Frequently Asked Questions

Have questions about the mortgage process? Mortgage Partners of America, Inc. can help answer your questions! Below you'll find answers to some frequently asked questions.

1.   What can I expect to pay for closing costs?
2.   I'd like to own my own home. What's the first step?
3.   How do I know how much I can afford?
4.   How do I know which type of mortgage is best for me?
5.   What's the difference between conforming and non-conforming loans?
6.   What is the APR?
7.   Why is the Annual Percentage Rate (APR) on the Truth in Lending Disclosure higher than the rate shown on my mortgage note?
8.   Is my interest rate guaranteed?
9.   What is the difference between 'locking in' an interest rate and 'floating'?
10.   What is Prepaid Interest?
11.   Are there different types of mortgages?
12.   What does the application consist of?
13.   What happens after I apply?
14.   Do I need title insurance?
15.   How much will I need for the down payment?
16.   When do I need Private Mortgage Insurance (PMI)?
17.   What are closing costs? What is an Escrow Account?
18.   What is involved in the closing?
19.   What is a Home Equity Loan?
20.   Why are Home Equity Loans and Lines of Credit so popular?
21.   What is the difference between a Home Equity Loan and a Home Equity Line of Credit?
22.   Why should I choose Mortgage Partners of America, Inc.?
23.   Do you offer loans with less than perfect credit?
24.   Can you pull out more cash than what your home is worth?
25.   Can my credit be cleaned up?
26.   What do you predict interest rates will do?
27.   Should we lock now?
28.   What does locking mean?
29.   How long am I approved for?
30.   What is a prepayment penalty?
31.   What are points, and when is it advisable to pay them or not?
32.   Why should I do my loan with a broker, and not the Internet or my bank?
33.   What is the difference between non-recurring closing costs and recurring closing costs?
34.   What do I look for when comparing Mortgage Brokers and Bankers?
35.   When is the best time to close an Escrow?
36.   Why would I use a builder's lender instead of an outside company?
37.   How do you make your money?
38.   How long does the mortgage process take?
39.   How much does it cost to close a mortgage?
40.   When should I apply?
41.   Where do I apply?
42.   What information will be required when I apply?
43.   Do I need the services of a loan agent/officer when applying for a loan?
44.   How do I know if it makes sense for me to refinance?
45.   I've always heard about the 2% rule when refinancing, is it important?
46.   What is the difference between a conforming and a non-conforming (a.k.a. jumbo) mortgage?
47.   What is a super jumbo mortgage and how much higher (than the average jumbo mortgage) is the interest rate typically?
48.   When refinancing investment or rental property, what is the difference in rate for non-owner occupied vs. owner occupied financing?
49.   What is the best way to shop for a mortgage?
50.   How do I find a qualified, reputable CPA?
51.   What documentation will the lender typically require to process my mortgage?
52.   Are there limited documentation (a.k.a. EZ doc, no income qualifier) mortgages available?
53.   How can I avoid having to get mortgage insurance on my mortgage?
54.   How much Homeowner's insurance coverage will I need to close the new mortgage?
55.   Will I need to get earthquake insurance coverage to close the new mortgage?
56.   Will I need to get flood insurance coverage to close the new mortgage?
57.   Why do I need to pay for another policy of title insurance when we already own the property and purchased title insurance when we bought the house?
58.   What is the best way to shop for insurance?
59.   I am refinancing a condo (or townhouse or PUD) and am aware that our HOA is currently in litigation with the developer. Will I be able to refinance my mortgage?
60.   Should I lock my interest rate at mortgage application or float the rate until closing?
61.   Will the lender require a fee to lock in my interest rate?
62.   If I decide to lock my interest rate and rates go down, will the lender give me the current lower rate?
63.   Is it best to pay points up front to reduce the interest rate?
64.   What is the difference between a zero point and a no cost mortgage?
65.   Is it possible to obtain a no cost mortgage when refinancing your mortgage?
66.   What is APR and how is it calculated?
67.   Will the lender require an appraisal of the property?
68.   What is a mortgage prepayment penalty and is it generally advisable to get a mortgage that has one?
 
 

Home • Apply Now • About Us • Contact Us • Careers • Newsletter • Privacy & Security • Site Map
 
 
   
     
California Department
of Real Estate
Mortgage License
No. 01451192		 Call Today • 866.96MPOFA • 866.966.7632
or 818.701.9100
Mortgage Partners of America, Inc.
21601 Devonshire Street, #325
Chatsworth, CA 91311
Fax: 818.701.9103
info@mpofa.com
 
 

© 2005 Mortgage Partners of America, Inc. All rights reserved.