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FAQ

You deserve quick answers to questions concerning buying or refinancing your home. We have them. Call us, email us at susannel@rwmloans.com or review some of the most commonly asked questions below.

Select From Our List of Frequently Asked Questions:
Where do I start?
What do I need to provide?
How long does it take to get approved?
Do I need a down payment?
Can I use a "gift" as a down payment?
Should I choose a fixed rate or adjustable rate?
Should I buy points?
What is an ARM?
What are closing costs and how much will they be?
How long does it take to close on my loan?
What is PMI and do I need it?
What is earnest money?
How much of a mortgage can I qualify for?
When should I refinance?
What is a No Income Verification Loan?
What is a NINA (No Income No Asset) Loan?
What is a credit score and how do I find mine?
What's a credit report?
If my credit score is low, how can I improve it?
What does it mean to lock in my interest rate?

Where do I start?
Before you make an offer on your dream home, give us a few minutes of your time for a FREE consultation. We can show you how much you can afford, the down payment needed (if any) and answer any questions you might have.

What do I need to provide?
In most cases, you simply need to submit a few documents for the process to begin. For some situations, you won't need to submit anything. Contact us for a list of what's required.

How long does it take to get approved?
Much faster than you might think. We can give you an answer more quickly than many of our competitors. Contact us today to find out.

Do I need a down payment?
Down payment requirements vary from loan to loan. We offer many programs with very low down payment features and can show you all your options.

Can I use a "gift" as a down payment?
Yes, money you receive as a gift may be used as a down payment, but there are certain restrictions. We can tell you what they are and how you can benefit most.

Should I choose a fixed rate or adjustable rate?
To be brief, fixed loan rates offer consistent and stable terms you can count on over an extended period of time, making monthly budgeting easier. Adjustable Rate Mortgages (ARM), on the other hand, offer outstanding rates but can be unpredictable. Therefore, deciding which program is best for you depends on how long you plan on staying in your home, your risk tolerance, and several other factors. We can guide you to the most suitable choice for your circumstances.

Should I buy points?
That depends on your goals. Points are money you pay upfront in order to lower your interest rate. The length of time you plan on staying in your home determines whether buying points makes sense for you. For your convenience, we have an easy-to-use formula to help you determine which choice is best for you.

What is an ARM?
 ARMs (Adjustable Rate Mortgages) can allow you to get into the home of your dreams by offering you a significantly better interest rate than a fixed rate loan. But rates for ARM loans can also fluctuate upward, dramatically increasing your interest rate and your payment. Ask us how to determine if an ARM is right for you.

What are closing costs and how much will they be?
Closing costs include appraisal fees, title insurance and other fees concerning the transaction. The amount depends on various factors, which we would be happy to explain to you in detail.

How long does it take to close on my loan?
Generally, 30 to 60 days after your application has been submitted.

What is PMI and do I need it?
PMI stands for Private Mortgage Insurance. This insurance is typically required on loans where the down payment is less than 20%. Contact RWM to learn about options that can help you avoid Private Mortgage Insurance costs. 

What is earnest money?
This is a deposit to demonstrate your commitment to purchase a property. A seller will place this deposit towards your downpayment. 

What mortgage or loan amount can I qualify for?
The general rule of thumb is that your total monthly housing expenses amount to less than one-third of your monthly gross income. Because this changes depending on the loan program you choose, give us a call to find out more.

When should I refinance?
Refinancing can play a major role in your overall financial goals. Many homeowners refinance when loan rates drop to save thousands of dollars over the course of their loans. Refinancing is also commonly used to pay off other debt, pay for college expenses, or fund a home imporvement. We can tell you in a few minutes what your home is worth, the current mortgage rate, and how refinancing may help you reach your goals.

What is a No Income Verification Loan?
As the name implies, this loan does not require you to verify your income since only your position and length of employment are checked. This is a popular loan for those who cannot or do not want to provide tax returns or pay stubs. It's frequently chosen by those who are self-employed.

What is a NINA (No Income No Asset) Loan?
No proof of income or assets is required for this loan, allowing borrowers to bypass traditional lending guidelines. To see if you qualify, contact us today.

What is a credit score and how do I find mine?
A credit score is simply a rating of your credit worthiness based upon how you've used credit in the past, whether or not you've made payments on time, how long you've used credit, etc. The higher your score the better. We can help you find your score with a free copy of your own personal credit report! Be sure to ask us right away. Click here to learn the Credit Basics

What's a credit report?
Your credit report is a snapshot of your credit history, revealing how you've used credit in the past, which determines your credit score.

If my credit score is low, how can I improve it?
Pay your bills on time, limit your credit card balances to 50% of the maximum limit and don't apply for credit frequently. For more helpful tips your may Click here to learn the Credit Basics  or give us a call for an immediate evaluation. 

What does it mean to lock in my interest rate?
As you've probably seen, interest rates can fluctuate daily. By locking in a rate when it's low, you can safeguard yourself from sudden rate spikes that could cost you thousands of dollars over the course of the loan. The rate you lock in is the rate you keep.


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