Residential & Manufactured Home Loan Specialists
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Frequently Asked Questions About Home Loans

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Frequently Asked Questions

Can I get prequalified for a mortgage before finding a home to buy?
Yes! Good Sense Financial offers you a complete credit qualification prior to finding a home to buy.

Why should I get preapproved ?
The main benefit is you will know exactly what you can afford. You will receive a letter to give to your Realtor to assist you in finding the right property. After finding the potential property, the preapproval letter helps to finalize the purchase of your home.

What are the different types of mortgage loans?

There are two basic types of mortgages—fixed rate mortgages and adjustable rate mortgages (ARMs). With a fixed rate mortgage the interest rate does not change. The loan length can be for 10, 15, 20, 25, or 30 years. With ARMs the interest rate may change at the intervals specified in the contract.

What is an escrow account?
The escrow account is a savings account where part of your monthly payment is deposited (held in escrow) to pay the homeowners insurance premium and property taxes.

Do I have to establish an escrow account?
You may not have to establish an escrow account. Some lenders require an escrow account to have funds available to pay real estate taxes and homeowners insurance premiums. Other lenders do not require an escrow account.

Other than the application, what do I need to provide for the loan?
Because each individual has his or her own set of circumstances and each lender has its own requirements, we at Good Sense Financial will walk you through the process of gathering all the needed information. To began the process we will need:

  • Income from most recent pay stubs showing year-to-date
  • Copy of federal income tax returns from the last two years
If I do not have perfect credit can I qualify for a home loan?
Yes, you can. Good Sense Financial is able to tailor higher risk loans to accommodate a variety of special needs. At the end of a year, we will be able to review the payment history of your mortgage to determine if you can qualify for a new loan at a lower interest rate.

Does a bankruptcy disqualify me from a mortgage loan?
No! If the bankruptcy is over 12 months old you can qualify for a mortgage with our sub-prime lenders, otherwise, you may qualify for the prime rate mortgages.

If I am self-employed or my income is fluctuating because I rely on commissions or bonuses, will I be able to qualify for a mortgage?
Yes you may. Our lenders average the last two years of income to determine the approval.

Does a bankruptcy disqualify me from a mortgage loan?
No! If the bankruptcy is over 12 months old, you may qualify for a mortgage from one of our lenders who specialize in assisting people in reestablishing their credit.

Do you have other questions about financing or refinancing a home? Call us at 520-795-3566 or use the e-mail contact form.

3693 N. Campbell
Tucson, AZ 85719
Toll-Free: 1-877-795-3863
Phone: 520-795-3566
Fax: 520-795-3574