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How can I benefit by using Mortgage Quote Advisor?
Our site is for anyone who knows what type of loan they want and who is looking for a low cost loan with fast and easy approval. Check out the rates on the other Web sites, and then come to us for a low cost, efficient loan on the Web! It's fast, it's easy, and it's totally online.

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What happens after I apply with Mortgage Quote Advisor on this Web site?
You will receive an e-mail within 24 hours of submission of your application. This e-mail will indicate the status of your application and the next steps you need to take.

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How do I know how much house I can afford?
Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. Back to Top


Which is better - a fixed or adjustable rate mortgage?
It depends. Because interest rates and mortgage options change often, your choice of a fixed or adjustable rate mortgage should depend on:

  • the interest rates and mortgage options available when you're buying a house
  • your view of the future (generally, high inflation will mean ARM rates will go up and lower inflation means that they will fall)
  • your personal financial and investment goals, and
  • how willing you are to take a risk.

When mortgage rates are low, a fixed rate mortgage is the best bet for many buyers. Over the next five, ten, or thirty years, interest rates are more apt to go up than further down. Even if rates could go a little lower in the short run, an ARMs teaser rate will adjust up soon and you won't gain much if you plan to stay in the house more than a few years (the broker can tell you your break-even point). In the long run, ARMs are likely to go up, meaning many buyers will be best off locking in a favorable fixed rate now and not taking the risk of much higher rates later.

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How much do I need for a down payment?
Most lenders offer financing programs that allow the borrower to finance up to 100% of the sales price of a new home.  However, if no down payment is made, the borrower will be required to pay for private mortgage insurance (PMI), see question ten, below, for further information on PMI.  If you can afford to put more money toward a down payment, it will reduce the amount of your monthly mortgage payments. Some loans programs offer 3% down payments if you meet certain income standards.

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What is private mortgage insurance (PMI)?
Private mortgage insurance or "PMI" policies are designed to reimburse a mortgage lender up to a certain amount if you default on your loan and your house isn't worth enough to entirely repay the lender through a foreclosure sale. Most lenders require PMI on loans where the borrower makes a down payment of less than 20%.

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What are points?
In the special vocabulary of mortgage lending, "points" are a type of fee that lenders charge (the full term to describe this fee is "discount points"). Simply put, a point is a unit of measure that means 1% of the loan payment. So, if you take out a $100,000 loan, one point equals $1,000.

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How do I determine my own credit status?
You may use the following categories as a general guideline in evaluating your own creditworthiness. Please note that these are general guidelines only-other factors will often be included in the loan approval or credit evaluation process:

Excellent Credit

  • Credit scores of 680 and above.
  • At least 5 trade credit lines (credit cards, auto loans, mortgages) have each been open for at least 24 months.
  • All accounts have been paid as agreed.
  • No public records of bankruptcy, foreclosure, serious past due accounts, or collections within the last 10 years.
  • Low current credit balance relative to maximum available credit limit.
  • Minimum number of credit inquiries.

Good Credit

  • Credit scores between 650-679
  • At least 5 trade credit lines (credit cards, auto loans, mortgages) have each been open for at least 24 months.
  • Most accounts have been paid as agreed, with only occasional late payments.
  • No public records of bankruptcy, foreclosure, serious past due accounts, or collections within the last 10 years.
  • May have significant current credit balance relative to maximum available credit limit.
  • Several recent credit inquiries.

Fair Credit

  • Credit scores between 610-649
  • At least 3 trade credit lines (credit cards, auto loans, mortgages) have each been open for at least 24 months.
  • Most accounts have been paid as agreed, with only occasional late payments.
  • No public record of bankruptcy, foreclosure, serious past due accounts, or collections within the last few years.
  • May have significant credit balance relative to maximum available credit limit.
  • Several recent credit inquiries.

Poor Credit

  • Credit scores 530-609.
  • One or more accounts have not been paid as agreed.
  • May have had a bankruptcy, foreclosure, serious past due accounts or collections.
  • High number of recent credit inquiries.
  • Proportion of revolving balances to revolving credit limits is too high.

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What does my mortgage payment include?
For most homeowners, the monthly mortgage payments include three separate parts: Principal: Repayment on the amount borrowed Interest: Payment to the lender for the amount borrowed Taxes & Insurance: Monthly payments are normally made into a special escrow account for items like hazard insurance and property taxes. This feature is sometimes optional, in which case the fees will be paid by you directly to the County Tax Assessor and property insurance company.

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