WHAT DOES IT COST TO SUBMIT A LOAN APPLICATION? Nothing. You can submit your application and become pre-approved without incurring any charges. Later on, fees may be incurred for a property appraisal and eventually closing costs.
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DO I NEED TO PICK THE PROPERTY I WANT BEFORE I FILL OUT THE APPLICATION? No, you can apply first and when your loan is approved you can make changes to it up until the time your loan rate is locked. Back to Top
AFTER I SUBMIT MY APPLICATION, WHAT HAPPENS NEXT? Once you loan has been submitted, your loan representative will call you with information about your loan and programs available. Back to Top
DOES MY CREDIT HAVE TO BE PERFECT? Not necessarily. Your ability to purchase a home will depend, in part, on your credit history as profiled in a "Credit Report". Your loan officer will help you obtain a credit report and counsel if needed. Back to Top
HOW LONG DOES THE APPROVAL PROCESS TAKE? Loan applications can be processed quickly if all pertainent information is supplied in a timely manner. In a lot of cases the approval can be issued the day following your application. Back to Top
WHAT KIND OF LOAN PROGRAMS ARE AVAILABLE? A variety of loan programs are available. Loans are tailored to meet specific needs or desires of the borrower. Your loan officer will discuss different loan programs to suit your situation. Back to Top
WHAT IS A.P.R.? A.P.R. (Annual Percentage Rate) is a tool used to express the cost of extending credit. It's the cost of credit expressed as a percentage. It is not the interest rate on your loan. Your loan percentage rate is shown clearly on the initial paperwork or quoted by your loan representative. Back to Top
WHEN AND HOW DO I LOCK AN INTEREST RATE? Your loan officer can lock an interest rate at any time during the loan process. You can discuss with your loan officer the best time to lock the rate. Back to Top
HOW LONG DOES IT TAKE TO CLOSE A HOME LOAN? The typical closing time is 30 days, however, dependent on your situation, loan's can be closed sooner or allowed to have a longer period of time prior to closing as in the case of new construction. Back to Top
WHEN DOES IT MAKE SENSE TO REFINANCE? 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 refimance
Calculate the monthly savings
Divide the total cost of the refinace by the monthly savings. 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. Back to Top
