1. Why should I choose LoanAction.com for my home loan?
LoanAction.com
is a national mortgage banker and broker with the experience and reputation to
find you the loan that best fits your needs. With our streamlined loan
process, we make getting your loan fast and easy. Our professional and
courteous loan consultants are here to help you and advise you on what is one of
the most important decisions of your life. We look forward to the
challenge of earning your business and we welcome the opportunity to serve you
in obtaining your next home loan.
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2. What are the benefits of using both a
mortgage banker and broker?
Most lenders out in the marketplace are
either strictly a mortgage banker or strictly a mortgage broker.
LoanAction.com, on the other hand, works as both. Since LoanAction.com is
strictly focused on you, the customer, it is our goal to find you the finest available loan program
for your particular situation, period. Because that is our
goal, being both a mortgage banker and broker gives us the freedom we need to
find you the best loan program around.
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3. What is equity?
Equity
is the difference between the amount a home would sell for and the balance still
owed on the mortgage. This important difference represents the homeowner's
financial interest or equity in the home. A homeowner can therefore borrow
against the equity in their home and use it for virtually any purpose, such as
debt consolidation or home improvements. Because this is a mortgage based
loan, the interest paid on this loan can be tax deductible (consult your tax
specialist).
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4. What is the difference between a fixed rate and adjustable
rate loan?
An adjustable (or variable) rate mortgage has an interest rate
that adjusts periodically on the basis of changes to a specified index.
Typically adjustable rate mortgages (ARM) start out at somewhat lower rates than
do fixed rate mortgages. They, however, fluctuate up - raising the monthly
payment, or down - lowering the monthly payment, depending on the movement of the
index to which it is tied to. A fixed rate loan, on the other hand, has an
interest rate that remains the same throughout the entire loan term. Your
experienced LoanAction.com loan consultant can discuss the advantages of both types
of mortgages to help you decide.
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5. What is an
A.P.R.?
These three
letters stand for Annual Percentage Rate...which is the total cost, on a yearly
basis, in interest as a percentage of the loan amount. This figure
includes such items as the base interest rate and any loan origination
fees. A LoanAction.com loan consultant would be glad to answer any questions
about Annual Percentage Rates and how they are calculated.
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6. What
documents will I need to give the lender before closing a loan?
With
LoanAction's tremendous variety of loan programs, the documents you will need to
provide vary form program to program. Some common documents that you might
need to provide are:
- Income Documentation - Two years income history such as
1040 Tax Returns, W-2s, Bank Statement Deposits and Paystubs.
- Asset
Verification - Bank Statements, Retirement Account Statements, Mutual Fund
Statements, etc.
- Legal Identification - Driver's Licenses and Social Security
Cards.
- Insurance Coverage - Proof of Homeowner's Insurance.
Your LoanAction
Loan Consultant will let you know what documents you need to provide in order to
close your loan quickly and efficiently.
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7. What's included in closing
costs?
In order to simplify this answer, closing costs can be divided into
three categories:
- Lender Fees - this includes points, appraisal, credit report,
underwriting, processing, document, tax service and flood certificate.
- Settlement
Fees - this includes title insurance, escrow/settlement fees, city/county/state taxes,
recordation and messenger fees.
- Pre-paid Expenses - this includes interim interest,
real estate taxes and homeowner's insurance premiums.
Your LoanAction Loan Consultant can give you a detailed breakdown of
all closing costs that would apply to your loan.
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8. How do I start?
It
couldn't be easier. Just click here to apply or call us at (800)
734-3772 and speak with one of our friendly loan consultants and let them
answer any questions you might have.
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