Questions and answers
mortgages - home loans.
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| Can I get
financing ?
Yes we have programs that banks will not offer and we take each loan request on an individual
basis. Even if your credit history is less than perfect, we will visit with you by
phone or you can come into our office. |
| How
much house can I afford ? We have a mortgage calculator (see calculator below) will work with you to get what you want.
In general 9 dollars per thousand dollars is a starting point, keep in mind the mortgage
calculator does not include property taxes or insurance |
| How
long does it take ? You can obtain a mortgage in as little as three days or it can take
up to three weeks it is all dependent on how fast you respond, don't wait till the last
minute we some times have a backlog also. |
| HUD-FHA loans ? These
loans designed for people who do not have a lot of down payment money, most people can
qualify, not generally offered because of the low mortgage profit margins. |
| Veterans VA loans ? Great way to get a home if you are a veteran, Texas Veterans get a
special rate, this program not offered by most lenders because of low profit margin to
lenders.. we will work with you. |
| What are
closing costs ? All
loans have costs besides the interest, the costs of all loans are the credit report,
appraisal of the property (this protects the buyer as to the value of property/asking
price), title company fee (title search to make sure there are no liens on the property),
survey of the land, attorney fee, wire transfer, county or state recording fees (where
applicable), processing, funding, title insurance, home owners insurance (may be
included), state taxes (may be included), discount points (to buy down the interest rate),
lock rate charge, origination, document preparation. Total of costs are dependent on the
selling price and type of loan. The costs are the responsibility of the buyer, and may be shared by the seller per the real estate
sales contract. |
| What are stated income loans ?
Mortgage loans for people who do not wish to provide full
documentation of their income or foreign nationals, loans require more than the minimum
down-payments and are at a slightly higher interest rates. |
| What Interest rate can I get ? We make loans at the daily national average if you are a credit
risk ( late payments / collection / repossession / default ) the interest rate may be
higher the most important consideration is the
monthly mortgage payment with in your budget .. a difference in 1/4 point can be only a few dollars per month,
which is always below what you would pay in an apartment, also investment property is at a
higher than par rate. |
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