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loanhomecenter.com is the first online direct lender dedicated to bringing you
a full spectrum of home lending products with unparalleled customer service.
unlike other online lenders, loanhomecenter.com is not limited to working with
only one type of borrower, which means that borrowers of all financial and
credit profiles receive the benefits of an online branchless company along with
superior levels of customer service. plus our rates and service are backed with
the industry's most comprehensive guarantees.
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loanhomecenter.com's proprietary paceâ„¢ technology powers the company's
loan origination system and web site enabling customers and mortgage bankers to
research thousands of loan programs within seconds to find the products and
corresponding interest rates that meet the customer's individual needs and are
matched to their financial and credit backgrounds.
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absolutely. loanhomecenter.com has thousands of loan programs that cover the
full spectrum of financial and credit profiles. our specialty is finding a loan
for every home, no matter how unique the situation. what's more, is that our
comprehensive satisfaction guarantees apply to every borrower, not just the
prime credit consumer. no matter your situation, you won't find a better
program, with better rates, and better service than at loanhomecenter.com. best
of all, there's no cost or obligation to apply for a loan or obtain a custom
loan search.
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most lenders offer "custom" rate quotes that are not customized at all, but are
based on numerous assumptions that fit the prime credit, "vanilla" consumer
profile. in many cases, once customers actually apply for the incredible rate
they see, they discover - too late - that they do not qualify for that program.
at loanhomecenter.com, we take the worry out of program eligibility with our
unique custom loan search feature. using paceâ„¢ technology,
loanhomecenter.com enables customers to enter minimal information, search
through thousands of loan programs, and obtain a customized list of loan
programs and interest rate options that the customer qualifies for.
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| once you obtain a custom loan search from our web site,
you can create a user name and password and save your program search results in
your very own personal online resource center. an industry-first feature, your
personalized loan center can be accessed at any time - 24/7, as often as you'd
like, and you can view all the loan programs that have been selected for you
based on your individual financial and credit profile. every time you visit
your personal loan center, you can update your programs with the latest rates.
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in our ongoing effort to make the mortgage process as simple as possible for
you, loanhomecenter.com has instituted an all-inclusive comprehensive lender
fee that we guarantee up front in our closing fee quote. because we are a
direct lender, we control the entire process and maintain control of the fees,
enabling us to quote accurate closing fees up front and prevent unexpected last
minute increases.
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a rate lock is a lender's guarantee of an interest rate for a set period of
time, usually between loan application and loan closing. the lock period can
range anywhere between 15 days to 90 days during which time the borrower is
protected against rate fluctuations. generally speaking, the longer the lock-in
period, the higher the cost to the borrower, in interest rate or points, or a
combination of both. |
| at loanhomecenter.com, you can lock in your rate after you
apply for the loan. for purchase transactions, borrowers usually time the rate
lock expiration date to the closing date of their escrow. how early you lock
your rate and for how long depends on when you feel it is the right time to do
so, as the market fluctuates unpredictably. you may rather pay a little extra
to secure your rate for a longer period of time. on refinance transactions,
borrowers typically lock in their rate almost immediately after submitting
their application. in many cases, lenders will require a rate lock before they
can proceed beyond a certain point in the processing of the loan. |
| a direct lender is one that works directly with the
consumer to originate, process, approve, and fund the loan. unlike traditional
or online mortgage brokers that act as middlemen who simply take an application
and pass them off to the lender, loanhomecenter.com controls the entire process
from beginning to end. because there are no additional layers, direct lenders
can often offer better interest rates, better customer service, and more
accurate information to consumers. |
| no. because we are confident in the rates and service that
we offer, we do not hold our customers hostage by requiring an application fee.
most lenders require a $200 - $500 fee to apply in order to "hook" consumers
into the process, hoping to deter them from going elsewhere even if the
experience turns sour. at loanhomecenter.com, you're free to search loan
programs and apply at your convenience without risk or obligation. |
| absolutely. with the large variety of loan programs
available today, we can get you into a new home or refinance your existing loan
with no cost or minimal cost to you. your savings will be immediate and you
won't have to sacrifice your savings or equity to get a great rate. we offer no
down and low down payment home purchase options and no cost refinance programs.
just ask one of our friendly mortgage bankers for our flexible financing
options or view our selection center feature on our web site to view the many
loan programs that we offer. |
| we make the process as painless as possible. operating
from a virtual platform enables loanhomecenter.com to process your loan quickly
and efficiently without requiring you to ever make an office visit. the entire
process can be completed in the comfort of your home or office through
electronic and telephone communication. you can apply online or over the phone
at which time you will be introduced to your own personal mortgage banker who
will guide you through the entire process. along the way, you can check the
status of your home loan application by calling your mortgage banker or logging
on to loanhomecenter.com's loan status feature available on our web site. |
| that depends on a number of things. for example, the
closing date on a purchase loan is determined by the escrow closing date that
is agreed upon between the buyer and the seller or builder. usually, purchase
escrow periods range between 30 to 90 days. on refinance transactions, the
process can vary between 5 to 30 days depending on whether there are any
special circumstances surrounding the transaction. in most cases,
loanhomecenter.com closes refinance transactions in less than 15 days. |
| the apr, or annual percentage rate is defined as the
annual cost of a loan, expressed as a yearly rate. apr takes into account fees
that include interest, points, origination fees, and mortgage insurance, so it
will be slightly higher than the interest rate on the loan. however, it is not
a good idea to shop for a loan based on the apr because calculations vary from
lender to lender. it's a much better idea to compare lenders by looking at the
interest rate for the same loan type and term and then compare the applicable
points and total closing fees. |
| one point is equivalent to one percent of your loan
amount. paying points is a method of reducing your interest rate when you
purchase or refinance your home. in essence, you are paying up front for a
lower interest rate to reduce your monthly payment over the life of your loan
term. one point on a $100,000 loan amount is equal to $1000.00. to determine
whether it makes sense for you to pay points or not, ask your mortgage banker.
as a general rule of thumb, it makes more sense to pay points if you intend to
keep your home for a long enough period of time where the savings in your
monthly payment eventually makes up for the extra fees that you pay up front. |
| loan to value (ltv) refers to the amount of the loan as a
percentage of the current market value of your home. the calculation is simply
as follows: existing loan amount / current value of your home. the ltv is
important in determining whether or not you will qualify for a refinance and
will determine whether or not you will have to pay private mortgage insurance
(see below for definition) on your purchase or refinance transaction. |
| pmi or private mortgage insurance is insurance purchased
by a buyer when a down payment is less than 20% of the purchase price or more
than 80% ltv. mortgage insurance was designed to allow buyers to purchase a
home for less than the traditional 20% down. because there is more risk to the
lender as the down payment amount decreases, pmi is required as a protection to
the lender against default on the mortgage. homeowners will continue to pay
mortgage insurance even after they refinance their home, as long as the ltv
remains above 80%. |
| an escrow or impound account is established to allow the
lender to collect property tax and hazard insurance payments on a monthly
basis. the escrow/impound payment is collected with your monthly mortgage
principal and interest payment and is calculated by taking your yearly tax and
annual insurance payment and amortizing it over 12 months, along with a
mandatory pad of at least 2 additional months worth of payments for each. the
lender will draw from the account when the property tax installments are due
(november and february) as well as annual insurance policy and will pay the
county tax collector and insurance company directly. the escrow/impound account
offers a convenient way for borrowers to ensure that their property tax and
insurance payments are paid in a timely manner. |
| freddie mac refers to the federal home loan mortgage
corporation and fannie mae refers to the federal national mortgage association.
both are organizations created by congress to buy loans from lending
institutions. |
conforming loans have a well-established secondary market provided by the two
government sponsored entities, the federal home loan mortgage corporation
(freddie mac) and federal national mortgage association (fannie mae). currently
the conforming loan limits are as follows*:
• 1 unit-up to $333,700
• 2 units-up to $427,150
• 3 units-up to $516,300
• 4 units-up to $641,650
a jumbo loan is one that exceeds these loan amounts.
* the conforming loan limits vary in alaska and hawaii
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| that depends on a variety of factors. generally speaking,
adjustable rate mortgages or arms offer lower interest rates than fixed rate
loans but have the potential to fluctuate every month, every 6 months, or every
year, depending on the type of adjustable mortgage that you obtain. thus, an
arm may be more attractive to homeowners that do not have long-term plans for
staying in their home. in this case, the adjustable rate may not reach the
prevailing fixed rate before the home is sold. however, for those that want
more stability in their rate and monthly payments, a longer term 15, 20, or 30
year fixed rate may be more attractive. loanhomecenter.com offers a variety of
adjustable, short term fixed, and long term fixed rates to help you with your
individual goals. |
| loanhomecenter.com's proprietary central home loan
origination engine (chloeâ„¢) automates much of the loan processing
function to deliver a smoother process and faster closing times for consumers,
no matter how complex their credit situation. |