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Frequently Asked Questions
A high quality realtor knows that the key to a successful transaction means TEAMWORK with a professional mortgage advisor. Any experienced realtor can tell you horror stories about times when a client made a poor choice of mortgage company, and ended up with big surprises at the closing table, or worse, no closing taking place at all. A good realtor will form relationships with trusted individuals who have proven themselves time and time again, so that they know you will be given the excellent service that you deserve. It is important to know that your realtor is NOT given any compensation for referring you to a mortgage advisor. As mortgage professionals, we desire more referrals, both from you and your realtor. This motivates us to provide you with the very best service!
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First and foremost, because you need an experienced professional working on your behalf. The realtor's commission is not paid by the buyer, but by the seller of the home and it is in each party's best interest to have professional representation. As a seller, profits are generally maximized by having an experienced realtor market and sell your home, rather than deal with the headaches of trying to do it all on your own.
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Many people are surprised to learn that rates change on a daily and sometimes hourly basis. Interest rates fluctuate in response to changes in the financial markets and economic indicators. The bond market is generally a good indicator of the general trend of interest rates.
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You are ready to buy a home! Remember that it is very important to inform us of any changes in the financial information that was provided at the time of approval, as it may change the amount or type of loan that you qualify for.
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Many factors need to be analyzed to determine if refinancing is right for you, such as the length of time you intend to stay in your home or the type of loan you currently hold. We are ready to provide a recommendation based on your particular circumstances.
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It is a policy provided by the title company guaranteeing the accuracy of the title work done on your home at the time of purchase. As a buyer, you are required to purchase a lenders policy of title insurance as part of your standard closing costs, which only protects the lender. You may also purchase an owners policy, which will protect you against loss in the event of any legal issues relating to the title of your home.
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Private mortgage insurance protects mortgage lenders against potential losses in the event of borrower default. In addition, private mortgage insurance expands homeownership opportunities by enabling borrowers to purchase homes with down payments of less than 20 percent. The lower the down payment, the higher the risk for the lender and thus, the higher the insurance premium. Depending on your circumstances, mortgage insurance may be avoided at purchase, or dropped altogether at some point in the future.
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