What is the difference between pre-approval and pre-qualification?
The pre-approval process is much more complete than pre-qualification.For pre-qualification, the loan officer asks you a few questions and provides you with a pre-qualification letter.Pre-approval includes all the steps of a full approval, except for the appraisal and title search.Pre-approval can put you in a better negotiating position, much like a cash buyer.
When does it make sense to refinance?
Typically, people refinance to save money either by obtaining a lower interest rate or by reducing the term of their loan.Refinancing is also a way to convert an adjustable loan to a fixed loan or to consolidate debts.The decision to refinance can be difficult, since there are several reasons to refinance.If you are looking to save money, here’s a formula that may help you make a decision:
Calculate the total cost of the refinance
Calculate the monthly savings
Divide the total cost of the refinance
(#1) by the monthly savings (#2). This is the "break even" time. If you own the house longer than this, you will save money by refinancing.
We understand that refinancing is a complex subject, so please contact J. Mark Kuntz at Quest Mortgage a true loan professional.
What is a rate lock?
A rate lock is a contractual agreement between the lender and buyer.There are four components to a rate lock:loan program, interest rate, points and the length of the lock.
How long does it take to apply?
Completing an application by phone typically takes less than 20 minutes -- Getting your application started on the web takes less than 5 minutes!All the information you need to apply is right in your head:No account numbers, no bank addresses or other minute details.
What is the process after application? We can usually provide a credit-verified loan decision in about a day.(We also do free pre-approvals for home shoppers.)Once you’re ready to move ahead and lock in your interest rate, we collect a $275 deposit for the appraisal.The deposit is not an additional fee -- it is credited back to you at closing.It also allows us to speed things along by ordering your appraisal immediately.
The completed paperwork arrives at your doorstep via overnight delivery, ready for your signature.There are no additional forms to complete – just places for you to sign!We’ll also give you a short list of items to return with your signed application (recent bank statement, your most recent paystub(s), etc.).By using Quest Mortgage’s advanced automated underwriting tools, the checklist of items will be as short as possible based on your individual circumstances.
To return your signed application and the supporting papers, we’ll provide you with a Pre-paid DHL envelope. Just call the 800 number on the envelope or drop it in the nearest DHL drop box. Quest Mortgage will even pick up the cost.
Our goal is that you’ll never have to call us to ask for a status on your loan.Rather, we’ll call you at each of the critical step in the process and keep you informed.
How can we price so low? There’s only one way to deliver the best rates, and that’s to shop around.Quest Mortgage does the shopping for you.We scour the nation’s leading wholesale mortgage providers and select the best rates for each loan program on any given day.Our sophisticated computer system picks the best program for your loan amount and loan type.
