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We’ve compiled a library of the most frequently asked questions we
receive when working with our clients to help you familiarize yourself with the entire loan process. Of course, we are always
available to answer your questions personally by phone, email or person to person. Simply contact us by clicking here.
1. Why shouldn't I just
shop for the lowest rate?
Today most clients don’t consider the mortgage part of their overall
financial plan. Making a decision to refinance your mortgage loan, or purchase a new home isn’t merely a question of
rates, points, and closing costs. Your mortgage loan is the most powerful financial instrument in your financial plan that
can affect your liquidity, cash-flow, equity, and tax objectives. Furthermore, it is critical to select a mortgage strategy
that is consistent with your short and long-term goals, which will create long-term wealth accumulation for you and your family.
2. What makes you different from other Mortgage
Brokers?
Your mortgage is your largest debt, and most likely your largest
asset. I am passionate and dedicated to educating you about utilizing your mortgage as a financial investment tool to create
wealth for you and your family. With a more comprehensive approach to mortgage planning, I seek to discover both your short
and long term goals, cash flow and equity objectives and from there help you to integrate the most effective mortgage strategy
to achieve your dream. Beyond just one transaction, I look forward to developing a trusted relationship with you in order
to help you manage your mortgage over a lifetime. I have selected and utilize some of the most innovative systems in the industry
to help educate you, provide service beyond expectation, demonstrate a dedication to excellence, continually add incredible
value to you and your family and create partnerships for life.
As a mortgage broker, I have access to the top and most innovative
mortgage programs available in the marketplace and with a more comprehensive approach to mortgage planning, we are able to
help you choose the most effective program to help achieve your goals. Our overall objective is to help you integrate the
mortgage you select into your long and short-term investment strategies and your payment and equity objectives.
3. How do I go about improving my credit score?
Are you worried about your credit history? Just about everyone has something
in their past credit that is less than perfect. The most important thing is to learn what is on your report, determine what
impact that information has on your credit rating, and work on repairing and restoring any damage that may have been done.
Mortgage loan options are rated by credit, labeled like school grades - "A"
credit is the best, then down to A-, B, C, etc. Even if you do not have an A credit rating, we can let you know what your
options are if you fall into an A- or lower category. The rates are generally going to be higher, and may require a down payment.
If you determine that you are not satisfied with this type of financing, then together we can map out what you need to do
with your credit and finances for the next six to twelve months in order to qualify for an A credit loan.
There are three main credit bureaus that most creditors (such as credit
card companies, banks, leasing companies, etc) provide information to on a monthly basis. Each month, your credit holders
report information to the credit bureaus about your current balance, minimum payment requirements, and credit history. If
you need specific information from one of the major credit bureaus, following is the contact information for each of them:
Experian Information Service (XPN)
PO Box 2002
Allen , TX 75013
(888)
397-3742
www.experian.com
4. What is Title Insurance?
Title insurance is a contract to protect an owner against losses arising through defects in
the title to real estate owned. If the title is insurable, the company guarantees the owner against loss due to any defect
in title or expenses in legal defense of the title pursuant to the terms of the policy.
So, why buy title insurance? When a person buys a car or consumer goods, they seldom need
to know whether the former owner is married, single, or divorced; whether they have paid their taxes or are involved in a
lawsuit. But when a person buys a new home, it is necessary to have all that information and much more. For a while he or
she may own the property, others may also have rights in the same real estate.
A competent investigation can uncover such items as unpaid taxes, easements, restrictions
and more. However, all items affecting the title are not contained in a single book, in a single office or even in the same
city. Then, add to this, the possibility of human error at the multiplicity of points. Yet what is not in the public records
often causes title problems. For all these reasons, and many more, a property owner needs the protection afforded by title
insurance.
5.What do I need to bring to closing?
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Photo Identification
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Know your last ten years residence history (street, city, zip code)
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Cashier’s Check made payable to yourself in the amount specified
by your mortgage planner. The check is endorsed over to the Title Company at closing. If the check is for more than what is
actually required, the Title Company will refund the difference. If the cashier’s check brought to closing is not enough,
the Title Company will accept a person check for the difference up to $1,000.00.
6. What is Mortgage Insurance
Private mortgage insurance (Private MI) is a financial guaranty business
in which an insurer assumes a portion of a lender's risk in making a mortgage loan. For that risk, the insurer collects a
premium from the lender, which then typically recovers the cost of the premium from the borrower. The "risk" in private mortgage
insurance is that a borrower will default on a loan and ultimately result in the insurer having to pay a claim.
Not finding what you're looking for? Contact us by email or call:
Direct:
952-401-1014
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