When do I order
the appraisal?
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Does 1st Continental Mortgage offer low down payment loans?
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What types of home
loans does 1st Continental Mortgage offer?
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After I apply for
a loan, what should I expect?
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Can I get loan rates
over the phone?
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How do I know if
I need to work with a loan consultant?
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How quickly will
my loan be approved?
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What kind of documentation
will I need to provide to the lender for verification?
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Who do I contact
for general information and questions on using 1st Continental Mortgage's services?
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Who do I contact
once my loan is in process?
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Why is 1st Continental Mortgage different than other lenders and brokers?
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Can I use foreign
currency to pay a mortgage on a U.S. property?
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I live in the U.S.
but I would like to purchase a property in another country. Can I
get a mortgage through 1st Continental Mortgage on a foreign
property?
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Do I have to have
an impound account?
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What is the cost
to submit a loan application?
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Can I lock in a
loan program and interest rate online?
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Can I make changes
to my application?
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How do I know what
my loan rate is and when do I get it?
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When can I lock?
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Does 1st Continental Mortgage share client information with other companies?
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How has 1st Continental Mortgage provided a secure environment for applying for
a loan online?
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Can I apply for a
purchase loan before I've found my property?
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On a purchase loan,
is there someone who will work with my Realtor?
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What is hazard insurance?
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What is pre-paid
interest?
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What is the difference
between the interest rate and the APR?
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| There are different times in the
application process when your appraisal can be ordered. First, 1st Continental Mortgage will order the appraisal as requested
by you at the beginning of the application. Second, it can be ordered
when we call you to explain the loan process after we have reviewed
your submitted application (preferred method). At the latest, if it
has not been ordered, 1st Continental Mortgage will automatically
order the appraisal when you call to lock a rate. |
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| 1st Continental Mortgage
offers 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% down at very
competitive rates. Can't meet the requirements for a 3% down loan?
Get a 30-year fixed loan with no money down. Please note, conventional
products may have a prepayment penalty. |
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| 1st Continental Mortgage
offers a full line of mortgage products for residential 1 to 4 family
homes, condominiums and Coops. We offer financing to borrowers with
impaired credit, those who may have difficulty proving their income,
assets, or credit history. 1st Continental Mortgage also
offers COMMERCIAL financing. |
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| Once your loan application is
received, whether you apply online or by mail, you will get notification
from 1st Continental Mortgage 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. |
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| 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. |
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| Our mission at 1st Continental Mortgage is to help you with your home financing needs whatever
those might be. In order to effectively meet our customers' needs,
we have specialized our professional staff into Loan Specialists.
Our Specialists are here to help your loan close more quickly and
efficiently. |
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| 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. |
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| 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 years 1099's Pay stub showing current year-to-date
earnings (two most recent stubs) 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
Your residence addresses from the past two years Bank account statements,
past two months Investment account statements Retirement account statements
Signed gift letter and transfer of funds verification Credit Cards
- include account numbers and balances Auto loans and leases - account
numbers and value of car Explanation and paperwork of any derogatory
credit in the past three years Explanation letter of any derogatory
credit (bankruptcy, collection, foreclosure or default) Student and
personal loans - include account numbers, monthly payments and balances
Landlord address(s) for past two years and rental amounts Property
& Realtor Information Name and contact information of your Realtor
(business card) Homeowners insurance information Rental or lease agreements
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| If you have any inquiries prior
to filing an application, please contact our office between the hours
of 9am and 9pm Eastern Time. |
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| 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 you Loan Specialist
for detailed answers on you loan file. |
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| 1st Continental Mortgage
provides a combination of the unique advantages of both lender and
broker. We offer a wide variety of mortgage products, to help you
find the terms that fit your needs. Since we have a large amount of
resources for our loan programs, we 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, our loan specialists
are well trained and experienced to assist you. |
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| No. At this time US lenders do
not accept foreign currency as payment for your mortgage (on a US
property). If you only have foreign currency and need to use it to
make a mortgage payment (on a US property), go to your local bank
and convert your foreign currency to US dollars to pay your mortgage.
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| 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.) at the
1st Continental Mortgage web site in the United States.
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| An impound account allows 1st Continental Mortgage to collect from you and pay for your,
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, and allow you to cover all those expenses
in your mortgage payment. Impound accounts are required in most states,
particularly when the amount you are borrowing represents a large
percentage of the property's market value. When an impound account
is required, you can often waive the use of an impound account for
the hazard/homeowner's insurance and property taxes for a fee. However,
you will always have to prepay your mortgage insurance payments (if
any) into an impound account. FHA Loan require impound accounts. Once
you submit a loan application we can help you determine if you will
need an impound account. |
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| 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. |
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| No. 1st Continental Mortgage offers 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 greater than 60 days. |
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| 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. |
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| 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 package to 1st Continental Mortgage and we have reviewed
your documentation and credit information. |
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| You can request a rate lock after
you have returned your package to 1st Continental Mortgage
and we have reviewed your documentation and credit information. |
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| 1st Continental Mortgage
is committed to your right to privacy. For this reason, we do not
use cookies and we ask only the minimal information necessary to quote
you products with accuracy. We do 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. Other than those individuals who require access in order
to approve your loan, you are the only person to view your data.
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| 1st Continental Mortgage
is very aware of the sensitive nature of loan application data. For
this reason, you are not required to provide account information on
our online applications. There is ample time to obtain account details
once your application is in process. |
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| 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. |
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| 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.
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| 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. |
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| 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. |
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| 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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