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What is the difference
between an ARM and a Fixed Rate home Loan? |
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ARM stands for adjustable rate mortgage
and means that the rate will increase as the loan
matures. A fixed rate is one that will remain the
same through out the maturity of the note. |
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Because I am self-employed,
will I have a difficulty in proving my exact income? |
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No. There are stated income loans
that allow the borrower to state their income on
the application and there is no verification of
the amount by the
investor. |
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Why is it better
for me to pay my insurance and taxes separate from
my monthly mortgage? |
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This gives you the control and peace
of mind that they are paid correctly and in a timely
manner. |
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If something is
incorrect on my credit report, how can I have it
removed or corrected? |
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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. |
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I own my current
home with my previous spouse. How can I re-finance
my home loan on my own? |
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We have access to several different
loan programs that are available to buy out or payoff
ex-spouses or other co-owners. |
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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? |
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Yes. As long as your income is appropriate
for the loan applied for. |
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Can I pay off
all of my outstanding debts with the equity in my
current home? |
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Yes. This is a great idea becuse the
interest on the new home payment then becomes tax
deductible, and credit card debts, etc. are not
usually tax deductable. |
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I have had a difficult
time maintaining a good credit history/filed bankruptcy.
Can I still qualify for a home loan? |
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Yes. We offer a wide variety of loans
for individuals that have serious credit issues. |
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I don't have any
money for a down payment. Can I still obtain a home
loan? |
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Yes. There are loan programs up to
100% LTV's available. |
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This is my first
home. Do I need somebody to co-sign the loan? |
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No. Your income is all that will be
necessary to qualify for a loan. |
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How much house
can I afford? |
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This 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. Different loans allow different ratios. Try
our "What Can I Afford?" calculator. |
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Will a previous
or pending foreclosure prevent me from receiving
a new home loan or re-financing my current home? |
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No. We have many loan programs available
that accept both foreclosure and bankruptcy. |
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How long does
it take to close on a home loan once the process
starts? |
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Usually it is 2 to 3 week process. |
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What fees will
I initially have to pay to begin the loan process? |
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Upront fees would typically include
appraisal, credit report and application. |
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Can I still get
a home loan if I have a large amount of outstanding
debt? |
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Yes. Debt is only one factor considered
when approving a loan! |
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