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Frequently Asked Questions

FAQ Section

This section contains a list of the most common questions our clients ask about us and the mortgage process. Take a few minutes to browse through this section and see if it answers your queries. If you need more information, or don't find what you need, please contact us. We look forward to be of service!

Frequently Asked Questions - About Us

Mortgage FAQs

Q. How long can I expect to wait until I hear from a mortgage broker/lender?

A. If you do not hear from the recommended mortgage professional within one business day, please contact the professional directly.

Q. My credit record is not too impressive. Can I still get a loan?

A. Yes you can! Mortgages-Expo.Com specializes in helping consumers with all types of credit - good and bad, find a mortgage loan to meet their needs. We search our nationwide network of mortgage professionals and put you in contact with the one best suited to help you find the right type of home financing. Having bad credit is not a problem. And you need not pay the highest rates. The Mortgages-Expo.Com professionals will help you work through your credit problems and help you buy a home.

Q. What do you charge for this service?

A. Absolutely nothing to you! There are no fees associated with the service, nor are your obligated to work with the recommended Mortgages-Expo.Com member; however, we encourage you to review the offer carefully. Our match is the result of an extensive search of thousands of loan programs in your area and throughout the United States.

Q. Who are your members?

A. Mortgages-Expo.Com's nationwide network includes many of the most well-respected mortgage brokers and lenders in the United States. Each member is pre-screened to ensure that they possess the necessary licenses and credentials, and are committed to delivering the utmost in value and customer service.

Q. Is my personal information secure on Mortgages-Expo.Com?

A. Absolutely! Since specific information is required in order to utilize Mortgages-Expo.Com's search capabilities, securing your privacy is our first priority. Mortgages-Expo.Com is designed with the most advanced Secure Socket Later (SSL) technology and security measures. SSL technology ensures that only you, Mortgages-Expo.Com and our participating lenders - upon your authorization - can access the information you submit. Mortgages-Expo.Com's security technology is certified by Verisign, a leading online authentication service. Click to view the Mortgages-Expo.Com Privacy Policy.

Q. What if I cannot afford a home? How can you help?

A. Shopping around for home financing will help you get the best deal. The best place to start is with a Mortgages-Expo.Com recommended broker / lender. It's free, there's no obligation, and a mortgage broker / lender can help you explore all the options of homeownership. If you feel you can't afford a home, think again. Homeownership is just as affordable as renting - in some cases even more affordable. A mortgage is a product, and the price and terms are always negotiable. Shop, compare the costs, and negotiate for the best deal right here!

Q. How do I know how much house I can afford?

A. As a general guide, you can purchase a home with a value of two or three times your annual household income, depending on your savings and debts. However, if you are buying a home for the first time, you may be able to take advantage of special loan programs for first time buyers. If you'd like a general ideal of how much you can afford, use the Mortgages-Expo.Com calculator: How Much Can I Borrow? To find out exactly how much you are eligible to borrow, ask your Mortgages-Expo.Com recommended mortgage broker / lender.

Q. Which institutions offer home mortgages?

Several types of lenders offer home loans to consumers. These include thrift institutions, commercial banks, mortgage companies, and credit unions. As prices differ from lender to lender, it pays to contact several lenders to make sure that you are getting the best price. Do it right here at Mortgages-Expo.

Q. How can your service help me find the best interest rate?

A. Mortgage brokers work with many different lenders. They may also have access to lenders that do not have an office in your state, but are licensed to lend money there. However, while mortgage brokers research many lending sources, it would be nearly impossible for them to access every single lender and every mortgage product, simply because there are thousands out there. That's where we come in. Our large network of mortgage professionals overcome this problem. Which means you get the best offer possible.

Q. Will I have to pay more for my loan if I get it through a broker?

A. Not necessarily, though the broker does perform a service for which he or she receives a fee. When a broker processes the paperwork on a loan, it costs less for the lender to make the loan. Therefore, lenders often discount loans to brokers. Here's an example of how it might work: Say a borrower finds a loan on their own at a rate of 7.5 percent with two points. A broker gets the same loan for 7.5 percent, but pays only one point. The broker may then add one point to cover his or her fee, but the cost to the borrower is the same - 7.5 percent with 2 points. The borrower pays no additional cost and benefits from the broker's service. By state law, the broker's fee and the discount the lender offers the broker must be disclosed to the borrower.

Q. What should I focus on - lenders advertising the lowest rates or the type of institution I borrow from?

A. You can focus on the lender, but remember, there is no guarantee you will lock in at the advertised rate. The rates advertised may only be available for a 30 or 60-day period and there's no way you can be sure the loan will close in this period. Interest rates can also change daily. The best way to compare rates is to ask each lender what the rate would be if you closed in a certain time period, for example, 90 days. And be sure to get everything in writing. It is also possible to get a loan with a longer lock-in period but, in that case, you usually pay a higher rate.

Q. What documents will I need to provide when I apply for a loan?

A. To ensure smooth processing of your loan, have the essential documents ready. Be prepared to provide verification of income, including your pay stub and tax returns for the previous two years. You will also need to provide bank account numbers and details about your long-term debt, including credit cards, auto loans, child support, etc. If you are self-employed, you may need to provide financial statements for your business. Lenders want detailed information. For example, the lender may want to know how you propose to obtain money for down payment. Be sure to inform your lender of any changes in your employment, salary, debt or marital status between the time you submit your application and the time you close.

Q. Pre-pay my mortgage or invest the money? What shall I do?

A. Though pre-paying your mortgage will shorten your loan term, you may have to pay a penalty. And most of the time, payments are made toward the principal and not interest. This means you lose out on tax benefits.

If you mortgage rate is 8 percent per year, that's what you'll probably earn on your pre-payment. Compare that return with what you'd earn in other comparably safe investments, for instance, a Certificate of Deposit (CD). But wait! Here's more. Weigh the advantages of pre-paying your mortgage against paying off debt. If your credit card interest rate is 18 percent, it makes more sense to pay off this higher-interest debt rather than to pre-pay your 8 percent mortgage.



 
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