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FAQ

What kind of mortgages do we offer?

Bear Flag Home Loans offers:

  • Fixed rate mortgages
  • Adjustable rate mortgages

What do I need to start my loan application?

Once you have completed the online secure loan application, you may need the following
documents to complete your request.

  • Personal Identification (Driver’s license and Social Security card)
  • Income verification ( Last 2 years of tax returns, W2’s, 1099’s, and any pay-stubs needed )
  • Bank statements
  • Proof of funds
  • The loan you have chosen may require additional documents

What should my down payment be?

Your down payment will be anywhere from 3%-5% of the purchase price of the home. The amount you choose to put down will vary from home to home. You will want to ask your loan specialist what a reasonable down payment should be. Remember that the higher your down payment, the lower your Loan-to-Value ratio and the least likely you are to pay Private Mortgage Insurance. Keep in mind that the down payment does not include closing costs.

What is included in my closing costs?

For the most part the fees below are included in the closing costs. There may be additional fees pertaining to your loan that may also need to be added. Your loan specialist is here to answer any questions you may have on any of the fee's. Ask questions and understand what fee's you are paying.

  • Appraisal fees
  • Loan application processing fee
  • Underwriting fees
  • Attorney fees
  • Discount points
  • Title search fees

What are discount points?

Discount points are paid to the lender and can help you lower your loan’s interest rate! You are essentially paying some of the interest of the mortgage loan upfront. A lower rate may cause your monthly payments to decrease as well.