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What is APR? |
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APR is the abbreviation for Annual Percentage Rate. The APR represents the rate of interest paid on a mortgage when factoring together all prepaid finance charges and post settlement interest over the life of the loan.
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| Q. |
What is the difference between a Mortgage Broker and a Direct Lender? |
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A Mortgage Broker is a "middleman" who tries to find a lender who will pay them commissions on your loan. That cost is often passed on to you in the form of higher rates and/or fees. With a direct lender like TownCenter Mortgage, you talk directly to the lender and not a "middleman". That means we can pass on the savings to you. We are the company that is funding your home loan. Since we are the experts, we will walk you through the loan process every step of the way.
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| Q. |
Should I apply for a loan before I start looking for a property? |
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Yes. By applying and getting pre-approved for a loan before you find the home you wish to purchase, you will know how much you can afford, the approximate monthly payment, and how much cash you will need to close your loan.
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| Q. |
Why do most lenders charge up-front fees before they can tell you if you are approved or not? |
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Many lenders will charge $250-$500 up-front, when you apply for a loan so they can earn extra income. They think you will be less likely to consider another lender after you have applied, even when their low rate becomes not so low any more.
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Does TownCenter Mortgage charge any up-front fees? |
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No. TownCenter Mortgage charges no application fees. We invite you to apply now, become pre-approved for your home loan and start looking for your new home immediately.
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Do I have to make an office visit or have a Loan Consultant come to my residence before applying with TownCenter Mortgage? |
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No. TownCenter Mortgage does not require you to make even one trip to our office.
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| Q. |
How long will the loan process take? |
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Here at TownCenter Mortgage we can close your loan in as little as 7 business days provided we receive all of your information promptly.
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| Q. |
Do you Offer Discounted Rates? |
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Our rates are among the lowest in the industry. We believe the "Internet Shopper" represents a quality borrower who can be easily qualified and placed into a mortgage. This sophisticated borrower generally requires less overall paper work and allows us to offer discounted rates and fees. |
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How much cash do I need for a down payment? |
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TownCenter Mortgage requires as little as 0% of the purchase price as a down payment. Some down payment assistant programs used in conjunction with TownCenter Mortgage only require as little as 1% from the borrower. This amount can vary depending on the loan amount and what type of program you are interested in. Please speak with an TownCenter Mortgage representative regarding the specifics or your situation.
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| Q. |
Are there Easier Income Qualifications with TownCenter Mortgage? |
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At TownCenter Mortgage we can look at every borrower individually and make our credit decision based on that borrower (not some "Cast In Stone" formula). We can approve loans with higher debt ratios and have greater leeway where marginal credit exists.
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Why Choose an FHA Mortgage? |
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FHA loans are home loans designed for the first time buyer who may not qualify for traditional financing because of poor credit, lack of credit, uncertain work history, or an insufficient amount of cash for the down payment.
FHA loans are low interest rate mortgages that are insured by the United States Government. These loans can be either 15 or 30 years in term.
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Will it be Easier to Overcome My Credit Problems? |
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TownCenter Mortgage has found that many borrowers who have been rejected, or had to settle for a high interest rate loan do in fact qualify for FHA financing. This allows the borrower to avoid the high interest rates, exorbitant fees, and large prepayment penalties. |
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Why Refinance with TownCenter Mortgage? |
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TownCenter Mortgage will refinance borrowers up to 97% to pay off existing FHA, Conventional, "B", and "C" loans. We can refinance up to 90% of the loan if the borrower wishes to take cash out. TownCenter Mortgage can also refinance existing FHA loans to a lower interest rate loan with No Income Documentation and No Cost To The Borrower.
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Purchase Center 