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Protect Your Money
The process of finding a qualified home lender or mortgage broker can be difficult.
This site will assist you in understanding everything you need to know about your home loan or refinance, as well as walk you through every step of the mortgage process.
This information site is dedicated to provide the best services possible, no matter what your needs are. My goal is to help you get the right mortgage, home loan, or refinance based on your individual needs, at the lowest interest rate possible. Whether it's your first house, second mortgage, or refinancing your current mortgage, I am confident that he can get you the best deal possible.
Reduce the stress of your home loan, mortgage, or refinance.
Applying for a home loan, mortgage, or wanting to refinance, can turn your life upside down. Once you have chosen a lender or mortgage broker to find a home loan or mortgage, you can stop worrying about dealing with the stress of other lending companies and focus on moving or finding a new house.
Frequently Asked Questions
Q: How can I figure out the best mortgage for me?
A: Many factors come into question when figuring the best mortgage or home loan program:
· How long are you going to want to live in the house or own the property?
· Are you buying the house for an investment or your main residency?
· Will you want to refinance your mortgage or home loan again in a few years in order get a better interest rate?
· Is the property a house, a condo, or a multi unit property?
As you can see, these are just a few of the factors that make the decision on what mortgage or home loan program that might be best situated for you.
Q: What is the interest rate that I will get on my home loan or mortgage?
A: Interest rates can fluctuate daily. Interest rates also depend on your credit score and your debt to income ratio. The best interest rates are for those people whom have excellent credit and very little debt or none at all. That does not mean, if you have debt or not perfect or challenged credit, or even bankruptcy, you will not be able to get a low interest rate.
Q: How long does it take to close a home loan, mortgage, or refinance?
A: It usually takes 30 days to close a home loan, mortgage, or refinance. The real estate market is booming and with all the new home loans and refinancing, it is starting to overwhelm the lenders. I will do everything to close the home loan or your refinance in 30 days.
Q: Why is it important to get a low interest rate on my mortgage or home loan?
A: Even a quarter of a percent, .25%, can add up to be tens of thousands of dollars paid towards interest alone, and nothing paid on the principle of the home loan.
Q: Is it wise to pay extra every month or should I just pay the stated amount of the mortgage each month?
A: Paying an extra mortgage or house payment a year, can cut your mortgage or home loan down considerable. By paying an extra payment a year, you can cut your mortgage payments down several years. That can mean saving thousands of dollars!!
Q: Why is it so important to hire an experienced mortgage consultant?
A: Working with an experienced mortgage consultant is important because they will know which loan programs that will suit your needs the best. An experienced mortgage consultant will ask several questions ranging from how long you want to stay in the house, to what kind of mortgage payments you expect to pay. If you work with an inexperienced mortgage consultant, often times they will be afraid to ask the most personal questions about your financing and waiting till the end of loan application to get that information. Personal information is important because it will give me an idea of what type of loan program will suit you, the borrower, the best for your individual needs.
Q: I have declared bankruptcy; can I still get a home loan or mortgage?
A: Declaring bankruptcy is not the end of the world. It will raise your rates, but, it does not mean you will not be getting a home loan, or mortgage. Every situation is different, contact me now, and I will do everything possible to help you get your house of your dreams at an affordable rate.
Q: I am self-employed, and own my own business, how can I get a home loan or refinance?
A: You may be eligible for a stated income mortgage, which allows for the self-employed or anyone having trouble documenting his or her income, apply for a traditional type of loan program. Income stated on the loan application is what is used, and no further documentation is required for the application for wages or income.
Q: What is a zero down loan program?
A: $0-down loans require no down payment and may allow for the seller to pay loan-closing costs. Typically, the borrower only has to pay for the property insurance, taxes and first month's interest.
Q: What is an A.R.M. loan program?
A: There are several Adjustable Rate Mortgage or ARM lengths, ranging from 1, 3, 5, 7, 10 Year Adjustable Rate Loan Programs. An adjustable rate mortgage is a mortgage loan that is most widely known for its low starting interest rate (when compared to the 30 & 15 year mortgage loans. The 'low' introductory rate is used to calculate the mortgage payment for a specified period of time. Once the introductory period is over, the interest rate is adjusted periodically based on a pre-selected index. The most commonly used index is the yield on the one-year Treasury bill. The new interest rate is determined by adding the index to a set margin (which is determined by the lender). Although there are a variety of adjustable rate mortgage programs available, the most common program is the One Year Adjustable Mortgage (one Year ARM). The interest rate on the one year ARM is adjusted once each Year, for 30 years. APR's on variable rate loans are subject to increase but may decrease from year-to-year; the borrower should be prepared to handle an increase in my/her monthly payment (should the index rate increase).
Q: What is an option A.R.M. mortgage?
A: An option A.R.M. is a loan program that allows borrowers to chose from four different payment options each month ranging from 1% APR of the loan, an interest only payment, or a 15-year ARP, or a 30-year APR amortized mortgage. The rates of a the program are tied to four different indexes that you choose. This program is great for self-employed workers, those who work heavily on commission, or those who want a very low payment, and invest the other amount into other investment choices, such as stocks and bonds.
Q: What is an interest only loan?
A: An interest only loan is a loan that the borrower only pays interest on the loan and nothing of the payment paid goes towards the principal of the loan. This type of mortgage brings down the payment of the home loan or mortgage so that the borrower can afford the payments.
Q: What kinds of fixed rate conventional mortgage programs are there?
A: There are three conventional mortgage programs available, a 15-year mortgage, a 30-year mortgage, and a 40-year mortgage.
--15 year fixed mortgage is a type of mortgage loan that is repaid by the borrower making 180 equal monthly payments over a period of 15 years. Since the borrower's payments are 'fixed', the borrower can expect to make the same monthly payment for the entire term of the loan. A 15-year mortgage loan is the most widely accepted program used to finance a residential purchase, and is available for conventional, jumbo, FHA and VA loans.
--30 year fixed mortgage is a type of mortgage loan that is repaid by the borrower making 360 equal monthly payments over a period of 30 years. Since the borrower's payments are 'fixed', so the borrower can expect to make the same monthly payment for the entire term of the loan. A 30-year mortgage loan is the most widely accepted program used to finance a residential purchase, and is available for conventional, jumbo, FHA and VA loans.
--40 year fixed mortgage is the same as the 30 year mortgage, but the borrower pays the loan amount back over 40 years or 480 equal monthly payments. The payments are 'fixed', so the borrower can expect to make the same monthly payments for the entire term of the loan. The payments are lower than the 30 year fixed, but the interest rate for the mortgage or home loan is usually higher. |