|
Home
About
Us
Our
Loan Officers
Pre-Qualify
Pre-Application
Form
Contact
Us
Information Request Form
FAQ
| Links
Email:
LoanInfo@rmmltd.com
|
|
Here
are some of the more frequently asked questions of the loan officers at
Rocky Mountain Mortgage, Ltd.
What are your interest rates?
Interest
rates vary, depending on the type of loan being made, and they change
on a daily basis. For example, a 15-year fixed loan will carry a lower
interest rate (but a higher monthly payment) than a 30-year fixed loan.
return
to index
Will
you negotiate interest rates?
Negotiating loan rates and point numbers is not a practice generally employed
by established lenders. However, on purchases that involve seller financing,
that is an option that is more flexible, although the interest rate is
still based on current market rates.
RMML
prides itself on its knowledge of the some 125 mortgage programs available
to borrowers and the best program to match up with that borrower.
return
to index
What
does Rocky Mountain Mortgage charge for taking an application or pre-qualifying
a potential buyer?
RMML is a no-upfront cost company; that is, we do not charge for taking
applications or for doing pre-qualifications, which let borrowers know
the maximum loan amount for which they qualify.
return
to index
What
are your closing costs?
Closing costs range from two to three percent of the total home purchase
price. These include upfront loan points, title insurance, escrow charges,
document fees, prepaid interest and property taxes. Some closing costs
can be rolled into the loan; otherwise, they must be paid when the home
is closed.
return
to index
Is
there a way to avoid paying closing costs?
For buyers who are short on cash, they can get a no-point loan or a no-fee
loan, which will wrap the fees into the loan but which will also carry
a higher interest rate and possibly a prepayment penalty.
Also,
you can negotiate with the seller to pay a portion or all of the closing
costs, an arrangement that usually does not entail traditional loan fees
or charges.
return
to index
How
long does the loan process take?
We have closed loans in as short a time as one week, but, again, the length
of time varies according to the type of loan. The average time to close
is generally 3 to 5 weeks. There are certain factors that determine that
time frame, such as the length of time it takes to get appraisal performed
and a report submitted to RMML, as well as title searches.
But
because we have an Underwriter on our premises, the wait is shorter than
that of companies that utilize remote underwriting services.
return
to index
How
is the value of a house determined?
The size of the house, its condition, square footage and the neighborhood
it is in are all factors that come into play when an appraisal is performed.
Appraisers compare local sales and use historical information, including
sales performance and indexes that forecast future value.
return
to index
|
|
