 | How much do you need for your down payments?
 | Depending on the loan you choose, 3-5% of your own money. However,
100% loans may be available (requires $500 owner investment). |
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| What loan amount do you qualify for?
| This will depend on several things, i.e.: your credit history, debt load,
in general your personal finances, our loan originator will be able to give
you a very close approximation in just a few moments. |
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| How much needs to be financed?
| The amount financed will depend on the amount of money you wish to use for
down payment. |
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| What is the current interest rate?
| Check our rates by clicking on the "Rates" button to the left. All
rates are updated Monday - Friday between 12:00 - 12:30 pm. |
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| Can you lock in an interest rate?
| Yes, by contacting our loan originator, you can apply over the phone and
lock in an interest rate. |
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| What are the options with regard to interest rates and terms of the
loan?
| You can lock in a rate, you can float the market (watch rates to see if
they down) but THIS CAN BE RISKY; rates change depending on the length of the
loan. The usual terms of home mortgages are 15 or 30 years. |
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| How will the interest rate and length of your loan affect the total
amount you pay over the life of your mortgage?
| The high the interest rate and the longer the term the more you will pay
over the life of your loan. |
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| Is the interest rate fixed for adjustable?
| Either one. Our loan originator will help you determine which is
best for you. |
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| If it's adjustable, what are the limitations on how much it can go up?
| Yes, there are limits. Usually it is 2% a year with no more than 6%
total. |
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| How long is the term of your mortgage?
| The normal is 15 or 30 years. 40 year loans are now available. There are ways that you can shorten
the term and our loan originator can explain these for you. |
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| What fees are required, how much are they, and when are they due?
| The three fees which will be required at the time of application are the
Appraisal ($300 - $350), the credit report ($10 - $25) and flood certification
($18 - $22). |
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| How much will your monthly payment be?
| This will depend on the rate, term, the taxes for your area and the cost
of insurance coverage on your new house. This is what realtors and
mortgage companies refer to as PITI (Principal Interest Taxes and Insurance). |
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| Does the lender require mortgage insurance?
| On any loan for more than 80% of the sales price, lenders require mortgage
insurance. Some loans will not require mortgage insurance however, the
interest rate will be adjusted to compensate. |
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| How long will it take to process and approve your loan?
| This will depend on how prepared you are at the time of the application.
It can take from an hour to several days. |
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| Is there any additional information the bank will need to proceed?
| Any credit or asset information you feel is pertinent to your loan. |
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