How to Get a Mortgage

At Filo Mortgage, we have streamlined the mortgage process for home purchases.  The mortgage process with Filo can take anywhere from 14 to 28 days, depending on several factors including the home appraisal.  Generally, the appraisal should take about 5-10 days but may take longer in rural areas where there are fewer appraisers.  The Filo Mortgage process is online where you can upload documents including your income documentation and asset information to a secure portal.  You can also easily check the status of your loan.  To prevent any delays, we suggest scheduling the appraisal right away.  We have a team of people lead by a loan consultant that will guide you through the process including answering your questions and working with underwriting to get your loan approved quickly.

At Filo Mortgage, applications for mortgages can be pre-approved in a day or two.  We can also provide a pre-qualification letter same day.

This will usually depend on the type of bankruptcy and the type of mortgage you’re going to apply for; in many cases, a judge must discharge your bankruptcy before you can qualify. Borrowers who filed for Chapter 7 bankruptcy and want to apply for a conventional mortgage will need to wait four years after a bankruptcy is charged, whereas an FHA loan and other government-backed loans require a three-year waiting period.

Anyone filing Chapter 13 bankruptcy is required to wait at least four years from the dismissal date. If a court discharges the bankruptcy, the waiting period is four years from the filing date and two years after the dismissal date.

Absolutely, you can finance a new construction home, but the type of loan you’d apply for would depend on several things. If you’re buying a new construction home in a pre-planned subdivision, mortgage options are typically the same as they are for any other home. If you plan on purchasing your own plot of land and working with your own builder on a custom home, you’ll likely want to apply for a construction loan.

This will depend on the type of mortgage you’re applying for. Some government-backed loans are flexible about lower down payments, and others may allow borrowers to finance the entire cost of their home without putting any money down.  Contact us and we can have a loan consultant walk you through your loan options.

A common misconception is that buyers need to provide an all-cash offer if they want to purchase a foreclosure. While this is typically the case at foreclosure auctions, when it comes to bank-owned homes that are going into foreclosure (also known as real-estate-owned or REO) and short sales, the majority of buyers finance their purchases with mortgages, just like they would with any other home purchase.

Even without a steady job, other sources of income may give borrowers what they need to qualify for a mortgage, such as rental property income, child support, alimony, Social Security income, capital gains, stock dividends or other investments, and other forms of passive income. Additionally, applying for a mortgage with a cosigner who has a high net worth and/or steady employment can also help you to qualify for a mortgage without a job.