Why should I use a mortgage broker?

A mortgage broker has access to several lenders competing for your business. This also saves you valuable time and money. They will shop different lenders for the best rates and programs available.

What is an APR?

Annual Percentage Rate. This includes the the cost of getting the loan including points, fees, and mortgage insurance if applicable.

What is the cost of doing the loan?

Fees range on the size of the loan, however when refinancing the cost is usually lower than purchasing a new property. Consider 1 to 2 percent as an average closing cost of the loan amount.

What are points?

Also known as discount points, are part of the closing costs, however they are not considered loan fees. This enables the borrower to buy the interest rate up or down.

How do I get started?

A loan officer or mortgage broker takes an application, called a 1003. A credit report is then pulled to determine the FICO score and best loan program available.

Frequently Asked Questions

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