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Frequently Asked Questions
What is the difference between pre-approval and pre-qualification?
The pre-approval process is much more complete than pre-qualification. For
pre-qualification, the loan officer asks you a few questions and provides you with a
pre-qual letter. Pre-approval includes all the steps of a full approval, except for the
appraisal and title search. Pre-approval can put you in a better negotiating position,
much like a cash buyer.
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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 refinance
- Calculate the monthly savings
- Divide the total cost of the refinance (#1) by the monthly savings (#2). 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.
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What is a rate lock?
A rate lock is a contractual agreement between the lender and buyer. There are four
components to a rate lock: loan program, interest rate, points, and the length of the
lock.
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What's the difference between a mortgage broker and a lender?
A mortgage broker counsels you on the loans available from different wholesalers, takes
your application, and usually processes the loan which involves putting together the
complete file of information about your transaction including the credit report,
appraisal, verification of your employment and assets, and so on. When the file is
complete, but sometimes sooner, the lender "underwrites" the loan which means
deciding whether or not you are an acceptable risk.
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Will I save money going directly to a mortgage lender?
Not necessarily. In fact, if you are a reasonably astute shopper, you will probably do
better dealing with a mortgage broker. Mortgage brokers do not add any net cost to the
lending process, because they perform functions that would otherwise have to be done by
employees of the lender. Furthermore, because mortgage brokers deal with multiple lenders
-- in a typical case, 25 to 30, sometimes more -- they can shop for the best terms
available on any given day. In addition, they can find the lenders who specialize in
various market niches that many other lenders avoid, such as loans to applicants with poor
credit ratings, loans to borrowers who do not intend to occupy the property, loans with
minimal or no down payment, and so on.
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What is a full documented loan?
Both income and assets are disclosed and verified, and income is used in determining
the applicant's ability to repay the mortgage. Formal verification requires the borrower's
employer to verify employment and the borrower's bank to verify deposits. Alternative
documentation, designed to save time, accepts copies of the borrower's original bank
statements, W-2s and paycheck stubs.
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What are the other types of loans?
Stated income/verified assets: Income is disclosed and the source of the income
is verified, but the amount is not verified. Assets are verified, and must meet an
adequacy standard such as, for example, 6 months of stated income and 2 months of expected
monthly housing expense.
Stated income/stated assets: Both income and assets are disclosed but not verified.
However, the source of the borrower's income is verified.
No ratio: Income is disclosed and verified but not used in qualifying the borrower.
The standard rule that the borrower's housing expense cannot exceed some specified percent
of income, is ignored. Assets are disclosed and verified.
No income: Income is not disclosed, but assets are disclosed and verified, and must
meet an adequacy standard.
Stated Assets or No asset verification: Assets are disclosed but not verified,
income is disclosed, verified and used to qualify the applicant.
No asset: Assets are not disclosed, but income is disclosed, verified and used to
qualify the applicant.
No income/no assets: Neither income nor assets are disclosed.
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What is a good faith estimate?
It is the list of settlement charges that the lender is obliged to provide the borrower
within three business days of receiving the loan application.
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What is a conforming loan?
A loan eligible for purchase by the two major Federal agencies that buy mortgages,
Fannie Mae and Freddie Mac. The loan limits are currently $333,700 for a single family
house.
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What is a jumbo mortgage?
A mortgage larger than the maximum eligible for purchase by the two Federal agencies,
Fannie Mae and Freddie Mac, currently $333,700.
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What are points?
It is an upfront cash payment required by the lender as part of the charge for the
loan, expressed as a percent of the loan amount; e.g., "2 points" means a charge
equal to 2% of the loan balance.
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What is a pre-qualification?
This is the process of determining whether a customer has enough cash and sufficient
income to meet the qualification requirements set by the lender on a requested loan. A
pre-qualification is subject to verification of the information provided by the applicant.
A pre-qualification is short of approval because it does not take account of the credit
history of the borrower.
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MortgageOffice.com
exists to help borrowers find competitive mortgage loans and financing for all their
mortgage needs - whether it is a purchase mortgage or a refinance mortgage. We do first
mortgages and second mortgages. Home loans are what we specialize in, whether they are
owner occupied or investment. MortgageOffice.com can handle residential mortgage loans, or Commercial Properties - starting at $250,000
and up to and Over $100,000,000. Owner
occupied Home Purchases or Refinances can be up to 100% of the value of the home - based
on appraised value or sales price.
Mortgages are what we do...Refinances,
Purchases, Conforming, Non-Conforming, Sub Prime - 1st mortgages or 2nd mortgages. APPLY
here. On owner occupied purchase loans, the seller can pay up to 6% of the
non-recurring closing costs. Residential conforming-type loans can go up to $2,000,000.
Debt consolidation refinances are a specialty also - so that a client borrower can save
money and reduce monthly payments in order save for retirement, put a child through
school, purchase a new vehicle, etc. We also do quick pre-qualifications on your mortgage
applications. e-mail
. Employment oppotunities(click here).
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