No, you do not need great credit to get a mortgage, but there are certainly advantages to having a good credit score. Better credit will increase your flexibility as to the type of mortgage you can get, lower the down payment you will need to come up with, and make your mortgage cheaper. At Valley View Home Loans, We offer credit score as low as 500 with 15% down payment. A credit score of 580 will let you make a down payment of as little as 3.5 percent on FHA loans.

It depends on whether you want to count both your incomes when applying for a mortgage. If you do, then you have to apply jointly and that means both credit scores come into play. If your spouse has a bad credit history then you could apply on your own, but that means only your income would count towards qualifying. That could result in qualifying at a lower loan level than you would like.

• Credit history. See the answer to question 1, above. You don't need great credit, but the higher your score, the better your chances of approval and the better the terms of the loan are likely to be.

• Income. Lenders will compare your income to the amount of the loan in determining how much you can repay.

• Job history. Lenders want to see a steady work history – at least two years at the same employer is ideal, but at the minimum, there should be no lengthy gaps in employment during the last two years.

• Current debts. Essentially, a lender will subtract your existing payment obligations from your income in deciding how much of a loan you can afford.

• We will walk you through the qualification process.

You can get pre-approved for a mortgage before you are ready to make an offer on a specific house. This essentially involves going through the basic elements of the approval process and getting a commitment from the lender for a specified loan amount and terms. Our pre-approval is good for a limited time only between 45 to 60 days.

This means your loan has been reviewed and is likely to be approved as long as everything is as it appears on the application. However, the lender's underwriter – the person who decides whether or not the application meets the lender's standards – may want additional information or documentation on a specific item or two. Conditional approval means that the loan will be approved if you can satisfy that need for additional information or documentation.

You can get a mortgage with as little as 3 percent down. However, if you can afford a bigger down payment, there are good reasons for putting more money down. First of all, putting more into a down payment means borrowing less money, which will result in you paying less interest. Also, mortgages with a high loan–to–value ratio are likely to have to pay mortgage insurance premiums, and may not qualify for the lowest interest rates. So, putting more money down up front saves you in the long run.

Closing costs include a variety of fees for things like the inspection and appraisal of the home, as well as fees to the lender for underwriting and originating the loan. You are also likely to have to pay taxes on the loan. Depending on the type of mortgage you have, you may also have to make an upfront payment of a mortgage insurance premium. All told, these closing costs typically run between 1 and 3 percent of the value of the home.

The two big decisions you will face about what type of mortgage to get are between a fixed or adjustable-rate mortgage, and the length of the loan. A fixed-rate mortgage will mean your monthly payments will stay the same throughout the repayment period. An adjustable-rate mortgage will have payments that vary as market rates change over time. This can work to your advantage if rates fall, but it would work against you if rates rise. As for length, the two most common mortgage durations are 15 years and 30 years. Naturally, spreading repayment out over a longer period results in lower monthly payments, which makes buying a home more affordable

Typically in the neighborhood of 30% to 40% of your income.

The annual percentage rate (APR) is the total annual cost of your mortgage loan, including the interest rate (the fee to borrow money calculated as a percentage of the amount borrowed), loan fees, points and any other charges. APR is required by the Truth-in Lending Act and gives you a tool for comparing the mortgage rates of different loan programs.

The right time depends on you. Golden rule is to lock in as soon as you have a scenario that works for you.

You can run the numbers both with and without points to see how the long-term savings compare to the points paid at the beginning. Keep in mind that money today has greater value than the same dollar amount in the future, so if it takes you the bulk of your repayment period just to recoup what you paid initially in points, it probably isn't worth it.

Refinancing is the process of paying off one mortgage loan with the money from a new loan, using the same property as security. The decision to refinance will depend upon your personal objectives. Such as "To reduce monthly mortgage payments or to Cash out a portion of the equity in your home or to obtain a stable interest rate or to consolidate debt".

Unless you currently have an interest-only mortgage, as you continue to make monthly payments on your mortgage, you're building equity in your home. You can cash out by taking out a new, larger mortgage against that equity. Many people use the money obtained from a cash-out for, among other things, home improvements, college tuition, major life events or to pay off credit card debt.

During the application process, expect to provide proof of income, such as pay stubs and tax returns. You will also have to provide information on any bank or investment accounts you have. At closing, you will need a cashier's check or proof of a wire transfer to make your down payment and pay any closing costs. You will also need to provide legal ID, such as a driver's license.

It's account where money is held until it is time to use it on your behalf to make specific payments related to your house, such as property taxes and insurance premiums. Since Valley View Home Loans has an interest in making sure you keep up with those payments, we control the escrow account that you fund and use the money to make the necessary payments when they come due.

Currently at Valley View Home Loans, we are taking 25-30 days to close on Purchase and 21-25 days on Refinance.

The best way is to use our mortgage calculator.

This depends on the type of mortgage you get. Most mortgages are conventional, fixed-rate loans that have equal monthly payments over the life of the loan. However, adjustable-rate mortgages have payments that are subject to vary if interest rates change. Also, some loans are structured to minimize initial payments in exchange for larger payments later on.

Typically yes. However, we do offer mortgages with prepayment penalties.