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F.A.Q'S

 

  • How do I start the loan process?

     

    Staring the process is very simple. Simply contact one of our mortgage bankers and after a quick credit report and filling out an application, you can be on your way to achieving all your mortgage loan needs.
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  • If I have poor credit, can I still apply for a loan?

     

    To qualify for a loan, you must first prove you have a steady income.
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  • What standards do I need to meet in order to be qualified for a loan?

     

    You must have a steady income and acceptable qualified credit.
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  • What is the difference between pre-qualifying and pre-approval?

     

    A pre-qualification is normally issued by a loan officer, who, after interviewing you, determines the dollar value of a loan you can be approved for. However, loan officers do not make the final approval, so a pre-qualification is not a commitment to lend. After the loan officer determines that you pre-qualify, he/she then issues you a pre-qualification letter. This pre-qualification letter is used when you are making an offer on a property. The pre-qualification letter indicates to the seller that you are qualified to purchase the house you are making an offer on.

     

    Pre-approval is a step above pre-qualification. Pre-approval involves verifying your credit, down payment, employment history, etc. Your loan application is submitted to an underwriter and a decision is made regarding your loan application. If your loan is pre-approved, you are then issued a pre-approval certificate. Getting your loan pre-approved allows you to close very quickly when you do find a house. A pre-approval can help you negotiate a better price with the seller, since being pre-approved is very close to having cash in the bank to pay for the house!
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  • What are closing costs?

     

    Closing costs are the total cost of the loan; it includes the lender's processing fee, title fee, appraisal fee, attorney fees, and other such items that are required for a loan.
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  • What standards do I need to meet in order to be qualified for a loan?

     

    Yes, it is possible to apply for a loan. There are special programs designed specifically for individuals with poor credit.
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  • What are the benefits to refinancing?

     

    Benefits to refinancing your home include, lower monthly payments, switching from a fixed to adjustable rate or vice-versa, building up your equity to pay off debt faster, the ability to choose a different adjustable rate mortgage and no more payments for PMI.
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  • What is an APR?

     

    APR -Annual Percentage Rate- is the rate of interest for a loan/year. Different lenders may calculate APR differently.
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  • What is PMI?

     

    PMI stands for private mortgage insurance. It is provided by a private mortgage insurance company to protect lenders against loss should a borrower defaults. It is designed to help a buyer avoid the years of saving up for a home. Lenders typically ask for 20% down, however, this allows the buyer to put down as little as 3 to 5%. PMI costs home owners between $20 to $100 per month.
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  • What is a rate lock?

     

    A rate lock locks your interest rate. Your lender will lock your rate upon finding a reasonable interest rate.
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  • Why do interest rates change?

     

    The Federal Reserve, also known as the Fed, controls the money supply as well as the cost of credit. As a result, they are responsible for changes in interest rates. The Fed determines the rate at which banks can borrow money and if rates are raised, interest rates will also rise for consumers.
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  • Is my information confidential?

     

    Our firm not only assures you of quality service, but also provides our customers with 100% confidentiality. Information will not be released to anyone except those who are involved in your loan process.
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