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Frequently Asked Questions

When borrowers apply for a loan through our website they typically have some questions about obtaining a loan and about the loan process itself. While, most questions should be asked of, and answered by, one of our qualified loan officers, we have provided a few answers to questions asked that pertain to our site and the loan application.

Frequently Asked Questions

 
 
 
 

Questions
 
Q . How long until I hear from a loan officer after I apply?
 
Q . How long does it take to get my money in a cash out refinance?
 
 
Q . How much home can I afford?
 
 
Q .How much of a down payment do I need?
 
Q .What documents will I need to provide when I apply for a loan?
 
Q .My credit history is not the greatest. Can I still get a loan?
 
Q .What are the typical terms of a traditional second mortgage?
 
Q .What is a home equity line of credit?
 
Q .What is the difference between a second mortgage and a home equity line of credit?
 
Answers
 

Q .How long until I hear from a loan officer after I apply?

A . We believe in real time contact. No waiting around hours to hear from a loan officer. That's why we make it convenient for you by asking which time you would like to be contacted on all of our loan forms. If you did not choose a specific time on your loan application for a lender to contact you, than it will be within the next 24 business hours.

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Q .How long does it take to get my money in a cash out refinance?

A . The average time is 15 to 45 days.

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Q .I just refinanced 6 months ago, but rates have dropped, is it worth it for me to refinance again?

A . A good rule of thumb is if the "average" rate has dropped at least half of a percentage point from your present rate than go ahead and refinance. However, your loan officer will be able to help you "crunch" the numbers to determine if refinancing is the best option for you.

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Q .How much home can I afford?

A . How much home you can afford is really going to be determined by several different factors including your current debt (bills), how much income you currentlymake, and how much you have for a down payment. We offer home affordability calculators, both the amortization calculator and the rent vs buy calculator are great places to start. However, these should only be used for averages as we can usually show you how to afford even more.

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Q .When is the best time to apply for a loan when purchasing a new home?

A . The best option is to get pre-approved for a mortgage loan prior to searching for a home. This way you know before hand how much home you can afford before you start looking which makes your buying power that much more. We offer special first time home buyer and home purchase loans to help make the home buying process quick and easy.

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Q .How much of a down payment do I need?

A . It all depends on you. We offer no down payment and low down-payment programs so that everyone can purchase a home. A good rule of thimb is if you can afford to pay rent you can afford a home of your very own.

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Q .What documents will I need to provide when I apply for a loan?

A . Having the necessary documents prepared and available ensures a smooth processing of your loan. Luckily we have made it fast and easy for you by providing a list of the loan documents that you will need.

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Q .My credit history is not the greatest. Can I still get a loan?

A . Absolutely! For years we have been helping those with troubled or "bad" credit receive the financing they need. Whether it by buying a new home or refinancing their current mortgage we have been offering our borrowers the financing options they want with the level of customer service they deserve.

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Q .What are the typical terms of a traditional second mortgage?

A . A traditional second mortgage loan in Arizona usually has a fixed interest rate with equal monthly payments applied over the life of the loan. The interest rate is determined by examining a borrower's equity and credit, and is usually a few percentage points higher than rates on first mortgages. The typical loan term ranges between fifteen to thirty years.

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Q .What is a home equity line of credit?

A . A Home equity line of credit is a credit line that borrows against the equity in your home. Working similar to a credit card, though with MUCH lower interest rates, your monthly payment is determind by the amount of equity you spend. A great loan to purchase a new car or truck because you will typically be paying a lot less in interest than a typical auto loan from the dealer. As well the interest, in most cases, is completely tax deductible!

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Q .What is the difference between a second mortgage and a home equity line of credit?

A . On a traditional second mortgage, the rate is usually fixed and all the funds are dispersed at closing. The term can be anywhere from ten to twenty years. With a home equity line of credit (referred to as a HELOC), the funds are taken from a credit line account as needed and not paid out in a lump sum at closing. The rate on the credit line is typically variable, usually to the prime rate index. The term can vary anywhere from fifteen to thirty years. Home equity lines have two periods; a draw period, typically occurring in the first 10-15 years, and the remaining term on the loan is known as the repayment period.

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