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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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