Questions? We’re Here to Assist You
Read Our Most Common Mortgage Questions
Mortgage Brokers are independent, trained professionals licensed to represent and provide you with the best advice for your mortgage needs!
The alternative to working with a broker is to call up dozens of lenders and compare their mortgage terms and rates on your own. A broker saves you the time and headache of having to do that. Mortgage brokers have regular contact with a wide variety of lenders, some of whom you may not even know about.
Yes. Your credit doesn’t have to be perfect to purchase a home. Difficult financial situations are often because of illness, divorce, or temporary unemployment. If you can demonstrate that the problem was in the past, and you have been able to re-establish a good track record for a sufficient amount of time, you may be in a good position to get a mortgage loan.
Reputable lenders will especially want to find out more about you before throwing out loan options. You wouldn’t expect a doctor to suggest surgery before assessing your medical situation, so choose a broker who gathers enough information from you before recommending a particular type of loan.
Ask the lender to thoroughly explain the pros and cons of fixed rate loans, adjustable rate loans, interest only loans, and negative amortization loans.
The interest rate never changes with a fixed rate mortgage, so you’ll know what your monthly payment is until you make the last one. An adjustable mortgage rate depends on the market, so it can fluctuate, but typically not within the first five years.
An interest only loan comes with a ‘balloon payment’ of the entire principal balance at some point—all at once. You’ll pay only interest in the meantime.
A negative amortization loan defers some portion of interest for a period of time.
Talking to your lender and questioning these options can help you determine which is right for you and your personal financial situation.
It’s generally a good time to refinance when mortgage rates are 2% lower than the current rate on your loan. It may be a viable option even if the interest rate difference is only 1% or less. Any reduction can trim your monthly mortgage payments.
Example: Your payment, excluding taxes and insurance, would be about $770 on a $100,000 loan at 8.5%; if the rate were lowered to 7.5%, your payment would then be $700, now you’re saving $70 per month. Your savings depends on your income, budget, loan amount, and interest rate changes. We can help you calculate your options
A loan’s annual percentage rate (APR) is derived through a complex calculation that includes the interest rate and all the other related lender fees divided by the loan’s term. Not all brokers compute APR correctly, and there’s no way to accurately compute an APR rate for an adjustable loan. An APR does not account for early payoffs.
Questions to ask your mortgage lender include pinning down the adjustment frequency if your interest rate is adjustable, as well as the maximum annual adjustment, the highest rate or cap, the index, and the margin.
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