FREQUENTLY ASKED QUESTIONS (FAQs)

Q:         Can I be the only person on the loan, but have more than one person on the title?

A:         Yes, you can be the only borrower on the loan and add a person to the title.

This typically happens in a spouse situation where the spouse does not have income to qualify for the loan, but needs to be on the title in case of death of the borrower.

Q:         Can I waive the 3-day right of rescission on a refinance transaction?

A:         No.  This right of rescission is a law and cannot be waived.

Q:         How much does an appraisal cost?

A:         Typically, the appraisal will cost around $300 and is due at the time the

            appraisal is due.

Q:         If I have a 1st and 2nd mortgage and I want to combine into one mortgage, is that

            considered a rate/term refinance?

A:         If the 1st and 2nd mortgage were part of the purchase of the house, then it would

            be a rate/term refinance.  If the 2nd mortgage was taken out after the purchase of

            the house, then the refinance is treated as a cash-out refinance.

Q:         What does a 5/1 ARM mean?

A:         For the initial 5 years, the rate is fixed.  Then, after the fifth year, the interest

            rate can change once a year for the life of the loan.  Typically, the interest can

            increase or decrease a max of 2% per year with a lifetime cap of 5 or 6%.

 If you have questions or would like help with your mortgage, you can call us at (770) 339-3375.

We can help you find the lender (mortgage bank) that can get you the best deal for your financial situation (including setting you up with the best financing rates and loan term).