You may find more useful Tips here ...
Q: I haven't found my subject property, can I
still apply?
A: Yes, you can still get ahead in the process by completing an application
before you've found your property.
^Top^
Q: Does "Applying" automatically lock in a rate?
A: No. You will be contacted by one of our representatives to lock your rate.
^Top^
Q: Is there any financial obligation to
completing the application?
A: There are no fees associated with completing the Application information.
^Top^
Q: How long will it take to close this
loan?
A: Generally we can close your loan comfortably within your lock period. However, if you delay in returning your documentation, or there is a problem
with your title work, or appraisal, your lock period may not be sufficient.
^Top^
Q: Do I have to get a 30-year
loan?
A: No.
Did you know that you can finance/refinance your
mortgage into a 30, 25, 20, 15, 10 or 5 year term mortgage?
^Top^
Q:
I'm self-employed, do you have a loan program for me?
A:
Yes, expect to furnish your
Mortgage Analyst with your last 1-2 years' Federal tax returns-all
pages. Your income will be calculated from your "Net income"
that you report to the IRS (if you elect to prove your income).
Our "Stated Income" Program
is for self-employed borrowers who cannot (or do not want to) prove their income
and simply want to "state" their income. Because you are not proving
income, expect your interest rate to be slightly higher than the current base
interest rates.
^Top^
Q: What program is best for a 1st
time homebuyer?
A: 1st time homebuyers may want to
consider an ARM (sometimes called fixed/adjustable). If you
believe that you will be "moving up" to a larger home once you are more
established in your career, a 3 or 5 yr. ARM might be perfect because it
offers you a lower interest rate during the fixed period that the current
"fixed rates", and you may sell the house or refinance before it begins to
adjust. (The average homeowner keeps their mortgage 7 years.
This means that the average homeowner either sells their home or re-finances
into a new mortgage every 7 years.)
^Top^
More Questions?
Please call us Toll Free at 866.832.7207 (or locally at 504.832.7207)
and we'll be happy to answer any questions that we have not addressed.
*Please consult your tax professional regarding your personal situation.
^Top^
