| Frequently
Asked Questions |
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Below
we present a selection of the most frequently
asked questions about our services and us.
If you have more questions, please contact
us.
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| I do not have a perfect credit record. How can nycmortgage.com help? |
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| Our lender network has extensive programs that cover all credit and financial profiles.There is a loan program for every borrower, in any situation. The best mortgage programs with the best rates and services are just a click away! |
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| What is a rate lock? How does it help? |
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| A rate lock is a lender?s guarantee for a certain period on an interest rate. The time is usually between loan application and loan closing.A longer lock-in period may mean higher costs to the borrower, in interest rate or points or both. |
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| Do you charge any fees? |
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| No. California Mortgage Shopper is a free online consumer service dedicated to bringing the best loan terms to borrowers. You are free to apply at your convenience without any risk or obligation to accept any offer. |
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| How can I contact California Mortgage Shopper for loan quotes? |
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| Simple, Just fill up our loan form and we will contact you.Its a free of cost. : |
| Can California Mortgage Shopper help me find any low cost or no cost programs? |
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Our extensive lender network offers a wide variety of loan programs with low cost or no cost options, including state employee programs such as CalPERS and CalSTRS. You will have immediate savings with the low or no down payment programs. |
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| How long will the mortgage process take? |
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| The mortgage process depends on various factors. The lender will disclose the date of closing directly to the borrower. |
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| What is an APR? |
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| APR (Annual Percentage Rate) is defined as the annual cost of the loan and is expressed as a yearly rate. The APR is slightly higher than the interest rate on the loan, because it takes into account interest, points, origination fees and mortgage interest.Shopping for a loan based on APR alone is not advisable,because the calculations vary from lender to lender. |
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| What are points? |
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| Paying points is one way of reducing the interest rate on a mortgage. One point is equivalent to one percent of the loan amount. If you plan to live in your home for a long period, it makes sense to pay points up front, because the savings over time will be a considerable amount. |
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| What is Loan to Value (LTV)? |
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| Loan to value is calculated as: existing loan amount / current value of your home. The LTV is one of the factors that will determine whether or not you qualify for a loan and whether or not you will have to pay private mortgage insurance. |
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| What is private mortgage insurance? |
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| PMI (Private Mortgage Insurance)has to be paid when a buyer puts down less than 20% as a down payment. A lender?s risk increases when the down payment amount decreases. PMI protects the lender against default on the mortgage. |
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| Which is better : a fixed rate mortgage or an adjustable rate mortgage? |
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| Though adjustable rate mortgages offer lower interest rates than fixed rate mortgages,they may fluctuate every month, or every 6 months or every year. ARMs are suitable for those who do not plan to stay for long in their home, while a fixed rate mortgage is ideal for long-term homeowners. |
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