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Q: What is the difference between an ARM and a Fixed Rate home Loan?
A: ARM stands for adjustable rate mortgage and means that the rate can increase or decrease as the loan matures. A fixed rate is one that will remain the same through out the maturity of the note.
Q: Because I am self-employed, will I have a difficulty in proving my exact
income?
A: No. However, we will need to gather exact information about your income from your last 2 years personal and business income tax returns.
Q: What are the advantages to buying a home instead of paying rent every
month?
A: The number one advantage is gaining an asset. There are many additional tax benefits from the interest and taxes that are paid on a home loan.
Q: Why could it be better for me to pay my insurance and taxes separate from my monthly mortgage?
A: This may give you the control and peace of mind that they are paid correctly and in a timely manner. Be aware that you will always be required to escrow if you are financing more than 80% in a single lien or using an FHA mortgage for your loan.
Q: If something is incorrect on my credit report, how can I have it removed
or corrected?
A: A simple letter of dispute to
the credit reporting agency will usually correct the problem. You
are entitled to one free credit report per year from these agencies.
We also can provide you access to credit restoration opportunities,
if requested.
Q: I have only been on my current job for a little while. Can I still
qualify for a new home loan?
A: Yes. We typically need at least
1 paycheck stub or a signed offer
letter.
Q: Do I have to sell my current home first if I am planning to purchase a new home?
A: Only if there is a payment on the property that would place you over the
acceptable debt ratio from the investor.
Q: I own my current home with my previous spouse. How can I re-finance my
home loan on my own?
A: We have access to several different loan programs that are available to buy
out or payoff ex-spouses or other co-owners.
Q: Can I still purchase a new home or re-finance my current home loan if I
am retired, or receive only Social Security or Disability benefits?
A: Yes. As long as your income is appropriate for the loan applied for.
Q: Can I pay off all of my outstanding debts with the equity in my current
home?
A: Yes. This is a great idea because the interest on the new home payment then becomes tax deductible and credit card debts, etc. are not usually tax deductible.
Q: I have had a difficult time maintaining a good credit history/filed
bankruptcy. Can I still qualify for a home loan?
A: Yes. We offer a wide variety of loans for individuals that have serious
credit issues.
Q: I don't have any money for a down payment. Can I still obtain a home
loan?
A: Yes. There are loan programs up to 102% that are still available in many areas.
Q: This is my first home. Do I need somebody to co-sign the loan?
A: No. Your adequate income and credit
is all that will be necessary to qualify for a loan.
Q: Can I find out how much house
can I afford?
A: Call us today for a pre-qualification
amount. This amount would be determined by your debt to income ratio.
In other words, how much income do you have coming in versus bills
that you pay out each month. Different loans allow different ratios.
Q: Will a previous or pending foreclosure prevent me from receiving a new
home loan or re-financing my current home?
A: No. We have many loan programs
available that accept both foreclosure and bankruptcy. It will depend
on how recent the difficulties were.
Q: How long does it take to close on a home loan once the process starts?
A: Usually it is 2 to 3 week process.
Q: What fees will I initially have to pay to begin the loan process?
A: We do not charge upfront fees.
All of our fees are paid through the loan transaction when it closes.
Q: What type of interest rates will be available to me for my home loan?
A: This will vary depending on your
credit and the loan program you select. Interest rates change constantly.
Q: Can I still get a home loan if I have a large amount of outstanding debt?
A: Yes. Debt is only one factor considered when approving a loan!
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