Question 1

How long does it take to get pre-approved?

Accepted Answer

With our streamlined online application, we can typically provide a pre-approval decision within 24 hours. Our secure application only takes about 12 minutes to complete.

Question 2

What is your average closing time?

Accepted Answer

Our average loan closing period is just 21 days! While the industry average is around 45 days, our dedicated team and efficient processes get you into your new home much faster.

Question 3

What states are you licensed in?

Accepted Answer

Spot On Lending is fully licensed to originate mortgage loans in California, Texas, Florida, and Georgia.

Question 4

Do you offer down payment assistance?

Accepted Answer

Yes! We offer several down payment assistance (DPA) programs for qualifying buyers, particularly in Georgia and California. Contact our loan officers to see if you qualify.

Question 5

What credit score do I need to buy a home?

Accepted Answer

The required credit score varies by loan program. FHA loans often allow scores as low as 580, while conventional loans typically require a 620 or higher. We work with borrowers across a wide spectrum of credit profiles.

Question 6

What is the difference between a Fixed and Adjustable Rate Mortgage (ARM)?

Accepted Answer

A fixed-rate mortgage has an interest rate that stays the same for the entire life of the loan (usually 15 or 30 years). An ARM has an interest rate that is fixed for an initial period (like 5 or 7 years) and then adjusts periodically based on market conditions.