Q: Is there a fee to apply for a loan?
A: NO! Just call 702-407-8940, it's that easy!
Q: Can I apply over the phone?
A: Yes, you can apply over the phone in about 10 minutes. Just call us
at 702-407-8940
Q: What is the difference between a Mortgage Banker and a Mortgage Broker?
A: A Mortgage Banker (or Lender) is often associated with a Bank. They do all of their lending functions "in-house" but are limited to only the loan programs their banks have. A Mortgage Broker has accounts with numerous banks/lenders and can choose the lender program best suited to satisfy the borrower's needs.
Q: Why do you need my social security number?
A: Social security numbers are necessary for obtaining credit bureau reports.
Q: What if there is an error on my credit report?
A: Report any errors to the credit bureaus. The 3 major bureaus are:
-Equifax 800 685-1111
-Trans Union 800 916-8800
-Experian 888 397-3742
We can also give you suggestions on fixing your credit
Q: I have excellent credit, why is my interest rate higher than
I expected?
A: Your credit report may be flawless, with no negative entries at all. But
your credit score (FICO) is based on over 30 different elements. Such as the
number of accounts you have, the percentage of credit used, the percentage
of credit available, your time on the job, the number of inquiries you have,
just to name a few. For example; if you have two identical applicants, with
identical accounts but one borrower has his credit card balances at or near
limit, and the other does not, the borrower with the lower balances will have
a higher score.
The higher the FICO score, the more loan programs and lower interest rates are available to you.
Q: What are points?
A: One point is equal to one percent of the loan amount.
Q: Why do I have to pay title insurance?
A: Since lenders have a lot at stake, they want protection against:
1) any title dispute that might arise in the future and
2) any lien that might affect the property's ownership and lead to foreclosure.
Q: What is LTV and why is it so important?
A: LTV means loan to value. It is the loan amount divided by the market value
of your home. For example, a house worth $100,000 with a $90,000 mortgage
against it would have a 90% LTV.
Usually, the higher the LTV, the higher the interest rate
Q: What is DTI and why is it important?
A: DTI means Debt to Income. It is the amount of the mortgage and other
credit payments divided by your income. Lenders require a DTI below certain
percentages; anywhere from 30% to 50% depending on the loan program and
lender policy.
Q: What is the difference between "Full Doc" and "Stated Income"
A: Full Doc loans are those where a borrower can produce documentation
on income and assets. Stated Income, is often used for such as self-employed
borrowers where documentation isn't available. In some programs, rates
are higher for Stated Income than for Full Doc loans
