Frequently Asked Questions

Residential Home Loans


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Q. How long does it take to become preapproved for a mortgage?

In most cases, we can do this right over the phone or fill out the applicaotn online and preapprove you within minutes. 
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Q. How much money do we need to put down?

We still offer loans that are no money down.  We also offer a 3.5% fha loan, 5% down with and without PMI.  You can put as much down as you would like.  Call us today so we can analyze your situation and go over different options that best suit your needs. 
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Q. Why choose Polaris Home Funding over the competition?

Through many years of hard work and dedication, we have mastered each loan program that we offer.  We pride ourselves on making this an easy process as possible for you and/or your family.  We are extremly educated and are here for your services.  We do not charge any hidden fees or additional closing cost, therefore our closing cost are lower than your traditional bank.  In most cases, we offer a lower interest rate on our mortgage loans. 
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Q. What are you hours of operation?

We understand our clients work schedule, therefore we are extremly flexibile on our hours.  Feel free to call us anytime after 7am and before 10pm.                      
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Q. What states do you service?

We are licensed in Ohio, West Virginia and Pennsylvania.
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Q. How Much Can I Afford to Buy?

Generally speaking, these five factors play a major role in determining whether you qualify for a home loan, how much you can borrow, and at what interest rate:
1. Debt-to-income ratio
2. Credit history and credit score
3. Employment history
4. Savings Down payment
5. Call to get Mortgage Myths Debunked.

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Q. What are some pitfalls you want to avoid when applying for a mortgage?

  1. Changing jobs
  2. Making a major purchase (i.e. a new car)
  3. Co-signing a loan for anyone
  4. Making large deposits into your checking or savings account 

It is important to keep your employment and financial activity consistent during this process.

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Q. What are documents needed for a mortgage?

You will want to gather several documents as you begin the mortgage process. Once the mortgage application is approved, additional documents may be required for final approval.
 Initial documents:
  • Most recent 30 days of paystubs
  • Most recent bank statement – all pages are required for each statement
  • The last two years of W2s for all employers
  • A copy of your driver’s license
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Q. What costs are involved in a mortgage loan?

At closing, you may have to pay for the following:
  • Down payment – 3.5%, 5% etc.
  • Closing costs – costs associated with obtaining a mortgage (appraisal, title fees,  appraisal reinspection etc.)
  • Prepaid Interest – This is the interest paid to cover the number of days remaining in the month you close
  • Title insurance – Having title insurance protects you and the lender against losses resulting from claims by others that may be brought against your new property.
  • Escrows – This is a reserve collected which consists of funds for your future property taxes and home owner’s insurance payments
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Q. Are you Confused about the mortgage process?

Contact one of our mortgage representatives to talk with you about the mortgage process and loan type from the start to the end. Let us work with you and show you how to navigate through this process.
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Q. In what States does Polaris Home Funding provide services?

Polaris Home Funding provides mortgage home loan services in Ohio, West Virginia and Pennsylvania.