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Nothing.
You can submit your loan application for pre-approval
without incurring any charges up front. Later, fees
may be incurred for a property appraisal and eventually
the fees associated with closing the loan
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Once
your loan has been submitted, you will receive a call
from our office within 24 hours to discuss your loan
application
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No,
just fill out the application. Once your loan is approved,
you can shop around for a home with peace of mind, knowing
your financing has already been taken care of.
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| A
pre-qualification is when a loan officer determines
what you qualify for based on information you have
provided to them. However, loan officers are not underwriters
and are not able to make the final decision on your
loan.
A pre-approval is the next step after pre-qualification.
During this process, your loan application along with
income, asset and credit is forwarded to the underwriter
for a final decision. A pre-approval can help you
when presenting an offer to a seller, since being
pre-approved is an actual approval for financing.
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The
annual percentage rate (APR) is an interest rate that
is different from the rate note. It is commonly used
to compare loan programs from different lenders. The
Federal Truth in Lending law requires mortgage companies
to disclose the APR when advertising an interest rate.
The APR does not affect your monthly payments, nor is
it the interest rate on your loan.
The APR is designed to measure the "true cost of
a loan". It prevents lenders from advertising low
rates while hiding fees.
It is believed that if you compare APRs from the different
lenders/brokers then picking the lender/broker with
the best APR would be the right loan for you, right?"
WRONG!!
Unfortunately, lenders/brokers calculate APRs differently.
So a loan with the lower APR is not necessarily a better
rate. The best way to compare loans is to request a
Good Faith Estimate from the lender/broker, which will
itemize their costs to do the loan. |
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