Q. What does it cost to submit a loan application?

  • A. Nothing, if your loan does not close; you will only need to pay for your appraisal and any other items ordered on your behalf. At Barr Group, an appraisal is never ordered without YOUR permission or loan approval. We will not spend your money if you're not going to close your loan.

Q. Do I need to pick the property I want to buy before I fill out the application?

  • A. No, you can fill out the application and be credit approved for a loan before you find a home.  Technically, with the new 2010 regulations you have not officially made application until you have a property selected, but we do encourage you to become pre-approved to purchase.

Q. After I submit my application online, what happens next?

  • A. Once your loan has been submitted, one of our representatives will be assigned to your account and will be calling you with information about your loan.

Q. What is a FANNIE MAE approved condo?

  • A. Most Condos in the Gulf Shores area are not FANNIE MAE approved. The majority of our condo loans do not require that the property meets the FANNIE MAE guidelines, only the borrower.
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Q. Do I have to be present for closing?

  • A. No, you can close through the mail. Once we are ready to close your loan, your Barr Group Officer will contact you and instruct you as to the exact amount of your down payment and closing costs. You can have a notary witness your signature and provide certified funds for the closing.

Q. How long is my credit approval good for?

  • A. 60 days from the time that your initial credit file was ordered and received.