Get The F.A.Q.s!
Here are some Frequently Asked Questions that may be helpful throughout the loan process
1. Why should I refinance?
There a numerous reasons customers refinance the loans they already have. Some of these are:
* To lower the monthly payment
* To lower the interest rate
* To switch from an adjustable rate to a fixed rate or vice-versa
* To refinance for a higher amount in order to pay off other debts or get cash
* To change the remaining term of the loan
2. What if I have “bad credit”?
“Bad credit” is a very misleading term. We've worked with many people who described themselves as having “bad credit”, but who are now homeowners. If you're concerned about your credit score, it's best to speak to Charles Stidham directly.
3. How long does the process take?
During the initial phone call, Charles will spend as long as you need to have all of your questions answered to your satisfaction. Once you've found a home, you can complete an application in as little as 20 minutes. It takes an average of 30 days from the day your application is submitted to close your mortgage.
4. Can I finance my rental property?
Yes, you can. The interest rate may be higher. This is because there's more risk for the bank when lending on a property that's not the customer's primary residence.
5. What is the difference between APR and interest rate?
The APR (annual percentage rate) reflects the cost of your mortgage loan as a yearly rate. It also incorporates the cost to obtain the loan, such as discount fees and loan origination fee. The interest rate is the actual note rate.
6. What documents will typically be requested when I make application for a first mortgage loan?
Frequently lenders will request: W2's, paystubs, bank statements, and the purchase contract on the home you are buying. You can find our Loan Checklist of items needed here.
7. What are points?
Points are a one-time fee that a borrower pays to lower the interest rate. One point equals one percent of your loan amount. Mortgage of Texas & Financial LLC NEVER charges you points.
8. Can I get pre-approved?
Yes, you can. Your information is reviewed, and a decision is made as to whether you qualify. Contact us to see what information you need to provide. Once pre-approved, you can look for a new home with confidence, and sellers will feel more comfortable dealing with you.
9. What does "locking my rate" mean?
Locking your interest rate refers to guaranteeing a specific interest rate for a specific period of time. Shorter lock periods usually have lower interest rates. You must request, in writing via email, that you want your rate locked.
10. Why is my local bank discouraging me from using a VA Loan?
Many local banks and credit unions are not approved to issue VA Loans. If your local bank is discouraging you from choosing a VA Loan, make sure it has the ability to issue VA Loans. For a majority of Veteran home-buyers needing close to 100% of the purchase price, a VA Loan is often the best option.
There a numerous reasons customers refinance the loans they already have. Some of these are:
* To lower the monthly payment
* To lower the interest rate
* To switch from an adjustable rate to a fixed rate or vice-versa
* To refinance for a higher amount in order to pay off other debts or get cash
* To change the remaining term of the loan
2. What if I have “bad credit”?
“Bad credit” is a very misleading term. We've worked with many people who described themselves as having “bad credit”, but who are now homeowners. If you're concerned about your credit score, it's best to speak to Charles Stidham directly.
3. How long does the process take?
During the initial phone call, Charles will spend as long as you need to have all of your questions answered to your satisfaction. Once you've found a home, you can complete an application in as little as 20 minutes. It takes an average of 30 days from the day your application is submitted to close your mortgage.
4. Can I finance my rental property?
Yes, you can. The interest rate may be higher. This is because there's more risk for the bank when lending on a property that's not the customer's primary residence.
5. What is the difference between APR and interest rate?
The APR (annual percentage rate) reflects the cost of your mortgage loan as a yearly rate. It also incorporates the cost to obtain the loan, such as discount fees and loan origination fee. The interest rate is the actual note rate.
6. What documents will typically be requested when I make application for a first mortgage loan?
Frequently lenders will request: W2's, paystubs, bank statements, and the purchase contract on the home you are buying. You can find our Loan Checklist of items needed here.
7. What are points?
Points are a one-time fee that a borrower pays to lower the interest rate. One point equals one percent of your loan amount. Mortgage of Texas & Financial LLC NEVER charges you points.
8. Can I get pre-approved?
Yes, you can. Your information is reviewed, and a decision is made as to whether you qualify. Contact us to see what information you need to provide. Once pre-approved, you can look for a new home with confidence, and sellers will feel more comfortable dealing with you.
9. What does "locking my rate" mean?
Locking your interest rate refers to guaranteeing a specific interest rate for a specific period of time. Shorter lock periods usually have lower interest rates. You must request, in writing via email, that you want your rate locked.
10. Why is my local bank discouraging me from using a VA Loan?
Many local banks and credit unions are not approved to issue VA Loans. If your local bank is discouraging you from choosing a VA Loan, make sure it has the ability to issue VA Loans. For a majority of Veteran home-buyers needing close to 100% of the purchase price, a VA Loan is often the best option.
Mortgage of Texas & Financial LLC (c) 210.478.9846 (o) 210.858.2425 (f) 210.568-4961 6609 Blanco Rd, Suite 100 San Antonio, TX 78216