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Q: What does it cost to submit a
loan application?
A: Nothing. You can submit your application and
become pre-approved for a loan without incurring any
charges. Later on, fees may be incurred for a property
appraisal and eventually closing costs.
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Q: Don't I need to sign something
to actually apply?
A: I will forward to you as soon as possible, via
either E-Mail, FEDEX or Priority Mail, a fully prepared loan application
package with all the necessary forms, regulatory
disclosures, and a list of all required documentation to
process your loan request.
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Q: Do I need to pick the property
I want to buy before I fill out the application?
A: No, you can fill out the application first, and
once your loan is approved you can make changes to it up
until the time that your loan rate is locked.
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Q: What if I don't want to send
information over the internet?
A: We can still help! Just call our toll-free number
at 1-877-217-8104. And I will be happy to assist you with
locating the best loan for your circumstances.
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Q: After I submit my loan, what
happens next?
A: Once your loan has been submitted, one of our loan
representatives will be assigned to your account and will be
calling you with information about your loan. We'll present
up to 4 loan offers based on the information you provide,
and help you understand the advantages and disadvantages of
each offer.
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Q: Who can I contact regarding my
loan?
A: You may contact me, Herb Entwistle. I will
provide guidance on available loan products and provide the
required loan paperwork for you.
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Q: How do I know what mortgage
program is best for me?
A: There is no simple answer to this question. Each
person must take into consideration:
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How long they plan to own the
home.
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Their prospects for job
improvement and advances.
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Their current financial
status.
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Family needs now and the
future.
The best solution is to meet
or speak with me to discuss your own unique situation. At
Carteret Mortgage we try to give you the information that
will assist you to make the decision best for your
circumstances.
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Q: What is the usual time frame to
close a loan?
A: Most loans can close within 2-3 weeks. We will
most often pre-approve your loan subject to certain
conditions within 24-48 hours.
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Q: What do you look at when you
approve my loan?
A: At the heart of approving a potential borrower are
what lender's call the three "C's". Credit (your personal
credit history), Collateral (the market value of the
property used a security for the transaction), and Capacity
(your financial ability to repay the loan). If one or more
of these areas is inadequate your loan may become
nonconforming in nature. A nonconforming loan may require a
slightly higher interest rate to adjust for the added risk
associated with your loan. Carteret Mortgage is the
type of lender that tries to figure out ways to approve all
loan submissions.
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Q: I don't know much about
mortgages, where can I learn more?
A: We understand, mortgages can be complex, we're
here to make it simple and stress free for you. The average
person has less than 5 mortgages during their life, and the
industry is changing rapidly. We have two resources to help
you. You can always call us toll-free at 877-217-8104.
The second read about terms and junk fees on our website, if
there is a specific term you're interested in learning
about.
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Q: Can I use money in a 401(k) or
employee savings plan towards a down payment on a home?
A: Most 401(k) plans will allow for a loan against
the savings plan, please check
with your plan administrator for the details and
availability of the loan and the repayment provisions. The
mortgage lender will need to know the amount owed, repayment
term and monthly payment.
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Q: Is a home equity line of credit
considered a second mortgage?
A: Yes, a line of credit is recorded as a lien
against the
property for the full amount of the credit line.
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Q: What is a No Income
Verification mortgage?
A: The No Income Verification mortgage or NIV is
generally used by people with good credit histories who do
not wish to document their incomes. The income is stated but
not verified, and this program is ideal for the
self-employed borrower with complicated tax returns and
financial statements.
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We believe in educated consumers! |
