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Question
How long does the mortgage process take?

Answer

A normal refinance usually takes no more than 30 days.
This transaction can cover cash out, lower rate and a second
mortgage. A purchase will normally be 30 to 45 days.

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Question

What if my credit is not the best?

Answer

We have programs to fit most credit profiles. Some
borrowers may have a past bankruptcy or even a forclosure.
We represent numerous underwriters that provide programs,
benefiting clients, assuming they have
re-established their credit.

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Question

What is the difference between a mortgage broker and a mortgage banker?

Answer

Bankers work for the bank and have limited resources. Mortgage brokers broker
loans through a number of certified banks which give us the opportunity to provide
you with numerous products and better service.


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Question

Why should I use a mortgage broker versus a mortgage banker?

Answer

Brokers have various sources to which he or she can process your loan,
taking advantage of the best loan and interest rates for your loan.
Bankers have limited resources.


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Question

What is PMI? How do I pay for it and can I avoid it?

Answer

PMI stands for Private Mortgage Insurance. This insurance pays the lender in
the event you default on your loan. PMI is required on loans when the
down payment is less than 20%. However, they can be avoided and we have
the programs to do it.


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Question

What is the difference between fixed and variable rate mortgages?

Answer

A fixed rate mortgage stays the same for the life of the loan and benefits
those who intend to retain the loan for a long period of time. Variable rates
change periodically with market conditions and benefit those who will only
retain the loan for a short period of time or want to buy a larger home than
originally intended.


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Question

Do you provide interest only mortgages?

Answer

Interest only loans are available, allowing more buying power or
lower monthly mortgage payments.


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Question
Can I do 100% financing?

Answer

Yes


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Question
Can I do 100% financing be done on home purchases?

Answer

Yes. In some cases up to 107% to cover closing costs.

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Question
Can I do 100% financing when refinancing?

Answer

Yes. In some cases up to 125% of the value of your home.
This can be done with a 1st mortgage, 2nd mortgage or
home equity line of credit.

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Question
Can all the fees for the refinancing be rolled into the new loan?

Answer

Yes. With the exception of the appraisal cost which is usually paid
once we have a preliminary approval and a copy of your loan request.


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• These are just some of the frequently asked questions. If yours is
not on this list please email us or call and we would be happy to answer them.




 

300 Baltimore Street | Hanover, PA 17331 | 877-415-5050 | info@affordablehomemortgage.net
NMLS # 122687    Licensed by:
The Maryland Banking Commissioner
The Pennsylvania Department of Banking
The West Virginia Division of Financial Institutions

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