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Should I pay off my credit cards first
before I apply? I had a bankruptcy 10 years ago, does
this affect my credit? Do I have to use my realtors
mortgage company? How long does the loan process take?
Below are some commonly asked questions. If you don't
find the answer you're looking for, then ask us by
clicking here.
Or better yet, call us today
at 888-849-5626 for a complimentary in-depth quote
and overview of current market conditions affecting
the mortgage market from one of our friendly professional
mortgage consultants.
The pre-approval process is much more
complete than pre-qualification. For pre-qualification,
the loan officer asks you a few questions and provides
you with a pre-qual letter. Pre-approval includes
all the steps of a full approval, except for the appraisal
and title search. Pre-approval can put you in a better
negotiating position, much like a cash buyer.
Usually people refinance to save money,
either by obtaining a lower interest rate or by reducing
the term of the loan. Refinancing is also a way to
convert an adjustable loan to a fixed loan or to consolidate
debts. The decision to refinance can be difficult,
since there are several reasons to refinance. However,
if you are looking to save money, try this calculation:
Calculate the total cost of the
refinance
Calculate the monthly savings
Divide the total cost of the refinance
(#1) by the monthly savings (#2). This
is the "break even" time. If you own the
house longer than this, you will save money by refinancing.
Since refinancing is a complex topic,
consult a mortgage professional.
A rate lock is a contractual agreement
between the lender and buyer. There are four components
to a rate lock: loan program, interest rate, points,
and the length of the lock.
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