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Questions
Please browse through this list of frequently asked questions to see if your question is already addressed. If not, please type in your question below and I will provide you a written response as quickly as possible.
(Loan) - What is my rate? I can't possibly know yet! Your rate will be determined based on what you qualify for. Everyone's financial situation is different, so a lender will need to evaluate your financial profile. The basis for your profile is credit scores, credit history, and an income analysis. After reviewing your profile, a rate for a loan program that you qualify for can be determined. Back to Top
(Loan) - What are my loan costs? Loan costs will vary by loan program as well as your preferences. Once a loan program that you can qualify for is identified, then the loan costs can be calculated. The cost structures vary slightly by loan program based on what the cost is to do a loan with a particular investor. The other factor in loan costs is your preferences which should be based on your situation. Everyone wants low closing costs, but a loan with the lowest closing costs may end up costing you the most over the long run. A good Loan Advisor will determine your situation and propose the best rate/closing cost combination for your needs. Back to Top
(Loan) - Do you have "no cost" loans? Yes I can provide you a no cost loan, but as your Loan Advisor I wouldn't recommend this option to you unless it made sense for your situation. Please note that with any lender, a No Cost loan means that the costs of the loan are buried in an inflated interest rate. Paying a higher rate over the term of your loan can cost you tens of thousands of dollars as opposed to paying a few thousand in closing costs. Back to Top
(Loan) - How long will the process take? The loan process will definitely vary based on the particular loan parameters and the performance of third parties like title companies, appraisers, escrow agents, etc; The length of the loan process is also driven by how efficient you and I work together. You can expect to get daily communication from me as to the status of your loan. You can also expect me to request items from you that we need to complete the process. Your ability to respond to these requests in a timely manner will greatly affect the length of your transaction. Some second mortgage transactions can take as little as two weeks. Other transactions may take longer. Once I see your entire situation I will be able to give you a more accurate timeframe to expect. Back to Top
(Value) - Do I need to get another appraisal? Your loan consultant will advise whether a new appraisal will be required for your loan. Some items to consider are 1) Most second mortgages do not require an onsite appraisal. 2) Generally, lenders will not accept a previous appraisal older than 6 months. 3) Most lenders will require that their own name is on the appraisal. This means that an existing appraisal ordered by another lender may have to be "recertified" or "retyped." Recertification policies vary by appraiser. Some appraisers will not do recertifications while others may charge a fee. If a previous appraiser will not do a recertification, then another appraisal may be required. Back to Top
(Credit) - Do inquiries to my credit report lower my score? Individual inquiries may affect your credit score negligibly or not at all. The scoring models used by the 3 national credit bureaus take into account that consumers will want to "shop" for credit. As a result, similar inquiries within a 14 day period are counted as a singe inquiry. So if you are shopping for credit, keep the credit inquiries tightly bunched together in order to minimize the impact to your credit score. Back to Top
(Credit) - What is a FICO score and what does it mean? Your calculated credit score is usually referred to as your "FICO" score. FICO stands for Fair Isaac and Company which is the company who develops software for the three credit reporting agencies Experian, Equifax, and Transunion. Each of the three agencies will calculate a FICO score based on several factors which summarize risk level. Lenders will then use these FICO scores to determine loan product and rates that you qualify for. Please click on the "Credit" Menu tab at the top of the screen for more details on what parameters are used to determine your FICO score. Back to Top
(Credit) - What is a Tri-Merge Credit Report? There are three national credit bureaus most often used in the United States. They are Experian, Equifax, and Transunion. A Tri-Merge Credit Report is a single consolidated report that lists all credit information being reported by each of the bureaus. It is a convenient way for lenders to see all your credit information from all three bureaus in a single report. Back to Top
(Credit) - If I have a firm loan offer from another lender, won't another credit inquiry hurt my score? No. The three national credit bureaus understand that consumers want to shop for the best deal on their credit. Thus they build this into their scoring model. Multiple credit inquiries by auto or mortgage lenders made in a 14 day period count as a single inquiry. In addition any auto or mortgage inquiries made in the last 30 days are not even considered. The bottom line is to shop until you feel comfortable with your loan, but compare and make your decision as quickly as possible to keep your credit inquiries tightly grouped. Back to Top
