Questions and answers
Q. How long does it take to close my
loan?
A. It generally takes between two and five weeks from start
to finish to close any new loan or refinance. This frequently
depends on your credit score. If your score is over 620, you
may qualify for an A+ loan. If so, One Stop Mortgage can use
computerized loan processing to speed up your approval, and get
the lowest rate. If your score is below 620, our
loan brokers must search for alternate sources of funding. This
alone does not disqualify you - it may add a little time, but you
may still qualify for a very good interest rate.
Q. Can I do anything to improve my
credit?
A. If you have a low score, ask for a copy of the credit
report. If there are any errors on the reports, the mortgage
broker at One Stop Mortgage can put you in contact with the credit
bureau so that you can permanently correct the error. If there are
no errors, you may have a history of late payments. Reducing
the number of credit accounts and paying the remainder on time
will improve your score over time.
Q. Can you help me with a loan outside
of Indiana?
A. One Stop Mortgage is licensed in Indiana and
Michigan,
and are happy to help you with your mortgage needs in these
states. If you
need a residential mortgage in a different state that requires
residential mortgage brokers to have a license (such as Illinois,
California or Hawaii)
we generally can not broker a loan if you are a resident of that
state. For example, if you need a new mortgage,
refinance, or home equity loan on a property in Hawaii, but
are not a resident of Hawaii, we can process a loan for you, using
one of our great programs. Most states have no licensing requirements for
commercial loan brokers, and we would be happy to work with you .
Call Lena at 574-264-6600 for information on non-resident or commercial loans.
Q. What is an origination fee?
A. An origination fee is the fee the lender charges to
process the loan. It is typically 1% of the loan amount. Loans are
available without an origination fee, but usually with a higher interest rate.
Q. What is a discount point?
A. A discount point is 1% of the loan amount. When you get
a quote on an interest rate, your broker will typically let you
know the rate with no discount points. Many borrowers will want to
get the lowest possible interest rate. By paying 1 or 2 points,
you are paying the lender to reduce the interest rate. Your
mortgage broker will work with you to see if paying discount
points is best for you.
Q. What is a Good Faith Estimate?
A. The law requires that you receive a good faith estimate
within three days of the lender receiving your loan application.
The good faith estimate will provide you with a written estimate
of the total costs of your loan, also indicating how much money
you need to bring to closing - or how much you will get back.
If you have any other questions, please do not
hesitate to contact any of the mortgage brokers at One Stop
Mortgage - either by phone or in person.
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