Q:Is the interest rate quoted to me on your initial documents guaraneed to me?

A:Yes, While we will NOT lock in your rate without your approval, once we have it we will lock in your rate and you will close at that interest rate provided we get your loan closed prior to the lock period expiring and even if we don't provided it is not due to any delays on the customers part.

Q: Are the closing costs quoted to me on your Good Faith Estimate guarenteed?

A: Yes, although individual items may change, the dollar amount of the total closing costs quoted will be the same or less. The only exceptions to this are when you, the customer, has advised us that you have an appraisal and/or survey that will meet the requirements of the new loan and it turns out that we need to complete a new appraisal or survey, that cost would be added to the initial GFE.

Q: How long does the process take to refinance my current mortgage loan?

A: Normally we can have your loan closed within 25-30 days, sometimes even less. A great deal of that time depends on the availability of an appraiser in your area and your ability to get the initial disclosure package back to our office quickly.

Q: Do you offer Texas Home Equity Loans?

A: Yes, both conforming and sub-prime.

Q: What is a sub-prime loan?

A: This loan is for customers that do not quite qualify for a conforming loan or an Alternate product due to credit issues. A sub-prime loan can also be used when documenation of income and/or assets is a difficult challenge for the customer.

Q: Why should I use you for my mortgage needs?

A: 15 years of experience in the mortgage industry, and the fact that in 95% of the cases I can get you a better deal than you can working directly with lenders, along with honesty, and integrity.

Q: What, exactly do you do for me?

A: A great deal, please see What we D0 page for more details.

Q: Should I chose a fixed rate or an ajustable rate mortgage (ARM)?

A: That depends solely on your circumstances. There is no way to answer this CORRECTLY without evaluating your circumstances and objectives.

Q: What if, in comparing Good Faith Estimates and interest rates, I get a better deal, will you make adjustments to my initial GFE and interest rate?

A: Although I would love to have your business, that strictly depends on how long it has been since I talked to you. I will look at the daily interest rates and if the rates have come down then I will offer you a lower interest rate based on your loan product. As far as the closing costs are concerned, I will look at it again to ensure it was prepared properly, however, I will normally only send out my best deal for you the first time around based on the information that I have gathered from you. Of course, it those circumstances have changed, then, perhaps, those costs can be reduced. The bottom line here is that if you have a better offer for the same product and the lender/broker is being upfront and honest about the closing costs and interest rate, then I will be the first to tell you to take the better deal.

Q: What are the benefits of an FHA loan versus a conforming loan?

A: FHA loans and conventional loans are quite similiar these days. An FHA loan may benefit either a first time home buyer with a few minor credit issues which may prohibit the customer from obtaining a conforming loan approval OR the customer that is purchasing a home in cetain locations based on zip codes in order to obtain some down payment assistance program(s). On refinances, if you are currently on an FHA loan, then a streamline refinance loan is typically the best way to go unless you are trying to obtain a home equity or cash out loan in which case an FHA loan would not apply.

Q: I have some credit issues, can I still qualify for a mortgage loan?

Yes, in alot of cases. There are a multitude of products out there for all types of credit qualifications, the bottom line is that I can assist you in finding out what you may qualify for now. In addition, even if you don't qualify for a loan now, I can cetainly advise you as to what you need to do in order to get qualified in a relatively short period of time.

Don't wait! Apply Now!

Subscribe now to The Wall Street Journal and get 4 weeks FREE

Top of Page