Locking a loan when you apply is strongly recommened, especially when in a rising rate cycle like the one we are beginning. If rates do go down, usually lenders will charge to recommit your loan. Those fees are usually percentage based.

Yes, but it is not wise to gamble with your home loan. Day trading rates is rarely beneficial and can cost thousands if you guess wrong.

As with any Fixed Initial Rate loan, also refered to as Fixed Period Arms, the rate is determined by adding the index and the margin plus points re-amortized for the number of years of the loan. Most indicies are lower than the start rate because in the current environment rates generally are low, but that is not always the case.

Usually about 30 to 45 days, although it can take as few as 7 days and as long as 90 days for some transactions. The actual time depends on how quickly the lender can get an appraisal of the property, a credit report and verification of employment and bank accounts.

Be prepared to provide verification of income, (Including recent pay check stubs and recent tax returns), bank account numbers and details on your long-term debt (credit cards, auto loans, child support, etc.). If you are self employed you may also be required to provide financial statements for your business. For a more detailed list please click on the "Loan Checklist" link on the left.

If you provide the lender with complete and accurate information, everything should go smoothly. You may face a delay if the lender discovers credit problems, a history of late payments or non-payments of debts, or tax lien. You may be required to submit additional written explanations or clarifications. You should also be sure to notify your lender if your personal or financial status changes between the time you submit an application and the time it is funded. If you change jobs, get an increase (or decrease) in salary, incur additional debt or change your marital status, let the lender know promptly.

Closing costs cover processing and administrations of your loan. In addition to a loan fee, you’ll usually be asked to prepay interest charges, to cover the partial month in which you close, and impounds for property taxes, hazard insurance and mortgage insurance.

Principal and interest on your loan. Depending on the terms of your loan, the payment may also include hazard insurance, mortgage insurance, and property taxes.

Yes you can. It's called "No Impounds".  You only pay principle and interest, interest only or whichever loan program has been designed for you to offer the lowest payment possible.  You would then be responsible for paying property taxes and homeowner's insurance directly.

Yes, if you have re-established credit, or filed for a certain type of bankruptcy e.g. ch. 13... In all cases you must have the discharge schedule, and it must be recorded in the county if which you filed. Speak to me for further details.

Yes, but you will need cancelled checks from that person, generally 12 months. You must prove that you are not making the mortgage payment.

Yes, in general, this would be in a loan class of Alt-"A" or Sub-Prime financing. These are normally short term solution to use, in conjunction with a mortgage plan to get you into "A" paper financing with 2 years.

Yes, and it will require a lot of clean up, but we are up to the task to assist you back to sound credit so you can own a home. In some cases this can be done in as little as 10 working days if you have the documentation needed. Call for more details.

Yes, but this one requires a sit down as it can be more complicated, but with our vast knowledge and experience we are very successful with this type of borrower.

Yes! and you don't have need perfect credit.

Nowadays there is a loan program for just about everyone.  If you have compensating factors you will likely be able to get financing.