Frequently Asked Questions

Q: What is a Mortgage Broker?

A: A mortgage broker is an independent real estate financing professional who specializes in the origination of residential and/or commercial mortgages. A mortgage broker is also an independent contractor working, on average, with 40 wholesale lenders at any given time.

Q: Have more Americans been able to buy homes because of mortgage brokers?

A: Yes! Mortgage brokers have pioneered the "sub-prime" credit market, using innovative loan packages to allow low-to-moderate income borrowers, with less than perfect credit histories, to start enjoying the benefits of home ownership.

Q: What is credit?

A: Credit means you are using someone else's money to pay for things. It also means you are making a promise to repay the money (the loan) to the person or company that loaned you the money (the Creditor or Lender).

Q: Why are credit scores used?

A: Creditors, including mortgage lenders, use credit scoring because it is a fast and objective way to evaluate a credit report.

Q: Are there programs for first time home buyers?

A: Yes! Depending on your credit, you can obtain financing up to 103% of the appraised value of your home. This will help pay for most of your closing cost. There are also special programs such as grants and loans for closing cost help.

Q: When should I refinance my mortgage?

A: Refinancing is determined by you, the applicant. If you can lower your current interest rate by 2%, it is time to refinance. For example - Your kids are now ready for college and you want to obtain a loan that is tax deductible. Another example - You need to reduce your high interest debt or you want to remodel you home. These are just a few reasons to refinance your home.