Commonly Asked Questions

How Much Can I Borrow For My Mortgage?
Choosing the right mortgage is one of the most important financial decisions you will have to make.  While many web sites offer you calculators to determine how much you can borrow, that is only a start to the loan process and doesn’t adequately explain the alternatives that are available or fully explore all of the factors that can determine what you can afford. Therefore, we encourage you to call us and schedule a time to meet with one of our loan originators. They’ll answer your questions, explain the alternatives and help determine the loan program that works best for you. With all the facts, you'll feel confident you made the right decision.

Can I Be Pre-Approved For A Loan?
Our pre-approval process is quick and easy, beginning with your first meeting with one of our loan originators. Being pre-approved will improve your bargaining position when you make an offer on a home because you can assure the seller that you have qualified for financing.

Should I Refinance?
Like determining how much you can borrow, there are many factors to consider in making the decision to refinance. While it may be obvious that you can lower your interest rate or your monthly payment, there are many loan products to choose from. MainStreet’s Loan Originators will explain the alternatives and help you make an informed decision as to which program is right for you.

What Information Do I Need To Bring?
• Check stubs for prior month
• W2 Forms for the past two years
• Last two years tax returns, if you are self employed
• Current statements for checking, savings, and investment accounts
• Current balances and minimum monthly payments for all your loans

How Much Of A Down-Payment Will I Need?
MainStreet has loan programs that will allow you to borrow up to 103% of the purchase price of a home.  That means you may not need a down payment and we even allow you to finance the closing costs. However, the larger your down payment the lower the costs will be to obtain the loan. With 20% down you will qualify for the most favorable terms available.

What Is Mortgage Insurance?
If your loan amount is for more than 80% of the purchase price of the home, MainStreet generally requires that your loan have mortgage insurance. This is also known as private mortgage insurance or PMI. This insurance protects the lender if the borrower should default on the loan. The borrower pays the mortgage insurance premium, either at closing, monthly as part of the loan payment, or by having it added to the amount of the loan.