Frequently Asked Mortgage Questions



Mortgage Frequently Asked Questions

Garvens Group of Churchill Mortgage knows there are many questions that come up during the mortgage process, so we have compiled a few mortgage questions that are most often asked.

1. What’s your rate?

Asking that as your first question to your mortgage broker is like asking your doctor to prescribe a pill without first talking about your symptoms. While some mortgages are very straight forward, many times it’s best to have a consultation about your financial goals and future plans before beginning to discuss the loan products or terms that will be most appropriate for you. All of our brokers here are trained to help you as mortgage advisors not just another loan originator.

2. What are your closing costs and fees?

Asking this question is similar to asking “What’s your rate”. While all loans have certain fixed costs like title fees and county recording fees how you pay for them can vary. You always have the option of rolling in the costs to the loan balance so that there is no out of pocket expense. Additionally you can pay for the costs yourself to avoid increasing the size of your loan. Lastly we can negotiate with our lenders and investors to give you a lender credit and have them pay the flat costs for you. This is often times referred to as a “no cost” loan.

3. How long will this process take?

The industry standard for any refinance is 30 – 45 days and purchases tend to go a little quicker at 20 – 30 days. However a lot of that time is very dependent on you as a borrower and the complexity of your loan. Very complex transactions involving self employed income or multiple properties can take as much as 3 – 4 months, buying a short sale can take even longer depending on the seller and their bank. The best thing you can do to ensure a fast easy closing is to provide all of your application documents up front and respond quickly to any underwriting requests for additional supporting documents.

4. The last time I did a loan no one ever asked me for these things, why are you asking me now?

This is probably the #1 complaint today. The world of residential lending has become far more regulated and difficult than it was even just 2 years ago. All lenders are being forced to comply with new regulations and compliance standards that can cause frustration for both you and your loan officer. We at Garvens Group of Churchill Mortgage will advice you at the beginning of the process about what to expect and will help guide you through the loan process to make this transaction as smooth as possible.

GARVENS GROUP OF CHURCHILL MORTGAGE PROVIDING COLORADO SPRINGS WITH HOME MORTGAGES, VA LOANS, CONVENTIONAL LOANS, AND FHA LOANS
Company NMLS ID # 1591 (www.nmlsconsumeraccess.org); CO–Mortgage Company Registration, Churchill Mortgage Corporation, 104 S Cascade Ave. Ste. 201A, Colorado Springs CO 80903-5102, Tel 888-562-6200, Regulated by the Division of Real Estate
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