• It costs no more to do business with a mortgage broker.
• We do the shopping for you from an approval list of qualified lenders.
• Because of the diversity, the opportunities for loan applicants to qualify are greatly improved.
• We have access to the most competitive adjustable and fixed-rate loans, including Easy Qualifiers (limited documentation) and Jumbo's (larger home loans).
• Our only business is to provide the lowest cost home financing on the market today for the consumer.
• Because we are a broker approved with many lenders we are not forced to recommend one set of loan programs but can go to any of the approved lenders to find the best loan. A savings and loan or bank does not do this.
• We do our best to make your loan closing fast and hassle free; however if your loan needs extra work we are there to make sure we arrange a loan for you. If the loan does not close we do not get paid!

Why should I do a NO POINT, NO COST LOAN?
Maybe you are thinking of refinancing but you think rates are going to decline some more this year. What should you do? Suppose you have a $250,000 adjustable mortgage with a lifetime cap of 10%; your monthly payment can go as high $2,193. Your current adjustable rate is 7.5%, the monthly payment is $1,748 and may go to 8.5% during the next year, your payment will increase to $1,922.

The No-Point No-Fee Advantage: If you can refinance your home @ 7.50 % payment of $1,744 fixed for 30 years you can avoid the risk associated with an adjustable and if rates fall you can refinance once again. Why? By not paying the loan points and closing costs out of your pocket you have the financial flexibility to refinance again and again. If interest rates continue to fall you can continue to lower your monthly payments without spending anything. DUE TO CURRENT MARKET CONDITIONS YOU ARE LIMITED TO ONE REFINANCE EVERY SIX MONTHS.

The No-Point, No-Fee loan program is a quirk which solely favors the borrower in a declining rate market. This is an opportunity to actually "get something for nothing".

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What is a FICO Score?
FICO scores are numeric representations of your credit profile. The higher the FICO score the better credit risk you are. FICO is a product of Fair Isaac Company. These have been around for several years but started to be used in the mortgage lending business in 1995 for the purpose of keeping down the expense associated with Home Equity loans. These scores are now used by Freddie Mac and Fannie Mae in conjunction with their automated underwriting systems.

The following is an overview of what constitutes a FICO Score:         1. They are based on years of computer modeling aimed at predicting who might be a credit risk. 2.Their purpose is to reduce the cost of examining credit reports and to speed mortgage approvals through the process of automated underwriting . 3.The important negative factors are: bankruptcies, delinquencies, late payments, collections, too many open credit lines, too much credit or too little credit history. 4.The score is only as good as the data.

How much down payment will I need?
You can get a home with as little as 5% down payment (there are special cases which do 3% down). If your down payment is less than 20% of the purchase price, or 20% of the appraisal for a refinance you will need Private Mortgage Insurance (PMI). The down payment must be well-documented. That is you must show bank statements proving that you have had the money for at least 2 months.

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Do I need Private Mortgage Insurance?
Private Mortgage Insurance (PMI) is usually required on  loans where the loan-to-value (the loan amount divided by the value of the property) exceeds 80%. (There is however a way to eliminate PMI without putting down 20%.

The mortgage insurance premium depends on the loan-to-value ratio. It is 3-tiered: 80.01%-85.00%, 85.01% to 90.00% and 90.01% to 95.00% each step costing more. The mortgage insurance also depends on the loan amount and the type of loan. Adjustable rate loans have higher premiums than fixed rate loans. Your lender will "impound" the PMI payment along with your principle and interest.

What is pre-qualifying?
Pre-qualifying is a process whereby a loan officer obtains information about you, either over the telephone or face-to-face and indicates how big a loan of a particular type you will qualify for. The lender would then give you a "pre-qualifying letter" which is of considerable value in dealing with a Realtor or a potential seller. Realtors and sellers are interested in dealing with people whom they know to be able to get the loan necessary to close the deal. We prefer to get the income and asset information from you, get a loan application and pre-qualifying credit report and then write the letter. We are willing to make exceptions if time is critical.

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What is pre-approval?
Pre-approval is a step beyond pre-qualifying. In a pre-approval we send the credit part of the loan package to the lender and get you approved for a certain type of loan with a particular lender before you have found or made an offer on a property.

With a pre-approval you can close the loan faster and often will find your offer more acceptable to the seller. Sometimes sellers are anxious and will take somewhat less in price from someone who can close quickly.

What is a Rate Lock?
The rates you see on this web site are always quoted (unless otherwise noted) for 30 day rate locks. The interest rate on your loan is not set until we fax a "Rate Lock" form to the lender and receive confirmation that they have received it. The loan must fund before the "lock expiration" date or you can lose your rate lock. When we are locking your rate and discussing the lock expiration date it is important that both borrowers be available to sign the documents. You must tell us of your vacation and travel plans. If one borrower will be out of town we can have a "specific power of attorney" prepared so that the other person may sign for both.

Should I lock in my interest rate at application?
This is the toughest question of them all. When you "lock-in" your interest rate the lender usually pays a fee on Wall Street to reserve the specific amount of money for your loan. Therefore most banks will not allow negotiations on interest rates after they are locked-in, even if the rates are lower. When you lock your loan make sure that it is the interest rate that you are willing to accept no matter what happens.

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What if the lender you place my loan with goes out of business?
People sometime ask: If the lender you place my loan with goes out of business or becomes insolvent can I be forced to pay my loan off early. The answer is No, never. If the ownership of your loan is transferred because of failure it is still governed by the original note and deed of trust. Your note cannot be accelerated and your rate cannot be modified as a result of the failure. (Interestingly enough, this is not true of the savings or CD account you might have with a failed institution. There the principle maybe guaranteed by the interest isn't.)

How do I apply for a loan?
Applying for a loan is very simple and straightforward. We have provided online applications for you to pre-qualify or to submit a standard loan application.

What does it mean to have 0 points or 1 point or 2 points?
A point is one percentage of the loan amount. The lenders offer rates which may be lower but require paying points. A rate of  6.50% with 1 point for a loan of $100,000 would require the borrower to pay a total of $1000 to the lender upon approval of the loan. A rate of  6.75% with 0 points will require no payment to the lender but the interest rate is slightly higher. Points will lower rates and are of benefit if you have some cash to lower the rate and intend to keep the loan for its full term.

How long does the loan process take?
The loan process can take as little as two weeks providing all of the proper information is received at the time of loan application. The more information that is provided at the beginning of the loan, the faster we can process that information and have the loan underwriter approve your loan.

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What information will I need at the time of loan application?
The most common items needed are: Last Two Years Tax Returns, Recent Paystubs, Two Months Bank Statements, Mortgage Holder or Landlord Address and Account Number, Last Credit Card Statements if Balance is Carried Forward.

Do I have to use the Lender recommended by the Builder/Realtor?
In most states it is illegal for a builder or Realtor to force a lender's service upon you. It is your right to pick a lender that you feel the most comfortable with and who offers you the most competitive rates. If you have been told that you are not allowed to use your lender of choice, call your local Dept. of Real Estate to verify what choices you have.

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