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Mortgage Loan FAQ's


Taking out a mortgage loan can lead to a lot of questions you want answered.

Mortgage Loan FAQ's
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We've compiled an array of answers to the common questions related to taking out a mortgage loan. We hope you'll find this information both informative and educational on how the process of closing on a home loan can work. For more topic specific questions and answers, specific mortgage products, solutions, you can review these "frequently asked questions" sections of our site:
Mortgage Refinance
FHA Loan
Mobile Home Loan
Reverse Mortgage
Second Mortgage
Jumbo Mortgage

Appraisal
When do I order the appraisal?

Mortgage Products
Does your website offer low down payment loans?
What types of home loans does your website offer?

General
After I apply for a loan, what should I expect?
Can I get loan rates over the phone?
How do I know if I need to work with a loan consultant?
How quickly will my loan be approved?
What kind of documentation will I need to provide to the lender for verification?
Who do I contact for general information and questions on mortgage programs or services?
Who do I contact once my loan is in process?
Why is your website different than other lenders and brokers?

International
Can I use foreign currency to pay a mortgage on a U.S. property?
I live in the U.S. but I would like to purchase a property in another country. Can I get a mortgage through your website on a foreign property?

Loan Fees
Do I have to have an impound account?
What is the cost to submit a loan application?

Locking Your Interest Rate
Can I lock in a loan program and interest rate online?
Can I make changes to my application?
How do I know what my loan rate is and when do I get it?
When can I lock?

Privacy and Security
Does your website share client information with other companies?
How has your website provided a secure environment for applying for a loan online?

Purchase Loan
Can I apply for a purchase loan before I've found my property?
On a purchase loan, is there someone who will work with my Realtor?

Terminology
What is hazard insurance?
What is pre-paid interest?
What is the difference between the interest rate and the APR?


When do I order the appraisal?
There are different times in the application process when your appraisal can be ordered. First, a mortgage originator will order the appraisal as requested by you at the beginning of the application. Second, it can be ordered when a mortgage originator calls you to explain the loan process after they have reviewed your submitted application (preferred method). At the latest, if it has not been ordered, a mortgage originator will automatically order the appraisal when you call to lock a rate.


Does your website offer low down payment loans?
Low down payment loans are subject to market conditions. Most loan originators offer two ways to help you move into a new home without the usual 10-20% down payment. If you are a first time home buyer, you can qualify for special 15-year and 30-year fixed loans with just 3.5% down at very competitive rates. Can't meet the requirements for a 3.5% down loan? Get a 30-year fixed loan with no money down using a down payment assistance program or the USDA loan product. Please note, conventional products may have a prepayment penalty.

What types of home loans does your website offer?
Mortgage originators who work with our website can offer a full line of mortgage products for residential 1 to 4 family homes, condominiums, and co-ops. Mortgage originators who work with our website can also offer financing to borrowers with impaired credit, those who may have difficulty proving their income, assets, or credit history. Some mortgage originators may also offer COMMERCIAL financing.

After I apply for a loan, what should I expect?
Once your loan application is received, whether you apply online or by mail, you will get notification from the mortgage originator that your loan is in process within 24 hours. A loan specialist will call to speak with you further about the details you provided. It is recommended you visit our online documents page for the loan documentation your loan will require. Gather this information up and have it ready for your loan consultant. Your loan consultant will review with you all the options that are available based on your stated goals.

Can I get loan rates over the phone?
Yes, but keep in mind, there are MANY factors involved when a rate is provided. A verbal quote without any financial details is no better than calling a car dealer and requesting a price on the "cheapest" vehicle. That "vehicle" may neither meet your needs or meet your situation.

How do I know if I need to work with a loan consultant?
Our mission is to provide you with the resources that can help you with your home financing needs, whatever those might be. In order to effectively meet our website visitors' needs, we work with mortgage originators who specialize in various product types. Our specialists are here to help your loan close more quickly and efficiently.

How quickly will my loan be approved?
Once your application is received, you can expect to receive an answer within three days for a preliminary approval. The time required for a final approval of your loan will be related to how complete your application is and how rapidly you submit any required documents to the Loan Specialist.

What kind of documentation will I need to provide to the lender for verification?
There is no single list of documents needed for all applicants, but you should be prepared to provide copies of the following documents to your lender: employment & income data, W-2 tax forms, past two year's 1099s, pay stub showing current year-to-date earnings (two most recent stubs), along with your job history and any explanation of a job change within the past two years. If self employed (defined as owning 25% of a business or more), you need business and personal federal tax returns (two years, including schedules), a current year-to-date profit or loss statement, and a K-1 on all partnerships and S corporations. You'll need to provide your residence addresses from the past two years, bank account statements, past two month's investment account statements, retirement account statements, and signed gift letter and transfer of funds verification. When it comes to your credit cards, be sure to include all account numbers and balances. For auto loans and leases, you'll need to provide account numbers and value of cars. If there's any derogatory credit on the record, you'll need explanation and paperwork of any derogatory credit in the past three years, explanation letter of any derogatory credit (bankruptcy, collection, foreclosure, or default). For student and personal loans, include account numbers, monthly payments, and balances. If you're currently renting, be ready to provide landlord address(s) for the past two years and rental amounts. Also, you'll need property and Realtor information, including the name and contact information of your Realtor (business card). Other information that may be required includes homeowner's insurance information and rental or lease agreements.

Who do I contact for general information and questions?
If you have any inquiries prior to completing an application, please contact a mortgage originator via the contact information provided on this website.

Who do I contact once my loan is in process?
Once we have received your signed package and supporting documentation, you will be assigned to a single loan processor. In some instances, your Loan Specialist may elect to process your file personally. If you have any questions prior to or after returning your loan documents, please contact your Loan Specialist for detailed answers on you loan file.

Why is your website different than other lenders and brokers?
Our website is designed to provide consumers a combination of the unique advantages of both lenders and brokers. The mortgage originators that work with our website can offer a wide variety of mortgage products to help you find the terms that fit your needs. Since our website has a large amount of resources for consumers, and connects you to many mortgage originators working with a broad spectrum of loan programs, they will do the shopping for you and you can be confident you've obtained the most competitive rate. Should you need or want that extra level of care in discussing your specific circumstances, or for any other reason, mortgage loan specialists can be contacted to assist you.

Can I use foreign currency to pay a mortgage on a U.S. property?
No. At this time U.S. lenders do not accept foreign currency as payment for your mortgage (on a U.S. property). If you only have foreign currency and need to use it to make a mortgage payment (on a U.S. property), go to your local bank and convert your foreign currency to U.S. dollars to pay your mortgage.

I live in the U.S. but I would like to purchase a property in another country. Can I get a mortgage through your website on a foreign property?
In order for a consumer to apply for a mortgage on a foreign property, you must apply through a bank, broker, or financial institution offering mortgages in that particular country. You cannot apply for a foreign mortgage (non-U.S.) via this web site.

Do I have to have an escrow account?
An impound account allows a mortgage company to collect from you and pay the taxes and insurance payments due on your home. You will choose the insurance company. Such accounts eliminate the need for you to make those payments on your own; they allow you to cover all those expenses in your mortgage payment. Escrow accounts are required in most states for most loans -- particularly when the amount you are borrowing represents a large percentage of the property's market value. All FHA loan products require impound accounts. Once you submit a loan application, a mortgage originator can help you determine if you will need an impound account.

What is the cost to submit a loan application?
There are no upfront costs to submitting an application or getting pre-approved for a loan above and beyond the credit report fee. An appraisal fee will be required, but not until the time of inspection.

Can I lock in a loan program and interest rate online?
No. Some loan products may offer a no cost lock in, that allows you to lock in your rate for up to 60 days. A deposit may be required based on the program or loan type for lock periods.

Can I make changes to my application?
Yes, you can make changes anytime before you lock in your rate. Please remember that any changes you make will extend the time that it takes to close your loan, may increase the cost of closing, and may affect your interest rate. Once you receive confirmation of your rate lock, you should review the terms carefully and contact your Loan Specialist immediately if any corrections are needed. If you do not notify us of any necessary changes within two business days, we will not be able to guarantee the interest rate shown on your lock confirmation statement.

How do I know what my loan rate is and when do I get it?
Rates fluctuate daily, so the rate you see when you search and apply for a loan may not be the actual rate you receive on your loan. To secure a rate, you need to lock in that rate. You can request a rate lock after you have returned your completed loan package to a mortgage originator and they have reviewed your documentation and credit information to ensure you're qualified for the applicable loan product.

When can I lock?
You can request a rate lock after you have returned your package to your mortgage originator and they have reviewed your documentation and credit information.

Does website share client information with other companies?
Our website is committed to your right to privacy. For this reason, we do not use cookies and we ask only the minimal information necessary for a mortgage originator to quote products with accuracy. Our website does not share your personal data with anyone, unless you request us to do so. Once your application is in process, you can be guaranteed that all client information will be protected by the mortgage originator. Other than those individuals who require access in order to approve your loan, you are the only person to view your data.

How has your website provided a secure environment for applying for a loan online?
fhahomeloanmortgage.com is very aware of the sensitive nature of loan application data. For this reason, you are not required to provide account information on our unsecured online applications. There is ample time for mortgage originators to obtain account details once your quick inquiry (quick quote) application is in process. If using a full application, this application is encrypted using SSL technology and hosted on a third-party secure server.

Can I apply for a purchase loan before I've found my property?
When you apply for a purchase pre-approval, you simply assume a maximum purchase price, loan amount, and loan program. Once your loan has been approved, you can change any of these variables to match the specifics of your purchase transaction. Please note that we cannot lock in a loan until a property address has been specified.

On a purchase loan, is there someone who will work with my Realtor?
Yes. Since each loan is assigned to one Loan Specialist who works with you until you close, he or she will be able to assist you or your Realtor at any time.

What is hazard insurance?
Hazard insurance is an insurance policy to protect homeowners against property damage. Lenders require that you get a hazard insurance policy before you buy or refinance a home. Hazard insurance shields you against property damages caused by a fire or a severe storm. If a catastrophe does happen, hazard insurance should cover the costs to rebuild your home. Generally, you have to pay for the first year of hazard insurance on the closing date.

What is pre-paid interest?
This amount represents the interest that accrues between the close of your loan and the last day of the month in which the loan closes. Interest on your loan after that date is included in your regular monthly payments.

What is the difference between the interest rate and the APR?
The interest rate is the cost for borrowing a lender's money, while the APR takes into account other costs of a mortgage, including closing charges and lender points over the life of a loan, not just the interest due.


 
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