Frequently Asked QuestionsIf you have a question that you cannot find the answer to, please email info@PrimeMortgageGroup.net and we will respond to your email within one business day. » Why should I use a mortgage broker like Prime Mortgage Group? » When is the best time to refinance? » Is the mortgage application process difficult and time consuming? » What is pre-qualifying? » What is pre-approval? » Are fees important? » Can I still apply for a mortgage if I've had some credit problems in the past? » How quickly will my loan be approved? » Why are there such large differences in mortgage rates advertised by different lenders? » Can I put 5 or 10% down and still NOT pay PMI with Prime Mortgage Group? » Fixed Rate or Adjustable Rate? Which is better? » After I apply for a loan, what should I expect? » Who do I contact for information once my loan is in process? » Can I get loan program rates over the phone? » After I send my paperwork back, what happens? » When will I have to pay for something? » What about the appraisal? » When should I lock my rate? » What is the Truth-in-Lending Law? » What is a Good Faith Estimate? » On a purchase loan, is there someone who will work with my Realtor? » How do I find out if a lender is in good standing? » What if the lender you find or someone they sell my loan to goes out of business?Why should I use a mortgage broker like Prime Mortgage Group?
When is the best time to refinance?That depends on several factors, including your outstanding balance, your current interest rate and any outstanding debt that you may have. Even if you currently have a low rate on your mortgage, it may save you money to refinance and pay off your high interest credit cards and home equity loans. Call 1-866-774-6313 (toll-free) to get expert advice on your specific needs from one of our Mortgage Advisors. Is the mortgage application process difficult and time consuming?No, in fact we have streamlined the application procedure, which in turn lowers your rate and fees. Our computerized underwriting allows us to approve loans in as little as 1 hour. You can apply on our website, in person, or on the phone. What is pre-qualifying?Pre-qualifying is a process whereby one of our loan officers takes information about you, either over the telephone, from our website, or face-to-face and, after analysis, indicates how much of a mortgage and what type you will qualify for. We would then give you a "pre-qualification certificate" which is of considerable value in dealing with a Realtor or a potential seller. Realtors and sellers are interested in dealing with people whom they know to be able to get the loan necessary to close the deal. What is pre-approval?Pre-approval is a step beyond pre-qualifying. In a pre-approval, we further analyze your credit history, assets, employment, and subject property. This information is provided to the lender who, in turn, will issue an approval to us for your mortgage. This approval means that all information provided by you has been verified. It also lists any outstanding documentation the underwriter may be looking for from us, you, the real estate agent, or the appraiser. Are fees important?Yes. Once you have identified that we have the lowest rates, comparing fees will determine additionally that we are offering the best product at the lowest price. Can I still apply for a mortgage if I've had some credit problems in the past?Yes! Prime Mortgage Group has many, many different mortgage programs available for borrowers with past (or present) credit issues. We specialize in securing financing for individuals with unique circumstances. How quickly will my loan be approved?Once your application is received, you can expect to receive an answer within 1 day. The processing of your loan will be related to how complete your application is and how rapidly you submit any required documents to your processor. Why are there such large differences in mortgage rates advertised by different lenders?Many lenders often advertise low “teaser” rates designed to generate phone calls. These rates may have additional points and fees added on to the rate prior to closing, or these programs are out of reach for all but a select few individuals with perfect credit and large down payments. In addition, if you are viewing rates posted by national lenders on their web sites, the rates advertised may not be available in your particular state. At Prime Mortgage Group, what you see is what you get. Our rates are true and honest rates for the Connecticut marketplace. We ALWAYS show the number of points and options available. We keep our closing costs low and free of hidden fees that other lenders may add on to their rate at closing. The fact is, we provide great rates AND great service. Can I put 5 or 10% down and still NOT pay PMI with Prime Mortgage Group?Yes. Prime Mortgage Group has several “NO PMI” programs available, including 100% financing. However, it makes sense to speak with a Prime Mortgage Group Mortgage Advisor to get the specifics on program that's right for you. At times, avoiding PMI is not the least expensive route. Your Prime Mortgage Group Mortgage Advisor can assist you in selecting the RIGHT mortgage choice for you. Fixed Rate or Adjustable Rate? Which is better?There is no absolute right answer but a Prime Mortgage Group mortgage advisor will look at your individual situation and make sure you understand all the options available. After I apply for a loan, what should I expect?Once your loan application is received, whether you apply online or in person, you will get notification from Prime Mortgage Group that your loan is in process. You will receive a loan package with a set of loan documents for your signature. This mailing will also include a list of documents we will need to complete your loan approval. We will always keep you informed of the progress of your loan. Who do I contact for information once my loan is in process?Once we have received your signed package and supporting documentation, you will be assigned to a loan processor. If you have any questions prior to returning your loan documents, please call us at 866-774-6313. You will also be able to check your loan status online. Can I get loan program rates over the phone?Yes. At any time during your loan process you can contact your loan officer if you require assistance in the selection of a mortgage product or imformation about rates. After I send my paperwork back, what happens?Your loan will be reviewed or pre-underwritten. We'll review your documentation and let you know what we need to close your loan. We will, of course, try to make the process very easy for you. When will I have to pay for something?Once you apply for a loan, you want to know if you qualify for the product selected. The first step in this qualification is to review your credit. Prime Mortgage Group will order a credit report, at no cost to you. Once you are credit approved, we ask that you only pay the appraiser when he inspects, to cover the cost of this report. What about the appraisal?We will arrange for an appraisal of your property and will use your estimated value as a guideline. We will notify you of your home's appraisal value. When should I lock my rate?We recommend watching the market and then locking in. Your mortgage advisor will keep you updated in regards to the rates. What is the Truth-in-Lending Law?The annual percentage rate, or APR, of the loan must be disclosed to you within three business days of when you apply for the loan. This is the rate you will actually pay for your mortgage after all the lender fees have been factored in, which is generally higher that the stated or advertised interest rate. Further explainantion will be provided with you loan paperwork. What is a Good Faith Estimate?This is a detailed list of estimated closing which we also provide to you within three business days of applying for the loan. The best approach is to request this list before choosing a loan. On a purchase loan, is there someone who will work with my Realtor?Yes. Since each loan is assigned to one loan officer who works with you until you close, he or she will be able to assist you or your Realtor at any time. Your realtor may also be able to check your loan status from our website. How do I find out if a lender is in good standing?Mortgage lenders are normally supervised by the Department of Banking in the state in which they do business. You can contact the Department of Banking to inquire about the lender. What if the lender you find or someone they sell my loan to goes out of business?People sometime ask, "If the lender you find for me goes out of business or becomes insolvent can I be forced to pay my loan off early?". The answer is "No, never". If the ownership of your loan is transferred because of failure it is still governed by the original note and deed of trust. Your note cannot be accelerated and your rate cannot be modified as a result of the failure. (Interestingly enough, this is not true of the savings or CD account you might have with a failed institution. There the principle may be guaranteed, but the interest isn't.) |
> SITE NAVIGATION"I owed 26 more years on my mortgage. Not only did I refinance to get a better rate, but I actually reduced my loan commitment to 21 years!”“We just had our first baby. She’s perfect and we’re going to give her everything possible. We underestimated the costs of daycare, doctor’s visits, and hospital bills. Prime Mortgage Group showed us how to use the equity in our home to work for us to relieve some of the pressure and get our debt under control." |
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