“Apply Here” Mortgages and More, INC. works with hundreds of lenders including most of the banks you may visit. You see them on a retail level as we work with them on a wholesale level, so you are not paying any more seeing us but you are offered a much more diversified array of options.
FICO stands for Fair Isaac Company. It is a numeric representation or scoring of your credit report. The higher your score is, the better the risk you are to the Lender. Many mortgage products require a minimum allowed FICO score.
PMI (Private Mortgage Insurance) is insurance required by the Lender if you do not hold at least 20% equity in your home. You may call to have this monthly fee removed.
You are only asked to state your income on the application. You are not asked to show proof of that income through documentation or verbal verification of that amount.
Several factors will determine how much you qualify for, such as your monthly gross income vs. your combined monthly debt. Your credit will help determine how high a risk you may be, which could limit the loan to value amount. Use our easy pre-approval form to let us help you determine your options.
This stands for your monthly combined payment of your mortgages principal and interest along with your escrowed taxes and insurance.
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From the time of application to the closing of the loan, the entire process usually takes approximately two and a half weeks. We have closed loans in only a matter of days and only a few dragged on more than a month usually due to missing documentation requested by the underwriter.
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