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Frequently
Asked
Questions? |
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Q. How do I get started? |
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A. It's simple. From
any page, select the loan product you are interested in,
Click on the Apply Link. It takes a few
minutes or so to completely fill-out
the Secure Online "APPLY ONLINE"
form. Then click on the Submit
application button. In most cases we will respond within 1
business day to
your loan inquiry. There is absolutely no cost or
obligation when you apply.
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Q. What is the difference between
pre-approval and pre-qualification? |
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A. 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-qualifications letter if needed.
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.
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Q. What interest rate should I
expect to pay on a loan? |
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A. Interest rates are
established by financial indicators and the current
economic
conditions. These economic indicators can and
do fluctuate on a daily basis.
The
interest rate on each specific loan program offered by anviltrapeze.com is
determined by
these factors as well as an applicant's credit profile and the loan
amount
compared to the property value. Our specialty is matching clients with
our lenders to offer you the most competitive interest rate you will qualify for.
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Q. How do I get a loan if I'm
self-employed and don't show my income? |
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A. You can apply using a No
Income Verification loan program or by supplying
12 - 24 months of bank statements to prove the cash
flow into the business.
Some mortgage loans do not require verification of
income, assets, or even a
job.
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Q. Why is it that some credit card
balances never seem to change,
even though I have been paying diligently on time
for years? |
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A. Depending on the
interest rate and type of accounts you have, most of
your
payment is being applied towards interest.
When this is the case, it could take
you years to pay off your bills. One solution
is to take out a debt consolidation
loan or a second mortgage, to consolidate all your
high interest rate debt.
Often times, a consolidation loan can lower the
interest rate you pay and save
you a substantial amount of money each month.
Besides saving you money
each month by consolidating your debts, a debt
consolidation loan can provide
you tax benefits. (Consult your tax advisor)
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Q. What is a rate lock? |
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A. A rate lock is a
contractual agreement between the lender and the
loan
applicant. There are four components to a rate
lock: loan program type,
interest rate, fees or points, and the length of the
lock. Lender's guarantee
that the mortgage rate quoted will be good for a specific
number of days
from the day of the rate lock. |
