Frequently Asked Questions

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Why should I choose AFC Mortgage Group?

AFC Mortgage Group provides a truly personalized approach to servicing each borrower’s needs. With over 25 years of experience, AFC Mortgage Group is committed to their core values of empowering each borrower with the opportunity to achieve homeownership and financial stability.

What kind of loans can I get with AFC Mortgage Group?

AFC offers a full range of mortgage products including Conventional, FHA, VA, Special Loan Assistance options, Refinancing, Self-Employed, and Investor oriented programs. We will work with you to develop the best loan strategy targeting your specific needs. Creating a plan that focuses on your unique situation helps save you both money and time.

How can getting pre-approved for a loan help me?

Your mortgage pre-approval will help define the loan amount you can afford and is a powerful tool in the home buying process. A pre-approval can give your offer priority when negotiating. Realtors and sellers will have higher confidence that this deal will go through. Having a pre-approval can also save you time once your loan application has been submitted for final approval, getting you into your new home sooner!

What will I need to apply for a loan?

Your loan team at AFC will help guide you through the documentation needed for your application. In general, this will include paystubs, bank statements, and W-2’s, as well as other documents to support your loan application. AFC Mortgage Group offers loan options to borrowers that may face challenges in securing conventional finances. When these occasions arise, your team will let you know what additional documentation may be needed to help you secure a loan.

What can I expect my closing costs to be?

Closing costs are specific to your individual situation and the targeted loan program, often buyers can expect to pay between 2 – 6%. The total is dependent on things like the loan product, sales price, down payment, points, and any escrow fees. Your loan advisor will be able to give you guidance based on the programs you may qualify for, including VA loan and down payment assistance programs. Prior to closing you’ll receive a closing disclosure that will detail all fees.

Are there any special assistance programs available to me?

Some borrowers may encounter challenges in securing finances due to low income, limited assets, or poor credit history. AFC Mortgage Group provides personalized assistance and helps borrowers understand any specialized loan assistance programs that may address their needs. Your AFC team can also provide credit-building strategies and even help explore alternative funding options.

Rent vs. Buy, what’s better for me?

The decision to rent or buy depends on your long-term goals and financial situation. Historically, homeownership offers the buyer a key financial investment since each monthly mortgage payment will increase your home equity. AFC Mortgage Group can review your specific financial situation and provide you with loan details that allow you to decide which path best serves your needs.

How long will the loan process take?

The length of time to close on a mortgage loan can vary depending on the borrower’s financial situation, property inspections, and appraisals. On average loans will close in 30 to 45 days. AFC Mortgage Group provides each borrower with a small, responsive support team so your loan doesn’t get lost in a maze. Strong communication between all parties and quick turnaround time on documentation will help speed the process, reduce stress, and get you into your new home!

Does AFC Mortgage Group offer loans in my state?

AFC Mortgage Group is currently licensed in 17 states and continues to grow throughout the country. Our Team Page contains a map of our current service areas as well as a list of team members licensed in your state.

Can I get a loan if I’m self-employed?

Yes! We’ve helped many self-employed borrowers close on mortgage loans. In these situations, the borrower provides additional supporting documentation to secure the best possible loan financing. Your loan advisor will walk you through the specific material needed which may include supporting tax documents and statements. We’re here to help you achieve your goal of home ownership.

Should I consider refinancing?

Refinancing can offer you a number of financial opportunities. Borrowers may want to access cash from their home’s equity, consolidate debts, or possibly lower those monthly payments. A Loan Expert at AFC Mortgage Group can help determine if refinancing is for you. We’ll carefully review your financial priorities, your home’s current equity, the interest rates available to you, and the costs associated with a refinance plan, to determine the best path to your goals.

Should I pay points to lower my interest rate?

Mortgage points allow a borrower to lock into a lower interest rate and pay less on the loan over time. By paying this fee, which is included in your closing costs, you can reduce your monthly payments. Your AFC Mortgage Group advisor will be able to help you determine if this option is advisable based on your financial situation.

What is an APR?

APR, or Annual Percentage Rate, is an indicator of the annual cost of a loan. The APR includes the interest rate and fees associated with closing your loan. Because the APR includes these fees it will reflect a higher rate than the mortgage interest rate.

What if I’m interested in investing in real estate?

AFC Mortgage Group is proud to offer expert guidance to those interested in building wealth through real estate investing. We offer specialized loan products and creative strategies to help you achieve your goals. A key member of our team, experienced in property investment, will be able to help you review potential opportunities and create a plan with the strongest financing options.

How is my financial information secured?

Your application and loan documents are protected by a double layer of security allowing only authorized individuals access to your confidential loan information.

Where can I learn more about mortgage loans?

Your AFC Mortgage Team is always available to offer insight and answer your questions. We can even forward you resources to help guide you on your journey.