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The short answer is, it depends. There are still 2 loan programs that do not require a down payment, but they have special qualification requirements. See Down Payment Requirements for more information.
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Closing costs are made up of 4 Categories:
1. Lender Fees
2. Third Party Costs
3. Pre-Paid Items
4. Government Taxes & Fees
We only have control over the first category listed here.
See Closing Costs Explained for more information.
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Lender fees are directly tied to your interest rate. They work opposite of each other like a see-saw, if one goes up the other goes down. With that said, you can select a loan with lender fees that work best for you. See Interest Rates & Fees for more information, or to see what the lender fees would be for your loan complete the Mortgage Rate Quote form on the right side of this page(No Personal Information Required).
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These are required services that you must get in order to do a mortgage. These third party costs can sometimes be shopped to save you money. These costs are not controlled by your broker or lender. These costs can include Appraisal Fees, Title Insurance, Home Inspections, closing fees and other third party costs. See Third Party Costs for more information.
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Yes, you may select your own title company as long as they are located in the state of the subject property, and are in compliance with any licensing laws for that state.
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Pre-Paid Items, are things that you must pay for in advance at closing. This could be a small amount of interest, initial escrow account deposits for property taxes and homeowner's insurance, or homeowner's association dues. These costs will be the almost exactly the same no matter what lender you select. These items are not controlled by the lender, and are costs that you can calculate yourself. See Pre-Paid Items for more information.
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These fees vary by state, but most states have a transfer tax on all real estate sales. Some states also have tax stamps based on your loan size. This means there are additional taxes that you must pay anytime that you get a mortgage on real estate in that state. See Government Charges and Fees for more information.
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Interest rates change throughout the day just like stock prices. Interest rates could be very different from the morning to the afternoon. In order to protect yourself it is a good idea to lock in your rate when you start your loan. See Interest Rate Locks for more information.
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When you own a home your property taxes and homeowner's insurance premiums come due once a year. In order to avoid having to come up with large sums of money to pay these when they come due, most people have an escrow account setup to pay these 2 items. Your annual property taxes and homeowners insurance premiums are totaled together and then divided by 12 months. This monthly amount is added to your mortgage principal and interest payment. Your lender then holds this money until the taxes and insurance are due. See Escrows for more information.
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Most loan programs do require you to escrow for taxes and insurance. However, on some conventional loans with less than 80% loan to value you may be able to waive escrows. Ask your loan officer for more information.
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Typically you will need at least 2 credit scores above 620 to be considered for a loan. See Credit Score Requirements for more information.
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There are multiple ways to complete your application. You may complete your application online at Apply Now, you may call us directly at 800-536-1127 to apply over the phone, or if you are near us you may stop by our office and complete an application there.
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No, we do not charge an application fee, credit report fee, or any other upfront fees at any time. You can usually have a Pre-Approval Letter within 4 business hours at no cost.
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Rates are very dependent on your circumstances such as credit score, loan amount, property value, and other factors. We list our rates on the homepage of this site and we list the assumptions those rates are based on. We suggest you use the Mortgage Rate Quote Form (No Personal Information Required) on the right of this page to determine what the rates would be for your particular situation and criteria.
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Our rates displayed on our homepage are automatically updated every 2 hours, but are subject to change at anytime and may not always be up to the minute. For better accuracy we suggest you use the Mortgage Rate Quote form on the right of this page for more accurate up to the minute results. These are usually updated every 15 minutes, but still subject to change at anytime.
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Yes we are a member, and we are in good standing with a great rating.
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A bank is lending you their own money as an investment. Since it is an investment for them, they want to get the highest rate of return possible. This is why bank rates are always higher than broker rates. A broker deals with multiple wholesale lending companies that provide mortgage rates well below bank rates.
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A Good Faith Estimate is a very important disclosure form that tells you all about your loan. It is important that you learn how to read this disclosure as it can be slightly confusing if you do not know what to look at. See Good Faith Estimate (How to Read) for more information.
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