FAQ's
 
Will it take long to find out about a loan?
I already have a 2nd mortgage, can I refinance?
Will the interest on my loan be tax deductible?
Do I have to go to your office to sign the documents?
What is an escrow account?
Can I pay my own taxes and insurance?
When will my loan close once I have applied?

How can I find out if a second mortgage will benefit me?

On a 2nd Mortgage how much money can I get?
What if my credit score isn't perfect?
Why is the Annual Percentage Rate (APR) on the Truth in Lending Disclosure higher than the rate shown on my note, which is the rate I thought I chose?
What is an ARM loan?
 
 
Will it take long to find out about a loan?
Not at all, within 5 minutes you can provide all the information that we need to get your loan pre-approved.
I already have a 2nd mortgage, can I refinance?
In most cases, you can not only refinance your existing 2nd mortgage to consolidate additional debt or get cash out, but you will more than likely qualify for a lower rate!
Will the interest on my loan be tax deductible?
Yes, in most cases the interest you pay on home financing is tax deductible. Some restrictions apply to high-loan-to-value and investment property transactions. Please consult with your tax advisor for confirmation.
Do I have to go to your office to sign the documents?
Not at all! We go to you, wherever it's convenient. Whether it's at home, work, or on the weekends. Or we can overnight you the paperwork!
What is an escrow account?
When borrowers make their monthly mortgage payments, they generally also pay one-twelfth of the anticipated annual amount needed to pay taxes and insurance premiums. These additional funds are deposited into an escrow account (also known as an impound account), until the lender pays the taxes and insurance premiums as they come due. The borrower benefits for budgeting reasons because the costs are spread through the year rather than a lump sum. This method allows the lender greater control in avoiding tax delinquencies or lapses of hazard insurance coverage on the property. Mortgage documents often stipulate lenders to establish an escrow account.
Can I pay my own taxes and insurance?
When a loan is originated, the mortgage documents specify the escrow conditions. Lenders are required to establish escrow accounts only for FHA insured mortgages. With conventional loans you typically have the option to establish an impound account or make property taxes on your own. We will present you with the options at the time of financing. Choosing an impound account is often a convenient way to budget for property taxes and insurance.
When will my loan close once I have applied?
Your lender will begin to work on verifying all the information you've provided. This process generally takes from 1 to 6 weeks, depending on the type of mortgage you choose. 1st mortgages and 2nd mortgages can vary quite a bit. You can request that your loan consultant give you a range of time based on your loan program. Part of your loan closing in a timely manner is a reflection on your willingness to provide our staff the appropriate documentation needed through the close of the loan.

How can I find out if a second mortgage will benefit me?

Within a few minutes of your initial conversation with one of our loan consultants we can inform you whether or not a 2nd mortgage will benefit you. Most second mortgages are used for consolidating debt, home-improvement, or cash out for any reason. 2nd mortgages are a great way to consolidate high interest credit card debt and they usually create a much lower payment than what you are paying now, and in most cases the interest may be tax deductible.
On a 2nd Mortgage how much money can I get?
Up to $200,000 or more if you have equity and up to $75,000 even if you have no equity. Your loan consultant will provide you with the best possible loan program tailored to your needs.
What if my credit score isn't perfect?

That's fine, our staff is prepared to offer alternative loan programs to fit your needs.

Why is the Annual Percentage Rate (APR) on the Truth in Lending Disclosure higher than the rate shown on my note, which is the rate I thought I chose?
All lenders are required by the Real Estate Settlement and Procedures Act (RESPA) to show the rate which will be charged on the note signed at closing, including the total cost to obtain the loan. This includes, but is not limited to, the total interest paid over the life of the loan, assuming the full term is carried out at the note rate, plus certain closing costs. Closing costs could include prepaid interest, Private Mortgage Insurance, FHA Mortgage Insurance Premium or VA Funding fee, whichever may be applicable, and various miscellaneous costs such as an underwriting fee, tax service fee, etc., as may be charged by the lender. All of these "Finance Charges" are taken into consideration when calculating the APR to give a more accurate picture of the total cost of the loan.
What is an ARM loan?
An ARM loan is an Adjustable Rate Mortgage (ARM). The interest rate on an ARM loan is adjusted periodically based on the terms of the mortgage documents. The most common periods are 6 months or 1 year; however, some ARM's, most often with banks may adjust your rate as often as monthly. The interest rate is typically based on a common index published in newspapers and adjusted by a margin. The margin is in percentage points and rides above the index rate. For instance a loan tied to the T-Bill Index at let's say 6% and a margin of 2% would yield a rate of interest at 8%. ARMs, as opposed to fixed rates, reflect current market conditions. Given the condition of the economy this could be good or bad, and will always be unpredictable.