FAQ

1. What will happen with the personal information I submit to you?
2. How many people will receive my personal information?
3. What is the next step?
4. What kind of service can I expect from your company?
5. What types of mortgage products do you offer?
6. If I had a Bankruptcy can I still buy a new home or refinance my current home?
7. What is meant by Loan to Value (LTV)?
8. When should I consider an ARM (adjustable Rate Mortgage)?
9. Can I pay off my mortgage loan early?
10. What happens if interest rates decrease and I have a fixed rate loan?
11. What is an escrow account?

1. What will happen with the personal information I submit to you?
Within a few minutes of submitting your information online, you will receive an email asking you to verify your email address. Once the verification is completed, you should expect to receive a phone call within 24 hours from a experienced loan office.

2. How many people will receive my personal information?
It is common practice in the mortgage industry to sell personal (public) information. This is called "lead generation." But your information is important to us and us alone. We are not interested in selling it to the highest bidder in the lead generation market.

3. What is the next step?
Once we have received your email verification, you will receive a phone call within 24 hours from a senior loan officer. Based on your needs and financial objectives, our loan officer will begin to put together a loan proposal tailored to your particular situation.

4. What kind of service can I expect from your company?
We take personal pride in providing our clients the best possible service. We want you to return to us every time you refinance, purchase a new home or commercial piece of property. You can expect lots of communication. We keep you in the loop throughout the loan process as we strive to accomplish your objectives and meet your needs. Our motto is: "A well informed borrower is a happy borrower."

5. What types of mortgage products do you offer?
Because we maintain multiple relationships with top investors in the mortgage industry, we are able to offer full spectrum mortgage services including 10, 15, 30 or 40 year fixed rate mortgages; adjustable rate mortgages with fixed rate periods of 3, 5 and 7 years; Option ARM loans that offer the flexibility of up to 4 payment options each month; balloon loans and construction loans. We also have commercial loans for multi family units (4 or more unites), apartment complexes and a variety of commercial projects, including funding for churches.

6. If I had a Bankruptcy can I still buy a new home or refinance my current home?
No one ever wants to claim Bankruptcy, but sometimes bad things happen to good people and claiming bankruptcy becomes the best option. The mortgage industry understands this and makes provisions for obtaining loans under such circumstances. There are guidelines, however, that which govern these types of loans and interest rates may be higher. But rest assured, in most cases, you can get a loan to meet your financial needs.

7. What is meant by Loan to Value (LTV)?
The loan to value ratio is the amount of money you borrow compared with the price or appraised value of the home you are purchasing or refinancing. Each loan has a specific LTV limit.

8. When should I consider an ARM (adjustable Rate Mortgage)?
An ARM product makes financial sense if you are confident that your income will increase in the near future, if you anticipate moving in the future, or you are not concerned about potential increases in interest rates. Generally, an ARM loan includes a period of time wherein the interest rate and your monthly payment remain fixed for a predetermined number of years. That period of time usually ranges from 3 to 7 years, and occasionally, as many as 10 years.

9. Can I pay off my mortgage loan early?
Yes. In most cases, all you have to do is apply extra money each month to the principal or make an extra principal payment at the end of the year. When making extra payments it is important to indicate that your payment is a principal only payment.

10. What happens if interest rates decrease and I have a fixed rate loan?
If interest rates drop significantly, you may want to consider refinancing your mortgage at a lower rate. Most experts agree that it is worth the cost to refinance for a 2 point drop in interest rates. For example: if you currently have a 7% interest rate on a 30 year fixed mortgage and you could get a 5% rate by refinancing, it would be worth the cost. Please give us a call and we would be happy to review this scenario with you.

11. What is an escrow account?
Escrow accounts are established by your lender as a place to set aside a portion of your monthly mortgage payment to cover annual property taxes and homeowner's insurance. Some loans will require an escrow account be established and some loans may not. If the lender does not require an escrow account, then you, the borrower, will be responsible for payment of property taxes and homeowner's insurance.