Q. Why
should I choose Eastside Financial Services, Corp.?
A. If there is one thing that is true about refinancing or
buying a home, it’s that you will
always have questions. That’s why the most important thing you should
look for in a mortgage broker, is the knowledge and helpfulness of its
staff.
At Eastside Financial Services,
Corp., we are here to answer your
questions, to recommend programs, and to give you the tools to help
you make the best possible decision to improve your financial situation.
We are here to help you understand the process every step of the way.
We are not just in the mortgage business; we are in the business of
making your financial dreams a reality.
Eastside Financial Services make it easy for you to contact us, or
apply for a refinance or purchase of your home. CLICK HERE to
contact us, or APPLY NOW, and have a loan consultant contact you
within 24 hours (M-F) with information and options regarding your
mortgage.
Whether it’s a lower monthly payment you’re looking for, or to
finance your child’s education, let the mortgage professionals at
Eastside Financial give you a helping hand.
Thank you for visiting our website, and we look forward to speaking
with you soon.
CONTACT US
Q. What kind of
mortgage is right for me?
A. There are many types of mortgages to qualify for. Here are just
a few:
LOAN
CATEGORIES
CONVENTIONAL LOANS
Any mortgages other than a VA or FHA loan. A conventional loan may be
conforming or non-conforming.
Do I Qualify?
CONFORMING LOANS
A loan that conforms to the guidelines established by Fannie Mae or
Freddie Mac. These guidelines establish the maximum loan amount, down
payment, borrower credit and income requirements, and suitable properties.
Lenders that make loans establish to these guidelines may sell those loans
to Fannie Mae or Freddie Mac. These lenders may retain the servicing on
these loans-so that a borrower will continue to make payments to the
original lender. Conforming loans make up the majority of loans in the
United States.
Do I Qualify?
NON-CONFORMING LOANS
A loan that does not conform to the guidelines established by Fannie
Mae or Freddie Mac is called a non-conforming loan. A loan that exceeds
the conforming loan limit is called a jumbo loan. Loans that do not meet
the credit quality of conforming loans ("A" paper), are called
"B", "C", and "D" paper loans.
Do I Qualify?
EQUITY LOANS
Second mortgages, credit lines, home equity loans, debt consolidation
loans, and home improvement loans are also considered to be
non-conforming. These loans are placed in the second and third lien positions on the home, and are considered to be mortgages even if the
designation of the loan states otherwise. These loans may have more
flexible qualifying criteria and may go up to 100% of the value of the
home.
Do I Qualify?
Q. What is A.P.R.?
A. A.P.R. is the annual percent rate. It is the effective rate
of interest for a loan per year. This rate is typically higher than the
note rate because it takes into account closing costs.
CONTACT US FOR MORE INFORMATION
Q. What is my loan
to value?
A. Loan to value or, LTV, is your loan amount divided by the
value of your property. The LTV is a very important ratio when qualifying
for a mortgage or refinance.
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Q.
What is private
mortgage insurance (PMI)?
A.
In the event you do not have a
20 percent down payment on a conforming loan, lenders will allow a
smaller down payment - as low as 3 percent in some cases. With the
smaller down payment loans, however borrowers are usually required
to carry private mortgage insurance (PMI). PMI payments are normally
made on a monthly basis along with regular mortgage payment.
*NOTE* When refinancing, PMI
will be assessed if the loan to value (LTV) ratio exceeds 80 percent. In some
cases, PMI may be waived by paying discount points.
CONTACT US FOR MORE INFORMATION
Q.
What does PITI stand for?
A. PITI is the abbreviation
for principal, interest, taxes, and insurance. This may be combined to
make a single monthly mortgage payment.
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Q.
What is an Impound/Escrow account for?
A. The impound or escrow
account is the portion of a monthly mortgage payment, held by the lender
or servicer to pay for property taxes, hazard insurance, mortgage
insurance, and other items as they become due. They are also known as
reserves.
CALCULATE
YOUR PAYMENT
Q.
What are closing costs?
A. Closing costs are expenses
incurred by the homeowner, broker, and loan servicer in a real estate or
mortgage transaction. There are two types of costs: Recurring and
Non-Recurring. Non-recurring costs are one time transactional costs which
include:
- Discount points and/or
origination fees
- Lender fees - underwriting,
processing, document preparation, flood certificate, tax service, wire
transfer, courier, just to name a few
- Title insurance fees
- Escrow, attorney, or closing
agent fees
- Recording fees
- Inspection/appraisal fees
Recurring fees are costs associated
with owning the property and they recur month after month. These costs may
include the hazard insurance, interest, property taxes, mortgage insurance
(PMI), and associated fees. A pro-rated amount of these fees may have to be
paid at closing including:
- Pre-paid interest - interest
charges from the date of closing to the end of the month
- Property taxes
(if due)
- Hazard insurance, fire/homeowners
insurance
- Mortgage insurance (PMI) - May be
required if the loan amount is more than 80% of the value of the
property. Most mortgage companies only require 1-2 months be paid up
front. PMI is normally paid every month with the loan payment.
- Escrow/impound account may be
established by paying 1-6 months in advance, depending how the billing
is set up.
*NOTE* If you are
refinancing, all costs incurred may be paid through the equity of your home!
CONTACT US FOR MORE INFORMATION
QUALIFY
ME NOW!!
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