|
|
|
|
|
| Q |
What is mortgage
insurance? |
| A |
Mortgage insurance gives
protection to lenders by spreading a portion of
the risk involved in lending money on homes to a
separate, private company. Through this process,
borrowers can get into a home at a substantially
lower down payment. |
| |
|
| Q |
What is an FHA or VA
mortgage? |
| A |
Federal Housing Administration
(FHA) or Veteran's Administration (VA) mortgages
are loans insured by the respective governmental
agencies. FHA programs enable lenders to arrange
financing for the borrower with a minimal down
payment. Similarly, VA programs (available to
veterans only) can be made to a borrower who has
little or no down payment. When borrowing under
these programs, you will pay a Mortgage
Insurance Premium (FHA) or a Funding Fee (VA) to
insure the mortgage. This is similar to private
mortgage insurance on a conventional loan. These
insurance premiums may be paid out-of-pocket at
the time of closing or financed by increasing
the mortgage amount. |
| |
|
| Q |
How fast can I get my
cash? |
| A |
Most brokers can close loans as
quickly as a few days after your completed
application. The type of loan, amount of home
equity, and credit history are factors that
effect how quickly we can get you your money,
but loans typically close in 4 to 6 business
days. |
| |
| | | |
|
|
| ©
2004-2005 Terms
& Conditions All Rights
Reserved. |
|
