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What
does it cost to submit a loan application?
Nothing. You can submit your application and become
pre-approved for a loan without incurring any charges.
Later on, fees may be incurred for a property appraisal
and eventually closing costs.
Do I need to pick the
property I want to buy before I fill out the
application?
No, you can fill out the application first, and once
your loan is approved you can make changes to it up
until the time that your loan rate is locked. It helps
us approve your loan faster if you can enter the
approximate sales price and down payment amount.
After I submit my
loan, what happens next?
Once your loan has been submitted, one of our loan
representatives will be assigned to your account and
will be calling you with information about your loan.
We'll present up to 4 loan offers based on the
information you provide, and help you understand the
advantages and disadvantages of each offer.
Who can
I contact regarding my loan?
You will have a personal loan specialist assigned to
your loan. These experience loan professionals will
provide guidance on available loan products and provide
the required loan paperwork for you.
How do I know what
mortgage program is best for me?
There is no simple answer to this question. Each person
must take their personal situation into consideration
The best solution is a
speaking with your personal loan counselor. They will
help you with the information that you need to make the
best decision for your circumstances
Streamline FHA / VA Questions Who is
eligible for a streamline refinance?
FHA
-
The mortgage to be must already be
HUD insured
-
The mortgage should be current (not
delinquent).
VA
-
The mortgage to be must already be VA
insured
-
The mortgage should be current (not
delinquent).
What is the rate?
Unlike a conventional refinance where you are allowed
to pay all of your closing cost, HUD & VA require your
lender to pay some of your "non allowable" costs.
Lenders generally want to see what these cost will
amount to so they can provide you with an accurate rate
estimate. Is an appraisal required?
No, not unless you choose the
streamline with appraisal option.
Do I need to provide W-2's, tax
returns, check stubs or other income documents?
No, not unless you are requesting cash
out. You generally do not need to income qualify for a
streamline refinance.
Do I
need to send in my bank statements or account
statements?
No, not unless
you are requesting cash out. You do not need to
document assets for a streamline refinance.
How long
before I know what my new payment and rate will be?
Usually the same
business day you fax your documents in to us.
When do I
sign my new loan papers?
After your new
title policy is ready, usually 10 to 14 days
Where do I
sign my new loan papers?
Usually the same
title company or title attorney where you signed your
paperwork when you purchased your home..
Can I be
turned down?
Generally not if
you have made your house payments on time and are not
in a bankruptcy.
Do I need to keep making my regular
monthly mortgage payments while my file is being
processed?
Absolutely! Not paying your mortgage payment
could prevent you from refinancing. |
