FAQ

You’ve got questions, we’ve got answers! Check out our FAQs or get in touch with Hixon to have a member of our team answer your questions directly. 

 

Why should I choose Hixon?

We know there are plenty of lending options available out there. But there aren’t a lot of local lenders who are committed to personalized lending. We think that’s what makes Hixon special.

 

What is personalized lending?

Too often these days, lenders plug your personal and financial data into an algorithm and let the machine decide whether or not you deserve a mortgage. We don’t think that’s right. Personalized lending means we’ll tree you like a person, not just a credit score. Deciding to buy a home is a deeply personal decision, and we’re here to support that decision with hands-on lending that takes a big picture approach.

 

Can I get a mortgage if…

• I’m unemployed?
  

  Short answer: Yes. But with exceptions. A job isn’t always your only source of income. Other sources could include: investments, social security, rental property, alimony, child support, or other forms of passive income. If this isn’t applicable to you, you could also have someone who has one of these income sources cosign with you. If you’re not sure what qualifies as income, Hixon can help you get answers!

• I’ve declared bankruptcy?
  

  Good news, declaring bankruptcy won’t prevent you from getting a mortgage. There are just a few more steps you’ll have to take beforehand. Try to check these things off before applying for a mortgage: avoid taking on too much debt. Save that money. Gather and organize all of your financial documents. Do what you can to better your credit score as much as possible. As your local lender, we will work with you to find the best option and rate that fits your needs.

• I have a low credit score?
  

  Yes! There are many different loans out there for people from all situations. Federal Housing Administration, or FHA loans, are common for those who have a credit score as low as 580.

• My debt-to-income ratio is high?
  

  This is a factor that can affect your ability in getting approved. If you’re in this situation, focus on your high debt areas and getting those paid down prior to applying for a mortgage.

• I don’t have money for a down payment?

  No matter how much you’re able to put down, there are many options out there for you. Government-backed loans such as VA and USDA loans require no down-payment. FHA loans allow for a down payment of as little as 3.5%. And conventional loans only require 3% down. Finally, depending on the area you live in you may qualify for a down payment assistance program.

• I just started a new job?

  Most definitely! In most cases, we just need two years of work history and that history does not have to come solely from your present job.

• I receive retirement or disability income?

  This is certainly acceptable and common. We just need to verify these sources of income. This typically looks like an award letter and/or bank statements reflecting the deposits from either source. In regard to disability income, proof of continuation for at least three years is also necessary. 

 

How do I…

• Apply for a mortgage online or over the phone?
  

  Just hit the Get Started button to kick off the application process! If you get stuck or need more hands-on help, our Loan Officers are on standby. Just give us a call or even shoot us a text: 541-322-8846 

• Decide which Loan Officer to work with?

  We think all of our Loan Officers are pretty great, that’s why we choose to work with them every single day! But in the end, the right LO for you is the one that can match your communication style and help you reach your goals. If you need help finding the right fit, give our main office a call and we’ll help play matchmaker: 541-322-8846

• Know which type of mortgage is best?

  The “best mortgage” is the one that works for you. Your goals, your lifestyle, your financial situation. Part of our personalized approach to home lending is looking at your specific circumstances and both short- and long-term goals to figure out what the best mortgage looks like for you. But if you’d like to do a little research ahead of time, you can get more information about our loan products here.

• Figure out how much home I can afford?
  

  Online calculators might make calculating home affordability seem easy, but it actually takes some acrobatic number crunching to land on a realistic monthly payment. We know not every financial situation is the same, which is why we work with you 1-on-1 to determine what’s within your budget (and include factors that often get left out of flashy calculators, like closing costs and mortgage insurance).

 

Do I need to…

• Complete any paperwork before I apply?
  

  Here are some good documents to have prepared for your loan officer prior to applying:

  1. Income and employment documents, such as tax returns, W-2s and 1099s.
  2. Asset statements on bank, retirement, and brokerage accounts.
  3. Monthly debt payments and any real estate debt statements.
  4. Records of rent payments, divorce, bankruptcy, and foreclosure.

• Get pre-approved for a mortgage before house hunting?
  

  While it’s not strictly necessary, pre-approval can be super helpful during the house hunting process! When you know how much you’re approved for, it’s easier to search within the right budget. Plus, we can process your loan faster once you find the home of your dreams. In a competitive market, a few extra days can be the difference between moving in or moving on. 

• Have a house in mind before I apply?
  

  Already found the house of your dreams? Hixon can help you call it home. Get in touch as soon as possible so we can begin your application process, as today’s markets can move quickly.

 

How long does it take to… 

• Get approved for a mortgage?
  

  The mortgage application process is a collaborative thing. Approval depends on how quickly we receive necessary documents, as well as your financial situation. In general, we can get mortgage approvals in 5-7 days. 

• Submit and process my application?
  

  Again, this one’s all about teamwork. If you gather important documents ahead of time, it can definitely streamline the mortgage application process.

• Talk to a Loan Officer?
  

  Our Loan Officers are available now! Just give us a call or start the online application process and we’ll get the ball rolling for you.

 

What if I’m…

• A Veteran or active duty member?
  

  First of all, thank you for your service! We’re honored to have the opportunity to help you secure a home loan. We proudly offer loans specifically for Veterans and active duty military members. You can learn more here or contact us to learn more.

• A first-time home buyer?

  Congratulations! We know that buying your first home is an exciting milestone and we’d love to make this process as stress-free as possible. We offer a few different loan options for first-time home buyers. You can learn more about first-time home buyer programs here or contact us to discuss your options.

• Interested in buying in a rural area?
  

  Dreaming of quiet life at the end of a grassy lane? USDA loans can help make that dream a reality. Learn more about USDA loans here or get in touch to see which areas qualify.

• Not sure what kind of house I want?

  We love when our clients come to the table with a blank slate! We’ll start with your home pre approval and then connect you with a home buying specialist who can help you find your dream home.

• Moving to an expensive neighborhood?
  

  If you’ve got your heart set on living in a high-priced area, you might want to consider a Jumbo loan. You can learn more about Jumbo loans here or contact one of our Loan Officers for more information about qualifying.