Financial FAQ

Welcome to HomeFree-USA Financial FAQ Knowledge Base. Type in your question or search keywords that correspond to your issue.

Purchasing a Home

Can I pay my mortgage off early?

Most mortgages can be paid off early, and that information is found in your mortgage Note.

 

 

 

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How do I compare loans between lenders?

First, devise a checklist for the information from each lending institution. You should include the company's name and basic information, the type of mortgage, minimum down payment required, interest rate and points, closing costs, loan processing time, and whether prepayment is allowed.

 

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How do I select a lender?

Choose your lender carefully. Look for financial stability and a reputation for customer satisfaction. Be sure to choose a company that gives helpful advice and that makes you feel comfortable.

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How large of a down payment do I need?

There are mortgage options now available that only require a down payment of 5% or less of the purchase price.

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How long does it take to get a loan?

As a rule of thumb, most lenders ask for 30 to 45 days to receive approval from an underwriter for a loan.

What does a mortgage payment cover?

Most loans have 4 parts which are abbreviated to PITI and sometimes PITIA if there is an Association such as a condo association fee or a homeowner association fee.  The parts are defined as:

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What information do I need to apply for a mortgage?

Delivering thorough and detailed documents to your lender is critical to loan approval by the underwriter.  A list documents include:

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When does an ARM make sense?

An adjustable rate mortgage may make sense If you are confident that your income will increase steadily over the years or if you anticipate a move in the near future and aren't concerned about potential increases in interest rates.

Mortgage Solutions

Is 100% financing available?

There are 2 nationwide programs with zero down payments required.

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