| 1. |
How long does it take to get the loan? Answer |
| 2. |
What is LTV? CLTV? Answer |
| 3. |
How do I avoid Mortgage Insurance? Answer |
| 4. |
Can I qualify with a bankruptcy? Bad Credit? Answer |
| 5. |
How much down payment do I need? Answer |
| 6. |
I do not wish to apply on-line, what options do I have? Answer |
| 7. |
What is an escrow account and do I have to have one? Answer |
| 8. |
What are FICO/Credit scores? Answer |
| 9. |
What does ARM stand for? Answer |
| 10. |
What is DTI and qualifying ratios? Answer |
| 11. |
What does PITI stand for? Answer |
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Q
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How long does it take to get the loan? |
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Once you have completed the application and been pre-approved with us, the process takes anywhere from 10 to 30 days on average. The timing really depends upon your cooperation in getting your mortgage consultant the necessary items requested at the time of application, so please be prepared as we work with you. |
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What is LTV? CLTV? |
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Loan To Value. Loan amount divided by sales price. The CLTV or Cumulative Loan To Value is the total amount financed.
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How do I avoid Mortgage Insurance? |
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M.I. is required on homes with less than 20% equity. However, some loans are excluded: ie: 80/10/10, 80/15/5, 80/20 (100% Loan with no M.I.) Also, we have straight 100% loans with no M.I. if you qualify, so be sure to ask your mortgage consultant about these programs. |
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Can I qualify with a bankruptcy? Bad Credit? |
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YES!!! You may even get a government loan with a very competetive rate and only put 3% down!!! |
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Q
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How much down payment do I need? |
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Depending on situation, no down payment is required. Seller paid closing costs may get you in with little money out of pocket, so pre-quailify first here on line. |
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Q
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I do not wish to apply on-line, what options do I have? |
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We do understand busy schedules and that's why we try to accommodate you to make the loan process easy. We will complete the application over the phone and send you the loan documents same day for your review, signature and return to us.
You may call us at (817) 877-LOAN (5626) and apply over the phone or visit our office by appointment. We also make house calls per request for those with busy schedules. You may also contact us by EMAIL anytime.
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What is an escrow account and do I have to have one? |
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An escrow account is money collected up front, usually three months, and additionally collected with your monthly payment to pay your tax and homeowner's insurance premium on an annual basis. An escrow account is typically required unless you put down 20% equity, or obtain a portfolio type loan. |
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What are FICO/Credit scores? |
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These scores are used by mortgage lenders to determine your credit risk. We get our scores from Experian, Equifax and TransUnion and we grade your loan using the middle score. For example, if you have a 760, 720 and 699, we will use the 720 FICO score to grade your loan application. If you do not have a FICO score, we can help you build credit using alternative lines - call to find out more.
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What does ARM stand for? |
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Adjustable Rate Mortgages, The interest you pay will change at set times in your loan, 1mo., 6mo.,1yr, 3yr, 5yr, 7yr, based on market conditions
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What is DTI and qualifying ratios? |
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DTI stands for Debt-To-Income ratio. It is very important ratio lenders use to qualify your ability to obtain financing. The typical qualifying ratios are 26/38, however, depending on the type of loan and your situation the ratios can be as much as 36/55.
EXAMPLE: 26/38 The first number (26) is the percentage used to qualify your maximum housing ratio and the bottom number (38) is used to determine the total amount of debt allowed relative to your gross monthly income.
If your gross monthly income is $4,000 then your maximum payment (PITI) would be $1,040 ($4,000 x 26%) and your total monthly debt could not equal more than $1,520 (4,000 x 38%).
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What does PITI stand for? |
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This is the total montly housing expense including Principal Interest Taxes and Insurance. |
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