Q: What type of loans programs do you have?
A: We offer First and Second mortgages, and Home Improvement loans with Fixed or Variable Rates. We have Term loans, and more. We also offer loans for those with past credit problems and Low Income loans.
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Q: How much do I need for a down payment?
A: Down payment requirements depend on the type of loan you get. We can offer home loans with as little as 3% down. Some sellers can carry paper to help finance a down payment, resulting in an even lower down payment. The VA loan is a true 100% loan to value, which means the seller can pay the closing costs and there is no money out of pocket.
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Q: How long does it take to get approval?
A: Approval times vary depending on the complexity of your loan application. The typical time frame is 1-2 weeks for approval. You can save time, however, by pre-qualifying for your loan. Contact Allliance Mortgage for more information on pre-qualification.
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Q: What are closing costs?
A: Closing costs are fees charged to cover appraisals, title search, document preparation, recording fees, flood certification, etc. Closing costs can be included in the loan amount for some transactions, resulting in no out of pocket costs.
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Q: What is the best type of loan for me?
A: Choosing the right loan depends on many things. Such as how long you plan to keep the property; how much of a down payment you can afford; how much of a monthly payment you can afford; future earnings; etc.
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Q: What if I have had credit problems in the past?
A: Alliance Mortgage works with many lenders and is able to find loans for those who have had credit problems in the past. We can obtain financing for virtually anyone regardless of past credit.
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Q: When should I apply for my loan?
A: If you apply today, you can get pre-qualified and know what is available to you before you go shopping for your new home. You will know in advance how much house you can afford.
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Q: Why Should I Be Pre-Qualified?
A: Do you go to the grocery store without knowing if you have money in your wallet? Its basically the same thing, by Pre-Qualifying you know what price range of home you can afford. This will put you ahead of the game by knowing what you can afford.
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Q: What is PMI?
A: In the event that you do not have a 20 percent down payment, lenders will allow a smaller down payment - as low as 5 percent in some cases. With the smaller down payment loans, however, borrowers are usually required to carry private mortgage insurance. Private mortgage insurance will usually require an initial premium payment and may require an additional monthly fee depending on you loan's structure.
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Q: What are points?
A: There are two types of points, Discount and Origination. Discount points are charge for the purposes of obtaining a lower rate. Origination points are a fee charged by the lender for doing the loan. A point is equal to 1% of the loan amount.
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Still have questions? Contact Alliance Mortgage
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