FREQUENTLY ASKED QUESTIONS

What is the process and how long does it take?
The process is very simple. First, you click on APPLY. It’s a two minute process. Just fill out the application form and someone will get back to you within 24 hours. We will take a look at your information and match you to a loan that fits your needs. We cannot find a loan program for you until we can see your credit report. Once we approve you and find a loan program for you we will submit your loan and order an appraisal. The appraisal is paid for by you C.O.D. The loan process lasts on average about 30 days.

Are there Prepay Penalties?
Some loans have them, some don’t. Just ask us if that’s a priority and we’ll search out a no prepay penalty loan for you.

What are the fees and closing costs?
We can get you a no cost no fee, free loan. However, not all of our loans are no cost. It depends on your needs and the program that fits your scenario. If you want the lowest interest rate possible and to save thousands of dollars, you may be paying points and fees. Keep in mind, any points and fees on a refinance can be rolled into your loan, so there are no out of pocket expenses. There are plenty of mortgage loan companies advertising “free” loans, however, in order to avoid paying any points and fees, you pay a substantially higher interest rate. We will find you the lowest interest only loans available. If you are paying closing costs on our loans, they typically range in the area of $3,500. This includes everything - processing, escrow, title, appraisal, etc. Origination fees are determined by the loan program and the loan amount. You will know exactly what the loan origination fee will be prior to your loan being submitted.

Do you do Purchases or just refinancing?
YES we can do interest only or partially interest only purchases!

Is the rate fixed?
Depending on the loan program you desire, your rate may be a one month adjustable (may change monthly) or fixed for five years and all points in between. Usually, the shorter the term, the lower the interest rate. For instance, if you want a one month adjustable, the interest rate will most likely be lower than a 5 year fixed.

If I have a 2 year fixed rate loan, what happens to my rate after the two year fixed period?
Most times, the loan becomes an adjustable loan. It’s based on an index plus a margin. There are a few indices that are used in adjustable loans. A common one is the 6 month LIBOR. So, let’s say your index is the 6 month LIBOR and your margin is 2. If the index is sitting at 1.9 at the time of adjustment, simply add the margin to the index and your fully indexed rate at the end of the term is 3.9% and again, depending on the loan, your payment may become (after the fixed period) a principle and interest payment at the end of your term. What most likely will happen is we will find yet another low interest only loan and you’ll continue to enjoy a low monthly payment!

Do you have regular old fashioned fixed rate loans?
Yes, we do! If you want the same payment for the next 30 years you will be paying the same rate and payment, let us know. We can do any loan.

If you have other questions, please contact us.