05/06/08

1.      What are the interest rates and how will they affect me?
Interest rates- If you're new to investing or real estate and don't know the first thing about interest rates, here's a good tip: the higher the interest rate, the more expensive it's going to be. High interest rates mean you will have to pay back more on the money you borrow. We will help you find a loan program that works for your particular situation.

2.      Should I wait for the interest rates drop before I purchase a home? Although rising interest rates can create more problems for home buyers, Waiting and hoping for low rates is not necessarily a smart move. You may end up paying a higher price. Also, refinancing is always an option in the event that interest rates come down.

3.      How will I know if I qualify for a loan?"
We have a short and simple online application that you can complete. Or you can call or make an appointment with one of our experienced loan specialist. After the application is completed and reviewed, the agent will contact you within 24-48 hours with an answer.

4.      What if I have bad credit or a bankruptcy?
Our office works with a wide range of lenders and has programs available to accommodate most types of credit situations. There are loans available for those with a bankruptcy discharged just 1 day.

5.      Can I buy a home without any money down?
Yes. Lenders are offering 100% financing. You will only be required to pay the closing cost. Of course there are also programs that will finance some of your closing cost.

6.      What are the lenders looking at to make their decision to approve me for a loan?
Lenders are generally looking at the 3 C’s:

     Credit - your credit history

     Collateral - the value of the property securing the loan            

     Capacity - your financial ability to assume and repay debt

7.      What fees do we pay?

     Broker fee

     Processing

     Title and escrow fees

     Appraisal fees can be paid upfront

     Notary fee

     Lender Fees-Administration, underwriting

      8. What is the loan process?

Ö        Application-First step is to complete a loan application. You can fill one on online or with a representative from our company.

Ö        Review-We will review your application and call you with a quick decision, often within 1hour.

Ö        Approve- If your application is approved (pending verification of the information you submitted), we'll calculate the loan amount to suit your needs and prepare a product comparison so you can select the best loan for you. Initial disclosures for the loan will also be sent at this time.

Ö        Verify- We'll then assign you an Internet loan advisor, who is accessible by e-mail or phone.
The loan consultant will contact you, to answer any questions.
You provide us with written verification (e.g., pay stubs, tax returns) of the information you submitted in your application.
We'll then order an appraisal of your home and prepare your loan for closing.

Ö        Close- Depending on the loan type and state regulations, we'll send a Notary Public to your home or office where you'll sign the closing documents.  The closing documents are returned escrow. Escrow will disburse the funds after the lender has given authorization.