The Mortgage Process Made Simple

Step-by-Step Guidance

Navigating the mortgage process can seem overwhelming, but with Prost Mortgage Group, you’ll have a clear path to follow. Here’s how our process works:

1. Pre-Approval: The first step is to get pre-approved for a mortgage. This will give you a clear understanding of your budget and strengthen your position when making an offer on a home.

2. Application: Once you’ve found your ideal home, you’ll complete a mortgage application with our team. We’ll guide you in gathering necessary documentation, such as proof of income and credit history.

3. Processing and Underwriting: Our team will review your application, verify your information, and submit it to underwriting. The underwriter will assess the risks associated with lending to you and determine your eligibility.

4. Closing: After approval, we’ll schedule a closing date. You’ll sign the final paperwork and receive the keys to your new home.

Frequently Asked Questions

What credit score is required to qualify for a mortgage?

While requirements vary, a credit score of 620 or higher is typically recommended for conventional loans. If your score is lower, our team can help you explore alternative options.

How much do I need for a down payment?

Down payment requirements can vary based on the type of loan. Many conventional loans require a 20% down payment, but there are options available with as little as 3% down. Additionally, some programs offer down payment assistance.

What are closing costs?

Closing costs encompass various fees associated with finalizing your mortgage, typically ranging from 2% to 5% of the loan amount. These may include appraisal fees, title insurance, and loan origination fees. Our team will provide a detailed breakdown during the application process.

Client Testimonials

At Prost Mortgage Group, we take pride in our commitment to exceptional service. Here’s what some of our clients have to say:

• Emily R.: “Working with Prost Mortgage Group was a fantastic experience! They guided me through the entire process and answered all my questions promptly.”

• Michael T.: “I was nervous about refinancing, but the team made it easy. They explained everything clearly, and I ended up saving a significant amount on my monthly payments!”

Additional Resources for Homebuyers

Mortgage Planning Tools

To assist you in making informed decisions, Prost Mortgage Group offers various resources on our website:

• Mortgage Calculator: Use our mortgage calculator to estimate your monthly payments based on different loan amounts and interest rates.
• Credit Tips: Explore our tips on improving your credit score and what lenders look for in an application.
• Blog: Stay informed with our blog, which covers the latest trends in the mortgage industry, tips for homebuyers, and market analysis.

Community Involvement

Prost Mortgage Group believes in giving back to the Lexington community. We are actively involved in local initiatives that promote homeownership and financial literacy. Our team participates in various community events, helping to educate potential buyers about the mortgage process and their options.

Contact Us Today

Are you ready to take the next step toward homeownership in Lexington, Kentucky? Prost Mortgage Group is here to help you every step of the way. Contact us today to schedule a consultation or start your mortgage application.

• Phone: (859) 795-1316
• Location: 4135 Alexandria Pike, Suite 105, Cold Spring, KY 41076
• Hours: Monday to Friday, 9 AM – 5 PM (Appointments available on weekends)

Conclusion

Choosing Prost Mortgage Group as your mortgage lender in Lexington, Kentucky, means you’re partnering with a team that genuinely cares about your goals. Whether you’re buying a home for the first time, refinancing an existing mortgage, or looking into reverse mortgage options, we are committed to providing personalized service and expert guidance. Let us help you achieve your dream of homeownership—contact us today to learn more about our mortgage solutions!