| 1. |
What is Loan to Value (more commonly known as LTV)? Answer |
| 2. |
Is 100% financing available? Answer |
| 3. |
What is Mortgage Insurance? This is also referred to MI. Answer |
| 4. |
What is an 80-15-5, or 90-10-10? Answer |
| 5. |
How much of a down payment is required to qualify for a loan? Answer |
| 6. |
What kind of loans are available through this website? Answer |
| 7. |
Where can I apply in person for a home loan? Answer |
| 8. |
What does an application cost? Answer |
| 9. |
How long does it take to find out the results of a loan application? Answer |
| 10. |
Why is pre-approval so important? Answer |
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Q
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What is Loan to Value (more commonly known as LTV)? |
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A
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Loan amount divided by sales price determines the LTV. An easier way to determine LTV is explained by the following example: sales price = 100%, 5% = down payment, 95% = LTV. |
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Q
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Is 100% financing available? |
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A
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Yes, definately. Some loan programs even allow closing costs to be financed, up to 7% above the sales price. |
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Q
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What is Mortgage Insurance? This is also referred to MI. |
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A
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Mortgage Insurance is typically required on all loan programs above 80% LTV. There are some alternatives. Ask Avery to review alternatives. |
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Q
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What is an 80-15-5, or 90-10-10? |
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A
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This is a type of creative financing which eliminates MI. It requires a first and a second lien. Primarily, credit scores determine eligibility for these loans. |
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Q
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How much of a down payment is required to qualify for a loan? |
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A
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There is no set minimum. The most common down payment requirement is 3%. |
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Q
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What kind of loans are available through this website? |
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A
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Conventional, FHA, VA, Prime and Sub-Prime.
We have expert processors who can process any of the above. |
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Q
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Where can I apply in person for a home loan? |
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A
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7702 FM 1960 East, Suite 114
Humble, TX 77346
Contact Avery for an appointment at 281-812-7060. |
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Q
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What does an application cost? |
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The application itself is at no cost. |
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Q
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How long does it take to find out the results of a loan application? |
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A
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Loan decisions depend upon each application's perameters. Time ranges from ten minutes to three business days. |
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Q
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Why is pre-approval so important? |
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A
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A pre-approval letter adds to your buying power by eliminating the doubt of your ability to purchase a home in the price range offered. |
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