Frequently Asked Questions

Our goal is to start with education. We believe you deserve quick and accurate answers to questions to educate you regarding buying or refinancing your home.

Call us at  262-691-6100, email us at or review some of our most commonly asked questions below.

How do I get a pre-approval letter?

Commonwealth specializes in home purchase loans and understands the importance of a pre-approval, in order to receive a preapproval please call one of our mortgage professional and they will walk you through the process. For your convenience please visit our mortgage education section under application checklist for more information about what is needed for a preapproval.

What is a commitment letter?

A commitment letter is a written commitment from a lender to lend mortgage funds to specific borrowers as long as certain conditions are met within a specified time period before closing.

Can I buy a home with no down payment?

Commonwealth has available many programs with little or no money down. For more information please visit our loan program section of this website or call one of our mortgage professionals to see if you qualify for 100% financing.

How long does the process take?

With the correct documentation we can pre-approve you within hours, and often close as fast as 7-10 business days.

Can we borrow funds to make home improvements?

Yes, you can use the equity in your home to do a cash-out refinance to make improvements or there are specific loan programs that allow borrowers to refinance and include home improvements as part of the loan.

If I have less than perfect credit, can Commonwealth still help me?

Yes, we specialize in helping consumers with less than perfect credit. We have a variety of loan programs available so that we can make a loan in almost any situation.

I recently filed bankruptcy and went thru a foreclosure. Can I qualify for a loan?

Absolutely, we have a variety of programs that can help those who have filed bankruptcy and have been through a foreclosure.

How do I fix inaccuracies on my credit report?

You should begin the dispute process by contacting the creditor responsible for the inaccuracy. You can find the contact information for each of your creditors at the end of your credit report. For more information regarding credit reports please visit the credit section of our website.

I just bought my home 1 year ago. Can or should I refinance?

Yes, we can help you refinance in almost any situation, please utilize our Mortgage Calculator for more detailed payment information.

Because of ever changing guidelines and availability of mortgage loan programs, please contact one of our mortgage professionals for more details, eligibility and availability.

Thank you for taking an interest in Commonwealth Mortgage Group. We'd love to hear from you.


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