Mortgage FAQs with Chris Shumate — Fairway Home Mortgage
Clear, step-by-step answers from a steady, detail-focused loan officer who believes every client
deserves a confident, low-stress path to closing. With 25+ years in residential lending and a
reputation for accuracy, consistency, and calm communication, Chris and his team serve
homebuyers and homeowners across GA, AL, TN, FL, SC, and NC.
Frequently Asked Questions
What exactly is a mortgage and how does it work?
A mortgage is a loan used to buy or refinance a home. You repay it monthly (typically over 15–30
years). Payments usually include principal, interest, taxes, and insurance (often called “PITI”).
How do I get pre-approved with Chris Shumate?
Start by completing a secure online application and sharing income/assets documents.
Chris reviews your numbers, verifies key items, and issues a written pre-approval so you can shop
with confidence. Start your pre-approval.
What loan options can I choose from?
Fairway offers Conventional, FHA, VA, USDA, and Jumbo loans. Chris will compare monthly
payments, cash to close, and long-term cost side-by-side so you can choose with clarity.
How much do I need for a down payment?
It depends on the program. Some Conventional loans allow as little as 3% down; VA and USDA may
offer zero down for eligible borrowers. Chris will align options with your budget and goals.
What are closing costs—and what should I expect?
Closing costs typically range from 2%–5% of the purchase price and cover items like appraisal,
title, prepaid taxes/insurance, and lender fees. You’ll get a written estimate up front—no
surprises.
How are mortgage rates determined?
Rates vary by market conditions, credit score, loan type, and down payment. Chris monitors the
market daily and helps you lock at a competitive time for your scenario.
Can I buy a home if my credit isn’t perfect?
Yes. Programs like FHA and VA are more flexible. Chris builds a step-by-step plan to qualify now
or prepare you quickly if a small improvement will help.
How long does it take to close?
Most loans close in about 30 days. You’ll get a simple timeline, milestone updates, and a
checklist so you always know what’s next.
What documents will I need?
Common items include recent pay stubs, W-2s or tax returns, bank statements, photo ID, and
authorization to pull credit. Chris provides a precise checklist tailored to your file.
When does refinancing make sense?
If you can reduce your payment/interest, change your term, or access equity for improvements,
education, or debt consolidation. Chris will run the math (including break-even) before you decide.
What’s special about VA loans?
VA loans (for eligible servicemembers and Veterans) can offer zero down, no monthly PMI, and
competitive rates. Chris is a Certified Military Mortgage Specialist™ and serves with a
service-first approach. Ask about VA eligibility.
Can I buy if I’m self-employed?
Yes. Underwriting focuses on qualifying income from tax returns and (sometimes) year-to-date
financials. Chris will walk you through documentation expectations early to keep things smooth.
Do you work with first-time buyers?
Absolutely—many do. You’ll get clear education, down-payment options, and a closing-day plan so
your first experience feels calm and predictable.
Can I refinance or buy a home during or after a divorce?
Absolutely. As a Real Estate Collaboration Specialist – Divorce (RCS-D™), Chris helps
clients navigate mortgage decisions with sensitivity and fairness. He can assist in refinancing a
home before or after divorce, removing a spouse from the loan, or purchasing a new home using
your post-divorce income. His role is to make sure your next step is financially stable and aligned
with court or settlement requirements.
Should I refinance before or after my divorce is finalized?
It depends on your agreement and timing. Refinancing before divorce can simplify dividing
equity and releasing one spouse from liability sooner. Refinancing after allows updated income
and credit to reflect your new financial picture. Chris works closely with your attorney or mediator
to coordinate the best approach for your situation.
Which states does Chris serve?
Chris originates residential loans across Georgia, Alabama, Tennessee, Florida, South Carolina,
and North Carolina. Connect for your state.
Stay Connected with Us
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Shumate Mortgage Team - Dependable Home Loans Across Georgia and the Southeast 