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Frequently Asked Questions
What is the difference between a quoted interest rate and the APR?A quoted rate is the rate at which you will make your monthly payments. The APR (Annual Percentage Rate) takes into consideration the interest rate plus the cost associated with obtaining your mortgage loan.
What are points and why do some lenders charge them when others don’t?
One point is equal to one percent of the loan amount. If your loan amount is $400,000.00 and you are charged 1 point, that cost is $4000.00. You have the choice to pay points for a lower rate. On the other hand, you can also choose a higher interest rate to get your fees paid for by the lender. What you need to consider is if paying points will be worth the cost. If you will be selling your home or refinancing within a short period of time (generally 1-3 years depending on the amount of points you pay), then it is not a wise idea and you would not see the savings.
What is Private Mortgage Insurance and why do I need to pay it?
Private Mortgage Insurance (PMI) is required by a lender when you put less than 20% down on a home. It is not tax deductible. I help my clients avoid paying this insurance by splitting up their required loan amount into two loans, so that they utilize tax deductions on their monthly interest payments. Some people may prefer the paying PMI with a single mortgage, so I will help you construct a cost/benefit analysis to detail which option will work better for you.
What is the difference between a Fixed Rate Mortgage and an Adjustable Rate Mortgage?
A Fixed Rate Mortgage is fixed for the entire life of the loan (generally 15, 20, 25, or 30 years), whereas an Adjustable Rate Mortgage (ARM) is usually fixed for a specified number of years (usually 3, 5, 7, or 10), then enters into an adjustment period.
What do closing costs include? Why do I have to pay them?
Closing costs cover the processing and administration of every purchase or refinance loan. The amount of the cost varies with each lender, but they should run within a certain range, depending on your loan amount. Again, the cost may vary by lender, but always feel free to talk and ask about them.
Why should I be pre-approved?
Getting pre-approved is crucial in this market. Firstly, you know your price range and the maximum loan amount you are qualified for. Secondly, you are seen by sellers as a much more serious buyer when you back up your offer with a pre-approval letter. Thirdly, you will save time because you have already gone through much of the loan process by submitting all the necessary documentation, and fourthly, you have been educated about the loan process and about homeownership expectations by your Loan Consultant.
How long will it take before my loan closes?
The average time frame from date of application (or purchase contract) to the date your loan funds is 30 days. This may vary in a sale because the seller may require either a shorter or longer time frame. Also, when we are in a very busy market, it may take longer because lenders are handling too much work load.
What happens if my credit rating is poor? What is a “good” credit score?
Don’t count yourself out if your credit history is less than perfect. There are competitive programs and options available for the many levels of credit worthiness. Credit scores are sometimes referred to on grade levels, so that an “A” paper loan is a borrower with a FICO of 620 and above.
What do I do if I find incorrect information on my credit report?
Dispute it immediately with the three credit bureaus. By law, they only have 30 days to investigate a dispute. Contact each of the bureaus directly:
| Equifax (800) 685-1111 | TransUnion (800) 888-4213 | Experian (888) 397-3742 |
| P.O. Box 740241 | P.O. Box 2000 | P.O. Box 2002 |
| Atlanta, GA 30374-0241 | Chester, PA 19022 | Allen, TX 75013-0036 |
| www.equifax.com | www.transunion.com | www.experian.com |
What payments am I responsible for as a homeowner?
You are responsible for your 1st mortgage payment, your 2nd mortgage payment if you took one out, homeowners insurance, and property taxes. Also, if you put down less than 20% and did not qualify for a 2nd mortgage, you may be responsible for paying Private Mortgage Insurance.
I’m buying a home with zero down and 100% financing. Am I exempt from making an earnest money deposit?
Not necessarily. To maintain good faith on your purchase offer, you should at a minimum deposit a few thousand dollars that will go towards your closing costs. Discuss this with your agent more in depth.
"You were so great to communicate with us so wonderfully, keeping us up to date, and free from unexpected surprises. This really helped us to be much more relaxed about the process, and this is much appreciated!"
-D. Crawford
"Thank you for all your care and attention with the purchase of our home. Your guidance and help was invaluable."
-Dave Moloney and Jessica Grattan
"Irene's knowledge and expertise helped us save $25K over the life of our loan, and her attention to detail was impressive. She was extremely prompt in anwering our questions, made sure we understood all of our options and the conditions of the loans, and cheerfully met us at the title company for the signing. I have nothing but high praise for Irene."
-Tracy Scott and Peter Acronico
"Irene recently helped my husband and I refinance our primary residence. We've used other people in the past, and can honestly say that she is the best! Irene is very knowledgeable and just as important; she can explain the various options in a way that make sense to those of us who find the whole mortgage thing very confusing. Perhaps the best thing about Irene is that you can tell that she is looking out for what is in YOUR best interest."
-Lisa Reigel
"I really appreciate the good and honest advice you have given me."
-Joanna Liu
"Thank you for being flexible and making the pre-approval as simple and painless as possible. I was really amazed at how easy it was!"
-Mark O’Sullivan
"Irene is professional, extremely knowledgeable and truly cares about finding you the best loan possible. When you have Irene on your team she never stops working for you."
-Anna and Gerrad Killion
"Irene presented an outstanding level of knowlegde and creativity during my loan approval process. She was highly attentive and responded to countless questions and inquiries on a daily (and often hourly) basis. I would highly recommend her for any mortgage application."
-Benjamin Stratton
"You are a delight to work with! Thank you for being so compassionate and positive! Refinancing is stressful and you relieved so much of the pressure."
-Nancy Marmolejo
"Not only will we recommend Irene to our friends and family, we'll insist upon it."
-Kelley Chimienti
"Irene is constantly in tune with the market and up to the minute with the changing interest rates. I didn't even know we were in a position to refinance but she was able to lock us in at a rate that was nearly 1 whole percent less than our original with no fees whatsoever!"
-Erin and Jason Boettner
"Thank you for helping us refinance our home. We really appreciated your excellent customer service, your attention to detail and your trustworthiness. You really helped us feel comfortable and confident that the refi would go smoothly, and it did!"
-Aaron and Erin Baker
"Irene was extremely knowledgeable, so patient, very efficient and continuously kept me in the loop."
-Tiffany Fairchild
"Irene offered suggestions on financing options that I'd never have thought of myself. Excellent service and she saved me a bundle too!"
-Wendy Gamble
"When rates dropped a few months after we'd refinanced, Irene called us and was able to get us a better rate at no cost to us. She's definitely earned our trust.”
-Manoutchehr Rahimi
"Irene asked a few questions to help us clarify our goals, then helped us narrow down our choices by asking us more specific questions, and we ended up with an arrangement that has been just perfect."
-Eileen Yen
"Irene’s compassion and knowledge are over the top. All who have worked with her are grateful and walked through this confusing process brillantly. As a Realtor we have worked together and she puts both the clients and me at ease."
-Laila Fields, Coldwell Banker
-D. Crawford
"Thank you for all your care and attention with the purchase of our home. Your guidance and help was invaluable."
-Dave Moloney and Jessica Grattan
"Irene's knowledge and expertise helped us save $25K over the life of our loan, and her attention to detail was impressive. She was extremely prompt in anwering our questions, made sure we understood all of our options and the conditions of the loans, and cheerfully met us at the title company for the signing. I have nothing but high praise for Irene."
-Tracy Scott and Peter Acronico
"Irene recently helped my husband and I refinance our primary residence. We've used other people in the past, and can honestly say that she is the best! Irene is very knowledgeable and just as important; she can explain the various options in a way that make sense to those of us who find the whole mortgage thing very confusing. Perhaps the best thing about Irene is that you can tell that she is looking out for what is in YOUR best interest."
-Lisa Reigel
"I really appreciate the good and honest advice you have given me."
-Joanna Liu
"Thank you for being flexible and making the pre-approval as simple and painless as possible. I was really amazed at how easy it was!"
-Mark O’Sullivan
"Irene is professional, extremely knowledgeable and truly cares about finding you the best loan possible. When you have Irene on your team she never stops working for you."
-Anna and Gerrad Killion
"Irene presented an outstanding level of knowlegde and creativity during my loan approval process. She was highly attentive and responded to countless questions and inquiries on a daily (and often hourly) basis. I would highly recommend her for any mortgage application."
-Benjamin Stratton
"You are a delight to work with! Thank you for being so compassionate and positive! Refinancing is stressful and you relieved so much of the pressure."
-Nancy Marmolejo
"Not only will we recommend Irene to our friends and family, we'll insist upon it."
-Kelley Chimienti
"Irene is constantly in tune with the market and up to the minute with the changing interest rates. I didn't even know we were in a position to refinance but she was able to lock us in at a rate that was nearly 1 whole percent less than our original with no fees whatsoever!"
-Erin and Jason Boettner
"Thank you for helping us refinance our home. We really appreciated your excellent customer service, your attention to detail and your trustworthiness. You really helped us feel comfortable and confident that the refi would go smoothly, and it did!"
-Aaron and Erin Baker
"Irene was extremely knowledgeable, so patient, very efficient and continuously kept me in the loop."
-Tiffany Fairchild
"Irene offered suggestions on financing options that I'd never have thought of myself. Excellent service and she saved me a bundle too!"
-Wendy Gamble
"When rates dropped a few months after we'd refinanced, Irene called us and was able to get us a better rate at no cost to us. She's definitely earned our trust.”
-Manoutchehr Rahimi
"Irene asked a few questions to help us clarify our goals, then helped us narrow down our choices by asking us more specific questions, and we ended up with an arrangement that has been just perfect."
-Eileen Yen
"Irene’s compassion and knowledge are over the top. All who have worked with her are grateful and walked through this confusing process brillantly. As a Realtor we have worked together and she puts both the clients and me at ease."
-Laila Fields, Coldwell Banker
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| 21627 Stevens Creek Blvd., Cupertino, CA 95014 |
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