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FAQs WHY TALK TO ME? How many times does a borrower or home buyer actually get to talk directly to someone who has looked at thousands of loan files and approved or declined them for a mortgage? I am an underwriter, the person that many loan officers contact for help. I am not a loan officer trying to get your loan. I am here to give you the straight answers to your mortgage questions. My goal is to educate, guide, coach you so that you can get a mortgage with both eyes open and help you save money too. I offer unbiased, solid, no balony advice! DID YOU KNOW THAT GETTING A MORTGAGE IS ONE OF THE MOST IMPORTANT AND COSTLY FINANCIAL DECISIONS YOU WILL MAKE IN YOUR LIFE? YOU WANT TO LEAVE YOUR MORTGAGE TO CHANCE? Have a question about my services? You can talk with me Live with a simple phone call or you can have the whole consultation package with my guidance throughout your whole mortgage process. Want to talk now? HERE ARE SOME FAQ ABOUT MY SERVICES HOW DO I HAVE A CONSULTATION? My on line consultations are done via the Live Person feature right on my website. It is an an easy to use chat style format where you enter your questions and concerns and I answer them. Your privacy is guaranteed. This is how the initial consultation is done when you order my full consultation package WHAT IF I ONLY HAVE A FEW QUESTIONS? If you only have a few things you'd like to know about mortgages, you can call me on the phone. Simply click HERE and you can ask me your specific mortgage questions and only pay for the number of minutes you've used. If I'm available, we can talk right now. If not you can schedule an appointment for a future call. This is all done using the service that you come to when you click HERE WHAT IF A FEW DAYS AFTER OUR CONSULTATION, I HAVE MORE QUESTIONS? If you ordered my full service consultation package, you can consult with me whenever you'd like ALL the way through to your closing! Now that's service! Otherwise you can click HERE to me now on the phone and just pay by the minute.   CAN YOU HELP SOMEONE STARTING OUT AS A LOAN OFFICER WITH QUESTIONS? Absolutely! CAN YOU HELP ME, A REAL ESTATE AGENT? Absolutely! Have a question about my services? WANT TO KNOW WHAT KIND OF QUESTIONS I'VE BEEN ASKED? HERE ARE SOME EXAMPLES ....   WHAT ARE THE FIRST STEPS TO BUYING A HOUSE?The first step before you do anything else is get a copy of your credit report....  WHAT DO I QUALIFY FOR? Used to be that your total debts had to fall within certain maximum percentages of your income. Not anymore... WHAT IS THE BEST TYPE OF MORTGAGE FOR ME? Find out which of the many loan programs is best suited for your situation. WHAT ARE MY CHANCES FOR GETTING APPROVED? Your loan approval is based on different criteria, mainly credit, income, employment, assets and the property. I can listen to your situation and give you a good feel for what you may qualify for. WHAT IS A CREDIT EXPLANATION LETTER? This isn't required as much as it used to be, but when it is, is still is important to know what the underwriter is looking for... WHAT CAN I PUT IN MY EXPLANATION LETTER TO IMPROVE MY CHANCES OF APPROVAL? Well you don't want to put that you never were late, because it shows up right there on your credit report. Let's discuss the right way to explain your credit situation... HOW IMPORTANT IS CREDIT? Credit is so important that loan decisions may be made based on credit history ALONE...   WHAT IS A CREDIT SCORE? Think of it like a report card grade in school and you're starting to get an idea...   HOW DOES YOUR CREDIT SCORE AFFECT THE LOAN DECISION? Whether it is right or wrong, MANY lenders will make a loan decision solely based on the score...   WHAT KIND OF MORTGAGE IS BEST FOR ME? That all depends. How long are you planning on being in this house? Are you planning to have a family and maybe someone will be home and not earning that second income, at least for a while...   WHAT IS A BUYDOWN MORTGAGE? This is a mortgage that has an initially lower payment the first few years...   WHAT IS AN ADJUSTABLE MORTGAGE AND HOW DOES IT WORK? There are many types of these, and I still highly recommend the 1 year ARM if only living somewhere for two years or less...   WHAT IS A BALLOON MORTGAGE? This is a type of mortgage that may take you by surprise if you don't find out before you take one... WHAT ARE JUNK FEES? All lenders have fees associated with getting a mortgage. But when there are fees that seem high or are listed as a fee you may have never heard of before, they may be junk fees...I can help you with this... WHAT IS APR? Annual Percentage Rate, if this isn't higher than your mortgage rate you are receiving you'll want to close TOMORROW....   WHAT IS AN FHA MORTGAGE? A mortgage insured by the Federal Housing Administration. To many, this is the best mortgage option ... A VA MORTGAGE? A mortgage guaranteed by the Veterans Administration...good for anyone who has served in any military capacity...   WHAT IS PMI AND WHEN DO YOU NEED IT? Private Mortgage Insurance. It is needed whenever you have less than 20% downpayment, but I can explain how to get around this...   WHAT ARE RATIOS? These are the percentages that are calculated that measure the amount of your gross monthly income that is used for a mortgage payment and total debts....   HOW MUCH DOWNPAYMENT DO I NEED? Believe it or not, you may need 0 down...   HOW DO CHILD SUPPORT PAYMENTS AND 401K LOANS AFFECT QUALIFYING? Child support payments count as monthly debts and 401k loans used to but not anymore...   WHAT IS SUBPRIME CREDIT? This is when credit history reflects several derogatory items such as late payments, collections, even bankruptcies...   WHAT IS AUTOMATED UNDERWRITING? The new underwriting method that takes away the use of a human underwriter...do I sound bitter?...   WHAT ARE THE PITFALLS OF A LEASE PURCHASE? You better make sure you are paying more than the fair market rent each month or you could be at square one... WHAT IS 'LOCKING-IN' VERSUS 'FLOATING'? When you lock in you are deciding on a definite rate and points and it is set in writing. When you like to gamble on the rates it is called 'floating'...   SHOULD I REFINANCE NOW? It really depends on your current situation and what you are trying to achieve... WHAT IF I AM GETTING DIVORCED AND REMAINING IN THE HOME? If you want to see if it is possible to qualify to stay in your home, I can do some number crunching for you and discuss your options...   WHAT IS A CASH-OUT REFINANCE? This is when any portion of the mortgage is used to pay off a debt other than the present mortgage and closing costs of doing the loan. There are a few exceptions though... WHAT IF I WAS ALREADY TURNED DOWN FOR A MORTGAGE? Don't feel destined to be throwing away rent all your life or never moving out of your folks home. Let me educate you... THIS IS JUST A SAMPLING...NO QUESTION IS TOO DUMB!! I'M HERE TO HELP! If you aren't sure about some of these answers you can use my service! You are not WASTING money here! This is an Investment for one of the most important financial decisions of your life!   DON'T WAIT UNTIL ITS TOO LATE! DO IT NOW!  Background | Legal Disclaimer | FAQs | MomPack Links |WAH Resources l Realtors l Resources lAffiliate Information lContact Me | Calculator PRIVACY POLICY