Q. What is the interest rate today?
A. Rates change daily and sometimes several times a day. Call or email for a rate quote.
Q. What is a prequalification?
A. We look at your income, your debt, and your credit score to make sure you qualify for the loan that best fits you.
Q. What information do you from me to start?
A. We just need the application filled out. Either type it in the website, or download one, or give us a call. If you just want a quick quote please click on quick quote button.
Q. How long does it take to get a loan?
A. This depends on what type of loan we are doing. Most refinance loans take approximately 30 days. Purchase loans can take less, but it depends on how fast all parties would like to close.
Q. Do I need a down payment?
A. For purchase you do. Some FHA loans are only 3% down payment. The best loan rate would require 20% down. This way you will also avoid mortgage insurance. There are very good deals for 5% to 10% down. Best thing to do is to call and give us the scenario.
Q. Can I get a loan with bad credit or a bankruptcy?
A. Sometimes low credit scores are from errors in reporting. There are still a variety of loans out there but we can give you a plan to build your credit back up if need be. Also, if the Bankruptcy has been discharged over 4 years it will not count against you. Some programs are available for a 2 year discharge, but will depend on other factors for approval.
Q. What is mortgage insurance?
A. Mortgage insurance is when you take out a first mortgage and the loan to value is above 80%. The lender will require mortgage insurance to cover the additions loan value. Mortgage insurance allows you to put less money down to purchase a house. However you will pay a monthly fee until the loan is at or below 80% of the value.
Q. What are closing costs?
A. Closing costs are the fees to the bank, taxes, escrow and title, and other normal fees that are attached to the closing of the property and mortgage.
Q. What affects my credit score?
A. You credit score combines a mixture of elements such as whether bills are paid on time, how much of the available credit you are using, the length of time the accounts have been opened Do not make any changes to your credit until you speak to a mortgage specialist. Closing accounts can actually hurt your credit.
Q. Why should I pick Alterna Mortgage?
A. We do all types of loan programs for purchase and refinances. We consistently have lower fees and rates then most if not all Banks. We believe in giving our clients information that will help them choose the correct program that fits their budget or saves them the most money. We have a very good knowledge of all the loan programs and will be able to find one that fit your needs.Please contact us and we will show why you should choose Alterna Mortgage as your Mortgage Professionals.