can I get a mortgage on a mobile home, a modular home, or a manufactured home?

Sorry, Courtesy Mortgage isn't able to lend for these types of homes.

When is my first payment due?

Your first payment is due on the first day of the second month after you signed the mortgage papers. For example, if you signed in April, your May 1 payment was included in the closing costs, so your first payment will be due June 1.

Are points tax deductible?

Yes! A point is a fee equal to 1% of the total principal of a loan. You pay it up front to us separate from the interest. It's an instant tax break! However, please consult your tax or financial advisor for more information.

When will my bills be paid?

If all of your documents are available, it should take 3 ½ -4 weeks from the beginning of the loan process to finish your loan. In the mean time, you have to pay your bills so that your creditors don't charge you late fees. On most loans, we pay off bills approximately 7 business days after you've signed the loan documents.