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Why
don't you quote interest rates on the web site?
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Can someone quote me an interest rate and discuss loan programs over
the phone?
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How long does it take for a pre-approval and final loan approval?
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What can I expect after I apply for a loan with Integrity Funding?
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Who can I contact if I have questions during the loan process?
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How do I lock an interest
rate?
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If I am floating my interest rate and I have already signed the good
faith estimate, am I committed to that interest rate if rates would
change?
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Is information I provide you with on the web site secure and
confidential?
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Is it better to go with an adjustable rate mortgage or a fixed rate?
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What is an adjustable rate mortgage and how does it work?
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What is the APR and why is it higher than my actual interest rate?
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What is hazard insurance?
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What is a "Point"?
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What is title insurance?
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What is the difference between a jumbo loan and a conforming loan?
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What is a bi-weekly
mortgage?
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What is your policy regarding the privacy and confidentiality of any
information I provide you with?
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Do I have to escrow for my property taxes and insurance?
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Can I bring a
personal check to the closing?
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If I choose to have my equity line of credit or second mortgage
satisfied at closing what does that mean?
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Can I refinance my first mortgage and leave my equity line of credit
open so I can still use it?
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What is a conforming loan amount?
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How do I
dispute an item on my credit report?
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What is PMI?
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What are loan fees?
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If my loan requires Private Mortgage Insurance, when can I have it
removed?
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Does my homeowners insurance need to be current at the time my loan
closes?
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If my loan is closing around the first of the month, should I still
make my payment to my current lender?
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If I am receiving cash out at the end of the transaction, how will I
receive my proceeds?
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What happens to my loan after it closes?
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Can you use an appraisal I already have?
We
don't quote interest rates on our web site for several reasons.
First of all, every situation is a little bit different and in order
for us to offer you the most competitive rate, it is necessary for
us to understand your needs and discuss a few options before quoting
interest rates. The interest rate we quote you will depend on loan
amount, closing date, the type of loan program, and if you will be
escrowing for property taxes. Also interest rates can change several
times a day and information posted on the web site may not be
accurate.
Yes. We would prefer to discuss the different loan programs and your
situation in order to make sure you have a full understanding of the
different options available. Often times clients are unaware of
options or strategies that would benefit their financial situation.
We
can normally have a pre-approval for you within 24 hours. Final loan
approval depends on many factors but generally we are able to have
an unconditional commitment within 20 days from the time of
application.
After you apply with Integrity Funding for mortgage financing, we
process all of your information and prepare preliminary estimates
and disclosures to send out to you in the mail. Along with these
documents is a letter explaining the further documentation we will
need from you such as paycheck stubs, bank statements, or W-2 forms.
Once you have reviewed and signed the documents and assembled the
required documentation, send everything back to us as soon as
possible. While that is happening we will be ordering your
appraisal, title insurance, and credit reports, as well as finishing
up some behind the scenes processing work. After the appraisal comes
in and we have all of your documents we normally have a loan
approval within a few days. Once loan approval has been granted we
clear up any conditions the underwriters may have and then we will
contact you to schedule a time that is convenient for you to close.
If at any time during the loan process you have any
questions or concerns, please feel free to contact your loan
officers at 866-735-6267. You can also contact us via email at
info@integrityfundinginc.net.
You can lock an interest rate at any time once we
have received your loan application by contacting our office during
normal business hours at 866-735-6267
No, the good faith estimate is no more than an estimate of the
closing costs that will be associated with your loan. In order to
compute an estimated monthly payment, we use a current market rate
at the time of application. If rates would change and you have not
yet locked an interest rate we would be able to provide you with the
best rate at that time.
The information transmitted through our web site is secure and
cannot be read or interpreted by someone intercepting the
transmission. Our web site uses the latest security features and we
do not store any client information on our web site. All data is
immediately transferred to our main servers which are independent of
the web site. This ensures that all of our client's confidential
information is not accessible from the internet or our web site.
In
general, when interest rates are high, adjustable rate mortgages are
a better option for borrowers. In periods of declining or low
interest rates, fixed rate mortgages may be more favorable. Our
mortgage counselors will help guide you in making the right
decision.
An
adjustable rate mortgage is a mortgage in which the interest rate is
adjusted periodically based on a pre-selected index plus a margin.
Most adjustable rate mortgages have rate caps which limit the amount
by which the interest rates can change.
The APR, or annual percentage rate, is the total cost of your
mortgage loan expressed as an annual rate. The APR reflects factors
including the amount financed, finance charges, and the term of the
loan. The result is an annual percentage rate slightly higher than
the actual note rate.
Hazard insurance, also known as homeowners insurance, is insurance
that protects the insured against loss due to fire, natural causes,
vandalism, etc. depending on the terms of the policy.
Points are an up-front fee paid to the lender at closing for the
purpose of reducing the interest rate. The more points paid, the
lower the interest rate. Discount points are prepaid interest that
is tax deductible on a purchase but must be amortized on a refinance
transaction.
Title insurance protects the insured party against loss due to
disputes over ownership rights to a property. A lenders policy will
protect the lender and an owner's policy will protect the buyer.
A
jumbo loan is a loan greater than the limit set by the Federal
National Mortgage Association (FNMA) and the Federal Home Loan
Mortgage Corporation (FHLMC). The limit changes every year and is
currently at $359,650. A conforming loan is a loan of $359,650 or
less.
A
bi-weekly mortgage is a mortgage where payments of principal and
interest are due every 2 weeks instead of monthly. The bi-weekly
payment is roughly half of what a normal monthly payment would be.
The theory behind bi-weekly mortgages is that by making a payment of
principal and interest every 2 weeks, the borrower is able to pay
down principal faster. The same results can be achieved by making
one extra monthly mortgage payment per year, whether in one lump sum
or spread out over 12 months.
Integrity Funding is aware of the confidential and very sensitive
nature of the information our clients provide us. Because of this we
have taken the necessary steps to ensure that your information is
protected and accessible to only the individuals who are involved in
processing and closing your loan. We have provided a secure loan
application on the web site and all information that comes into our
office via fax or mail is also protected. We do not sell or share
any client information with any third parties and you will not
receive unauthorized communications from any company that has
obtained information from us. We understand the confidential nature
of our clients personal and business affairs and do everything
possible to preserve that confidentiality.
If
your loan to value ratio is 80% or less, it is possible to waive
your property tax and insurance escrows.
We
require that the check you bring to closing be either a certified or
cashier's check usually made payable to yourself.
If
you currently have an equity line of credit or second mortgage, with
or without a balance on it, and you choose to have that satisfied at
the closing of your new loan, it means you will no longer be able to
use it. When the loan is satisfied, it is paid off (if there is a
balance) and permanently closed out.
Yes. If you have an equity line of credit that you wish to continue
to use after you refinance your first mortgage, in most cases we can
re-subordinate the equity line for you.
A
conforming loan is one that is less than the maximum loan amounts
set by Fannie Mae and Freddie Mac. The
current conforming loan amount limits are:
A loan in which the amount borrowed
is less than or equal to
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1-unit = $417,000
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2-units = $533,850
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3-units = $645,300
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4-units = $801,950
Maximum loan amounts for Alaska and Hawaii are as follows:
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1-unit = $625,500
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2-units = $800,775
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3-units = $967,950
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4-units = $1,202,925
You must contact the credit agencies directly and dispute the
reported item. Following is the information on how to contact the
agencies:
| |
Transunion Consumer Relations |
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Equifax
Consumer Relations |
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Experian
Consumer Relations |
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PO Box
1000
Chester,
PA 19022
800-888-4213
www.transunion.com |
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PO Box
105873
Atlanta,
GA 30348
800-685-1111
www.equifax.com |
|
PO Box
2002
Allen, TX
75013
888-397-3742
www.experian.com |
Private Mortgage Insurance is charged on loan amounts exceeding 80%
of the purchase price of a home. It is also charged on loan amounts
refinanced that exceed 80% of the value of the property. The
mortgage insurance protects the lender against loan default.
Loan fees are fees paid in conjunction with closing a mortgage loan.
Integrity Funding, Inc. uses a different pricing model than traditional mortgage
companies. Most companies work on a percentage profit built into the
rate and points (normally 1% or so). We operate to a greater extent
on a fixed dollar profit, built into the fees. If you compare total
dollar cost (points and fees) for the same interest rate, we will
normally have a lower total cost associated with our loan. We can
convert most fees into points if that makes a difference to you.
Instead of charging borrowers for every small fee associated with
the loan, Integrity Funding, Inc. collects the following fees:
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Processing Fee - Covers costs associated with processing the loan.
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Underwriting Fee - Covers costs associated with underwriting the
loan.
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Document Preparation Fee - Covers costs associated with preparing
the loan documents.
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Funding Fee - Covers costs associated with funding and closing the
loan.
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Administration Fee- Covers additional costs associated with the
loan such as credit report, tax service, and flood certification.
According to federal regulations governing loans closed after July
28,1999 on single-family homes, you may request that Private
Mortgage Insurance be removed if you pay your loan balance down
below 80% of the original property value at the time the loan was
secured. When your loan balance reaches 78% of the original property
value at the time the loan was secured, your PMI will automatically
be cancelled. A few exceptions may be made by your mortgage holder,
such as if you have been late on your mortgage payments in the past
year or you have other mortgages on the property that require PMI.
If you feel your home has appreciated so that your loan to value is
below 80%, you may order an appraisal at your expense from one of
your mortgage holder's approved appraisers and, if the appraisal
confirms the loan to value, you may request that PMI be removed.
There are no federal regulations governing this type of PMI removal,
so it is up to the discretion of the lender to remove PMI in this
event.
Yes. There must be a minimum of 60 days of coverage remaining on
your policy from the time of funding.
We always recommend that you make your payment to avoid any late
charges.
Escrow will issue a check and mail it to you. You can also arrange
for escrow to wire the proceeds directly into your bank account.
After your loan closes, it will either be retained and serviced by
investor or sold on the secondary market to a major mortgage
investor who will assume the responsibility for servicing the loan.
If it is sold, it will be to one of the largest mortgage investors
in the country with an excellent reputation for properly servicing
mortgages.
No. Our quality control procedures prohibit us from using any
appraisal not ordered directly by us from one of our preferred
appraisers in your area. Our appraisers prioritize our work and will
complete the assignment quickly.
