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What documentation
will you need from me?
Can you match the low interest
rates I've seen from other companies?
What are your interest rates?
What does it mean to "buy
down the interest rate" or to "pay points"?
What if I have less than perfect
credit?
How long will the process take,
and when will my loan close?
How much will my closing costs
be?
Do you have zero closing costs
options?
How do I know if this is a good
time for me to refinance?
Q. What documentation
will you need from me?
A. On most loans, the borrower will need to provide the following:
- Driver's license
- Social security number
- Pay stubs showing one full months earnings
- Bank statements, two most recent months
- W- 2's for the last two years. If self employed, tax returns
for the last two years
- Asset account statements (401K, IRA, retirement), most recent
available
Q. Can you match the low
interest rates I've seen from other companies?
A. Yes. Though it's important to remember that when you see rates
posted by mortgage lenders they are the absolute best rates possible,
many people do not qualify for those rates. A loan officer is available
to talk with you about your individual situation and recommend the
programs that are well-suited to your needs.
Q. What are your interest
rates?
A. Providing you with an accurate rate is one of our highest priorities.
Simply listing the lowest interest rates available could create
misunderstanding since many people don't qualify for the lowest
rates. Instead, you are welcome to call or use the online
application to get your free, no-obligation quote listing the
best rates and programs for your unique needs. You'll have an answer
within 24 hours on business days.
The interest rate that you qualify for can be affected by your down payment, credit history, loan amount, and more. As a correspondent lender, we have access to hundreds of banks nationwide and make it simple for you to get a low interest home loan.
Q. What does it mean to
"buy down the interest rate" or to "pay points"?
A. Basically it means to pay a fee in order to have the interest
rate lowered. The longer you plan to have the loan the more likely
it will save you money. These days many people don't keep their
mortgage long enough (because they refinance or move) to benefit
from paying points. Your loan officer can help you determine whether
this can save you money.
Q. What if I have less
than perfect credit?
A. There are many programs available just for you! Many people are
happily surprised to hear they qualify for a loan even when they
didn't think it would be possible. You'll also get suggestions on
how to improve your credit situation so that when you are ready
to move or refinance you can qualify for an even lower interest
rate.
Q. How long will the process
take, and when will my loan close?
A. Typically, you can expect your loan to close 30-60 days from
the time of loan application. Purchases are our highest priority
as they often have short deadlines written into the Purchase and
Sales agreement.
Q. How much will my closing
costs be?
A. The type of loan program you choose can affect your closing costs
- you may choose a zero closing cost option or decide to roll your
closing costs into the loan amount. You will receive a good faith
estimate that will detail every cost in the transaction.
Q. Do you have zero closing
costs options?
A. Yes, several. Your loan officer will help you find a program that fits your needs.
Q. How do I know if this
is a good time for me to refinance?
A. There are a lot of myths about refinancing, such as "I just
refinanced a year ago, it would be too soon to do it again".
Or, "It wouldn't be worth it to refinance unless I can come
down by at least at least one percentage point." Neither of
these is necessarily true. The only way to determine whether or
not it's a good time to refinance is by talking with a loan officer.
Your current rate, payment, and other loan factors will be carefully
reviewed to see if it would be a beneficial time for you. We will
let you know if refinancing wouldn't be in your best interest.
For more information and answers contact
us today.
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Mortgage Master Service Corporation
24909 104th Ave SE, Suite 100
Kent, WA 98030
Phone: 253-859-5300 Toll Free: 800-583-7200
Fax: 206-382-9612 (Seattle line)
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