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Frequently Asked Questions…


Q. Do you offer no closing cost loans?

A. Yes.

Q. How long will the loan application process take from start to finish?

A. If you are refinancing your home, the average time frame is about 30 days. A home purchase time frame is tied to the closing date set by the seller and the buyer in your Purchase and Sales agreement. We will do our part to make sure your closing takes place on time.

Q. I just had an appraisal done 9 months ago. Why can’t I use that for my refinance?

A. Because market conditions constantly change. Lenders will typically accept an appraisal if it is 120 days old or less prior to your closing date. After 120 days, a lender will require a new appraisal to reflect current market value and property condition.

Q. Will I need an appraisal to refinance my home?

A. A traditional refinance will require an appraisal. However, if your home is underwater and you had a problem in the past refinancing due to lack of equity, we can see if you qualify for HARP FINANCING. H.A.R.P. stands for Home Affordable Refinance Program, a program instituted by the government to help qualified borrowers get record low market interest rates, who wouldn’t otherwise qualify.

Q. What are the closing cost?

A. Closing cost include items like appraisal fees, attorney fees, title insurance fees and documentation fees- to name a few. These items are usually different for each customer due to differences in the type of mortgage.

Q. Should I pay my fees out of pocket?

A. If you are refinancing, you can either pay the fees in advance or roll them into the closing costs. For refinance loans only – if you have extra funds, like you would for a down payment on a car, for example, then it makes sense to consider paying them out of pocket as you will have a lower monthly payment. If you don’t have the extra funds, it makes sense to roll the fees in. The difference in payment and total cost of the loan is usually nominal. (If you are purchasing, first lien mortgages typically do not permit fees to be included in the loan amount.)

Q. What are points?

A. Points are a one-time fee that a borrower pays to lower the interest rate. One point equals one percent of your loan amount.

Q. What is the difference between interest rate and APR?

A. The interest rate is the cost to borrow the money disbursed in the loan. The APR is the total cost of the loan over its life, including costs, points and fees.

Q. Why should I refinance?

A. There a numerous reasons customers refinance the loans they already have. Some of these are:

To lower the monthly payment
To lower the interest rate
To change the remaining term of the loan


Do I Qualify?

To qualify for a mortgage today, Lenders typically require you to stay under a certain debt – to – income ratio.  Most lenders going as high as 45% of your total monthly income going to pay your total monthly debt (including your mortgage payment).  With some programs going even higher based on the specific profile.  Things like credit score, savings reserves after down payment and retirement accounts are all taken into account for loan approval.

  • Fixed Rates
  • Adjustable Rates (ARM)
  • Conforming Loans
  • High Balance & Jumbo Loans
  • FHA & VA Loans
  • Terms from 8 to 30 Years
  • 3% Down Home Possible Program

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