Frequently Asked Questions


Frequently Asked Questions

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Here are some common questions that we hear:

Where can I start this process of deciding what my options are?  Right here with us!

What bank or lender should I go with?  This can depend on what type of loan that you are looking for. We can be a great guide.

How do I know if I'm getting the best deal out there?  Lenders/Banks all have their ways of making money. We provide an inside scoop of how to ensure you get the best deal.

Do I even qualify to purchase or refinance my home?  Qualifying for a mortgage can be broken down in 3 main components; Income, Credit and Equity. This is how their risk is assessed.

What should I look for in a possible bank or lender?   This one depends on your personal financial goals. Usually costs and turn-around times are the best place to start.

I owe more on my house than it is worth. What can I do?   Be sure to ask your current bank or lender about HARP options. HARP stands for the Home Affordable Refinance Program. In some cases, there is no appraisal required.

I'm not sure if my income is good enough to qualify for refinancing?  Be sure to ask your current bank or lender about HARP options. HARP stands for the Home Affordable Refinance Program. In some cases, there is no income requirement. Must hold a current job and be receiving some type of income that is filed with the IRS.

Is refinancing my current mortgage worth it?  This is something that the mortgage loan officer will review for you. Be sure to calculate the Break-Even Point from the closing costs (How many years will it take to pay the closing costs off). This is very important if you are interested in selling the home. *NOTE: Under 3 years to recoup the closing costs is an industry average.

Is my credit score too low to do anything?  Some lenders offer financing through programs with lower credit scores (lower than 600).

What if I've had a Bankruptcy, Foreclosure or Short Sale in the past?   This will depend on how long ago it was discharged (paid off) and what type of bankruptcy it was (Ch. 7 or Ch. 13). You could have to wait up to 7 years with any Foreclosures and Bankruptcies (depends on state). Short Sales are usually 4 years from time of inception.

I want cash back for a renovation, is refinancing the best way to do this or should I get a Second Mortgage?   This will be contingent upon the amount of equity in your subject property. Our industry pro's can give you some options!

Will applying for a refinance hurt my credit score?   This could hurt your score if you are consistently letting lenders pull your credit.

What loan program is the best for my situation (FHA, VA, Conventional, HARP)?   This depends on your situation. Discuss your goals with your bank or lender to see what programs might be available. If you have served in the military, Veteran loans are a great option.

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