Frequently Asked Questions
Here are answers to some commonly
asked questions. If you have questions that aren't listed,
contact us at XXXXXXXX. You can email us at .
It is a kind of loan provided either by a bank or mortgage lender in order to help you buy a home, which serves as a collateral in exchange for the funds you borrow to back the home mortgage.
You can opt for mortgage refinance that allows you to replace your old mortgage with a new one. Besides, you can avail low payments and better loan terms.
No. You can have a rate quote for free without any obligation.
No. We are not a direct mortgage lending company but a broker. We match you with the suitable direct lender based on your specific requirements.
Yes. We have a large network of home mortgage lenders that accept bad credit as well.
In a fixed rate loan, the interest rate stays same during the loan term, whereas in an adjustable rate loan, the interest rate is periodically adjusted and hence varies over the period. We advise you to take out a fixed rate mortgage if you intend to stay in your home for long (more than seven years) because the predictable payments protect you against rising or fluctuating mortgage interest rates. Adjustable rate mortgage (ARM) is attractive, if you consider a short term stay (less than seven years).
Down payment differs from lender to lender. However, we have multiple home loan lenders in our network that can cater to your specific needs in accordance with your affordability.
Mortgage insurance is a policy that protects the lenders against any incurred losses in case the borrower fails to or defaults on home mortgage.
Our network of lenders can still approve you a mortgage depending on the filing type (Chapter 7vs. Chapter 13). However, you have to wait for minimum two to four years before you can take out another loan.
These are affordable mortgages that are subsidized by the government and usually come with simple requirements and low interest rates. Hence, are considered as the best option for lower income households and first-time buyers.
Pre-qualification is a first step to your home loan where the borrower’s overall financial picture is taken into account to evaluate his / her loan repayment ability. Pre-approval is the next thing, the underwriting decision that a borrower is provisionally qualified.
Closing costs are the fees you are required to pay at the time of closing a real estate transaction. The costs include loan origination fees, title insurance, appraisal fees, taxes, deed-recording fees, discount points and credit report charges.
The interest rate is the proportion of a loan, expressed as a percentage of principal, which the borrower agrees to pay for the mortgage loan each month. This does not include loan fees. APR on the other hand is the overall cost (including loan fees), the borrower pays each year to borrow funds from the lender.