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FAQ What is a mortgage? A mortgage is a loan from a lender, or lien against your home (collateral), for a percentage of the value. Most lenders will lend up to 80% of the value of your home, so on a $200,000 home, a lender will provide you a $160,000 loan. | Why should I refinance now, aren't interest rates going up? Rates are still at an all time historic low, which means its relatively inexpensive to finance a home purchase or get cash out in a refinance. Plus with our specialized lending base, many lenders offer programs where the interest rate is lower than advertised. | What Does Mortgage Home US do, are you a Lender? We are a referral service for people seeking bidding for a home loan. We provide you education on the types of mortgage programs available, and provide your information to lenders who fit your needs best. | How many lenders will contact me? We provide no more than four lenders to you. Many times, we know our applicants may apply to various web sites to have lenders contact them. We ask that you consider that each lender may request to pull a credit report, and having multiple lenders pull credit is not a positive as you make your application. We will get the right types of lenders to you so you can select the one best for you. | What benefit do I get? We ask our lenders to either provide you the lowest payment mortgage they have available, or provide you a discount on closing costs or other fees. they are not required to, but most decide to offer you as much of an incentive to do business with them as they can. | How long will this process take? Today, lenders can make decisions and give you approvals in a matter of days, depending on the type of program you are qualified for and the documentation that is required. If you have a FICO middle score over 680, your options to get loans without the mounds of paperwork that is normally required goes up. Most mortgage loans are closed in a four week timeframe. Some lender can close your mortgage loan in as little as two weeks. We can have our lender database contact you to explain. |
How much will this cost? There is no cost to apply. You may have third party fees, such as an appraisal to pay, but most times, costs are covered in the loan. The idea is to have you not pay much out of your pocket to close a loan, unless you absolutely want to pay closing costs yourself.
Why get a mortgage now with the economy in trouble? When the economic new is bad, interest rates have a tendency to go DOWN as an incentive to stimulate the economy. When the economic news is good, interest rates have a tendency to trend upward. Investors, and housing experts, believe it or not, prefer bad economic news generally to make it easier for potential borrowers to get new mortgages for their homes.
What is the mortgage secret you've never been told? That getting cash from your mortgage is a smart way to build your family's fortune. The cash you receive is tax deductible and should be used to invest and get a greater return than the interest you have to pay on your mortgage. That's why investors will take a higher mortgage interest rate if needed because they believe they can earn a higher return on their chosen investments. For more click here. |
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