| Q : |
How long will it take to get my new
mortgage? |
| A : |
From the date of application, your loan will
probably close within three to five weeks.
Once you have applied we must
order your credit report, preliminary title report, appraisal, and verifications
of income and assets. After we receive all of those items back, we submit the
loan for approval. After approval, loan documents are ordered and sent to the
escrow company for you to sign. If the transaction is a refinance, there is also
a three day right of recission period between the time you sign your loan
documents and when your loan is funded.
In certain cases where it is
necessary to meet a close of escrow date, we can close a loan in ten days, from
application to funding.
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| |
| Q : |
How much does a point cost? |
| A : |
A point is one percent of the loan amount. For a
$100,000 loan, one point equals $1000. A point is the same as a 1% origination
fee.
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| |
| Q : |
Why do I have to sign so much paperwork when I
apply for a loan? |
| A : |
Nearly everything you sign at the time of
application is designed to inform you of your rights as a borrower, or about
details of your particular loan in order to protect the lender and you, the
consumer.
|
| |
| Q : |
What is mortgage insurance? |
| A : |
Mortgage insurance, (MI), insures the lender that
in the event you stop making payments, that the loss will be covered if you have
less than 20% equity in the home.
Mortgage insurance may be through the FHA,
the VA or through a private mortgage insurance company. There are also many
types of mortgage insurance ranging from monthly premiums to financed MI. Your
loan officer can help you decide which is the best program for you. |
MB # 0905658
www. Dawn Svoboda.com
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