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I keep hearing that banks are not lending and the credit market is frozen. Can I even get a loan right now? Answer |
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Why should we finance with Western? Answer |
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My house has fallen in value and I now owe more than it is worth. What should I do? Answer |
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How much do you charge to modify my loan? Answer |
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How do I know how much house I can afford? Answer |
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What is the difference between a fixed-rate loan and an adjustable-rate loan? Answer |
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How is an index and margin used in an ARM? Answer |
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Are all adjustable rate mortgages the same? Answer |
| 9. |
How do I know which type of mortgage is best for me? Answer |
| 10. |
What does my mortgage payment include? Answer |
| 11. |
How much cash will I need to purchase a home? Answer |
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I keep hearing that banks are not lending and the credit market is frozen. Can I even get a loan right now? |
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YES YOU CAN! If you can document your income for the lender and you have some equity in your home (or at least a 10 per cent down payment) you can get excellent financing through us at very low interest rates.
We offer free rate quotes and we do not require confidential information, such as your social security number, in order to get one. |
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Why should we finance with Western? |
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You get to deal directly with the Broker, Richard Hersh. All applications are processed quickly and no confidential information is required to obtain a quote. In addition: We do not sell, rent, or otherwise share any nonpublic information that you entrust to us. Privacy Policy |
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My house has fallen in value and I now owe more than it is worth. What should I do? |
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You should call Richard Hersh right now. Our company is approved by the CA Department of Real Estate to handle loan modifications. There are many different scenarios where a home owner can come to owe more on the property than it is worth. The best course of action depends on your own, unique, circumstances.
The call and the consultation is absolutely free of charge so you have nothing to lose. Call now. 800-808-0388 |
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How much do you charge to modify my loan? |
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Don't get ripped off trying to save your home. Our streamlined loan modifications start at only $995. Some loan modifications are more difficult and cost more but a surprising number of loan modifications are simple and straightforward and qualify under our "streamlined" guidelines.
The phone call and consultation are free and we provide a full, complete rate quote upfront. In addition, every contract we issue carries a one hundred percent money back guarantee so you are never in danger of paying for a service that you don't receive.
Call Richard right now. It's the smart thing to do. 800-808-0388 |
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How do I know how much house I can afford? |
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Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. Give us a call, and we can help you determine exactly how much you can afford. |
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What is the difference between a fixed-rate loan and an adjustable-rate loan? |
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With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan will likely change. There are advantages and disadvantages to each type of mortgage, and the best way to select a loan product is by talking to us. |
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How is an index and margin used in an ARM? |
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An index is an economic indicator that lenders use as the base of the interest rate for an ARM. The "margin" is the "mark up" over the index that the lender adds to determine your rate. Generally the interest rate that you pay is a combination of the index rate and the pre-specified "margin". Three commonly used indices are the One-Year Treasury Bill, the Cost of Funds of the 11th District Federal Home Loan Bank (COFI), and the London InterBank Offering Rate (LIBOR).
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Are all adjustable rate mortgages the same? |
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No they are not. The kind of ARM (adjustable rate mortgage) that a lender offers can make a big difference in your ownership experience. It is very important for you to understand the differences in these loans and to know why a lender might offer you one over another.
When it comes to adjustable rate mortgages it really does pay to get the facts. Our job is to help you navigate this maze and explain the pros and cons of the different programs so you can make the right choice.
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How do I know which type of mortgage is best for me? |
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There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture and how long you intend to keep your house. Western Funding can help you evaluate your choices and help you make the most appropriate decision. |
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What does my mortgage payment include? |
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For most homeowners, the monthly mortgage payments include three separate parts:
Principal: Repayment on the amount borrowed
Interest: Payment to the lender for the amount borrowed
Taxes & Insurance: Monthly payments are normally made into a special escrow account for items like hazard insurance and property taxes. This feature is sometimes optional, in which case the fees will be paid by you directly to the County Tax Assessor and property insurance company. |
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How much cash will I need to purchase a home? |
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The amount of cash that is necessary depends on a number of items. Generally speaking, though, you will need to supply:
Earnest Money: The deposit that is supplied when you make an offer on the house
Down Payment: A percentage of the cost of the home that is due at settlement
Closing Costs: Costs associated with processing paperwork to purchase or refinance a house |
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