Frequently Asked Questions

Q:  What is the difference between an ARM and a Fixed Rate home Loan?
A: ARM stands for adjustable rate mortgage and means that the rate will increase as the loan matures. A fixed rate is one that will remain the same
through out the maturity of the note.

Q: Because I am self-employed, will I have a difficulty in proving my exact income?
A: No. There are stated income loans that allow the borrower to state their income on the application and there is no verification of the amount by the
investor.

Q: What are the advantages to buying a home instead of paying rent every month?
A: The number one advantage is gaining an asset. There are tax benefits from the interest that is paid on a home loan.

Q: Why is it better for me to pay my insurance and taxes separate from my monthly mortgage?
A: This gives you the control and peace of mind that they are paid correctly and in a timely manner.

Q: If something is incorrect on my credit report, how can I have it removed or corrected?
A: A simple letter of dispute to the credit reporting agency will usually correct the problem. You are entitled to one free credit report per year from these agencies.

Q: I have only been on my current job for a little while. Can I still qualify for a new home loan?
A: Yes.

Q: Do I have to sell my current home first, if I am planning to purchase a new home?
A: Only if there is a payment on the property that would place you over the acceptable debt ratio from the investor.

Q: I would like to sell my current home. How can I do so without paying a realtors commission?
A: There are many great For Sale By Owner programs available.  Just ask.

Q: I own my current home with my previous spouse. How can I re-finance my home loan on my own?
A: We have access to several different loan programs that are available to buy out or payoff ex-spouses or other co-owners.

Q: Can I still purchase a new home or re-finance my current home loan if I am retired, or receive only Social Security or Disability benefits?
A: Yes. As long as your income is appropriate for the loan applied for.

Q: Can I pay off all of my outstanding debts with the equity in my current home?
A: Yes. This is a great idea because the interest on the new home payment then becomes tax deductible, and credit card debts, etc. are not usually tax deductible.

Q: I have had a difficult time maintaining a good credit history/filed bankruptcy. Can I still qualify for a home loan?
A: Yes. We offer a wide variety of loans for individuals that have serious credit issues.

Q: I don't have any money for a down payment. Can I still obtain a home loan?
A: Yes. There are loan programs up to 100% LTV's available.

Q: This is my first home. Do I need somebody to co-sign the loan?
A: No. Your income is all that will be necessary to qualify for a loan.

Q: How much house can I afford?
A: This would be determined by your debt to income ratio. In other words, how much income do you have coming in versus bills that you pay out.
Different loans allow different ratios.

Q: Will a previous or pending foreclosure prevent me from receiving a new home loan or re-financing my current home?
A: No. We have many loan programs available that accept both foreclosure and bankruptcy.

Q: How long does it take to close on a home loan once the process starts?
A: Usually it is 2 to 3 week process.

Q: What fees will I initially have to pay to begin the loan process?
A: Upfront fees would typically include appraisal, credit report and application.

Q: What type of interest rates will be available to me for my home loan?
A: This will vary depending on the loan program selected, rates change constantly.

Q: Can I still get a home loan if I have a large amount of outstanding debt?
A: Yes. Debt is only one factor considered when approving a loan!