With so many questions, we've simplified finding particular questions by categorizing them. Please choose a category :
Our Services
Loan Process
Mortgage
Real Estate / Buying Your Property
Here are some general common questions you may find helpful :
My credit isn't perfect, can you still help me?
Absolutely! Credit scores can fall for many different reasons: divorce, late payments, emergency situations, health problems, just to name a few. We know this and we know that life happens. Although lenders may not be as forgiving as they should be, we work with lenders who specialize in unique situations including those with imperfect credit. So rest assured that we have the resources and the lenders to take care of you and your credit situation.
We also provide complimentary credit analyses to our clients to help improve their credit scores over time, thereby increasing their chance of obtaining a better mortgage with a lower interest rate and a better loan program.
Why should we get prequalified first?
The step of getting prequalified can sometimes be underestimated. Not only does getting prequalified first save you and your Realtor time while searching for properties, having a prequalification or better yet, a preapproval letter strengthens your offer. It also helps streamline the process so that the rest of your experience will be quicker and better.
Another positive point, during the prequalification process is that your loan officer gets the time and the chance to identify what needs to be improved on your application, thereby increasing your chances of getting approved for a better mortgage with a lower interest rate later when you have found your property. To delve more into this topic, its details, and its reasoning, read our article in our Library : "Reasons to Get Prequalified First."
Why work with a broker instead of working directly with my bank?
Mortgage brokers and banks provide the same product at the end : a real estate mortgage. However, the path to getting there is very different. Brokers have the following advantages:
- Unlike banks that can only provide their own rates, brokers offer interest rates and loan programs from hundreds of lenders specializing in your financial situation and homebuying circumstances.
- Brokers simplify and improve the process through guidance and coaching while giving you the best programs and rates by first and always shopping the lenders for you.
- Brokers have specialized and unique knowledge of many, many lenders -- this is why brokers are able to find loans for almost anyone.
- Brokers have access to wholesale interest rates with lenders who do not deal directly with the public. Banks offer retail interest rates to the general public.
- Due to the relationships brokers develop with their lenders, they are able to provide backup lenders in the case your loan application is ever denied by another.
- Brokers generally have more flexible guidelines and loan requirements compared to banks and can offer more mortgage solutions to more people.
- The duty of the mortgage broker is to help alleviate the stress and frustration that often goes hand in hand with applying for a real estate loan.
- Experiences with brokers are generally more personalized, specialized, and enjoyable than dealing directly with a bank. Loan officers working at banks find clients through the branch and therefore do not have a vested interest in making sure their clients are happy, whereas brokers need your referrals to maintain their levels of business.
How can I find out about my credit history on my own?
It is now government-mandated that every individual has the right to pull his or her own credit report once a year free of charge through the three credit bureaus: TransUnion, Experian, and Equifax. In order to this go to the official website Annual Credit Reports. There you can pull your credit for free without any hidden agendas or sales pitches. You must pull your credit individually through each bureau in order to obtain the most thorough version of your credit report.
If you would like to monitor your credit more often than once a year you can subscribe with the individual credit bureaus for their memberships which offer monthly credit updates and more. Keep in mind that this service is not free.
Do you charge an application fee?
No. For some banks and brokers, an application fee is a standalone fee to compensate the loan officer for time spent in the preliminary stages of the relationship with the client. This is generally in case the application does not go through or the client backs out. For other banks and brokers, an application fee is a fee that in addition to the standalone fee mentioned above also includes the expenses of appraisals, credit reports, and other third party reports that must be generated for the lenders.
To avoid charging an application fee we do not request for an appraisal to be done until we have received the loan approval and have begun the mortgage application process entirely. We do however pull your credit report, but we do this in good faith that the client will not back out later in the process. All other third party fees will be charged accordingly through escrow rather than through an additional application fee where you are charged even more for said services.
What other fees are there during the process that I should know about?
The other fees make up the closing costs. Some of these fees include :
- Title: Lender's title insurance, Borrower's title insurance, document prep fees
- Appraisal
- Credit Report
- Property inspection (optional but recommended)
- Transfer Tax
- City & County Tax
- Non-Recurring Closing Costs: prepaid interest, prepaid tax transfer
Why should I work with you?
Here at Simpluxe we put your needs, your requests, and your future first. In order to provide you with the standard-breaking mortgage experience we pride ourselves in, we take great lengths to be constantly finding newer and better ways to improve your experience with us and expanding the benefits we offer you.
So far we have made it a personal and company goal to provide you with the best of everything, and here are just some of the benefits :
- Streamlined and easy loan process
- Transparent, clear communication from beginning to end -- never any surprises
- World-class service
- Consistent availability to you via email, online, phone or in-person consultations
- A constantly expanding lender base offering you the best loan programs available and the most competitive interest rates possible.
- Convenient online login created especially for you with status updates, loan details, useful resources and tools.
- We're green! By doing business with us you are working with a green mortgage company that specializes in not only providing you with an exceptional homebuying experience but also supports being environmentally-friendly and aware.
|
|
