- What are the interest rates now?
- What happens after I complete the loan application
- FICO scores - What , How, Why?
- What are the fees?
What are interest rates at now? While this may seem to be the most basic question asked in the mortgage industry, it is without a doubt the most complex to answer. The best answer to this question would be: well, it really depends. The interest rate you receive on your loan depends on the loan amount, your FICO scores, your loan to value ratio, your aversion to or acceptance of paying “points”, and the loan program you choose. After we have uncovered the answers to all of these variables, then we will be able to answer your seemingly simple question correctly. Advertised rates and initial quotes from many lenders are usually very low and based on high fees and the “perfect deal”. Home mortgages are traded on Wall Street…they set the price, not us. So remember the old saying, “if it sounds too good to be true, it probably is”. |
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What happens after I complete a loan application? After completing a loan application, there is not a lot more that you as a borrower have to worry about. We take over from that point and complete all the behind the scenes work until your loan is funded. If you want to see what does go on behind the scenes, check out our loan flow chart which guides you through the process step by step. |
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FICO scores- What, How, Why? The what: your FICO score is a representation of your past credit history in number form. The how: your FICO score is determined by three companies (Experian, TransUnion, and Equifax) based on how you have handled your credit accounts. The middle number out of these three is then used as your representative FICO score. The why: your FICO score is an important piece of the loan puzzle. It is a determining factor for your rate, maximum available loan amount, and available loan products. |
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What are the fees? Like the rate question, this answer will be different for every transaction. Consistently when compared head to head to our competitors, our fees are lower. We strive to build solid relationships with our vendors to guarantee the lowest possible fees from them as well (title, escrow, appraisal, notary, etc). When loan shopping remember to focus on the entire package and always ask for a good faith estimate for comparison. |
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