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ARK Mortgages Frequently Asked Questions
| 1. Why use a Mortgage Broker? |
| ARK Mortgages
continuously searches across multiple lenders to find the best available
rates and the best loan for your specific needs. In addition, ARK
Mortgages can help guide you through the loan application process and
promptly answer questions you may have. |
2. How long does it take to receive an approval? |
| Approval can take as little as a few hours. Please
contact us for further details. |
3. What happens after the application
process begins? |
| Key application information from the lender is verified.
An appraisal may also be ordered and the underwriting process will have
begun. |
4. What is the maximum amount of loan that I
can qualify for? |
| This will vary by lender; however, ARK Mortgages can help
guide you to the best lender for your specific needs. |
5. How much will it cost to close on my
mortgage? |
| This will vary by loan amount, loan type, specific
appraisal fees, title insurance, etc. The Real Estate Settlement Procedures
Act (RESPA) requires disclosure of estimated settlement costs to homebuyers
based upon the specific loan details. Please contact us for further details. |
6. How do the lenders look at my credit? |
| Lenders will draw from three major credit reporting agencies
to help develop a composite of the borrower. Sometimes the data may be different
from one credit agency to another. As a result, lenders may utilize reports from
two or three of the agencies. |
| Several credit scoring models utilize
the Fair, Isaac and Co. (FICO) model. FICO is a "score" which incorporates
various factors including income, debts, job history, various other
factors, and is typically utilized to help predict mortgage
payments/defaults. FICO scores range from 450 to 850 - the lower the
score, the higher the risk. |
8. Will I need "perfect credit" to obtain a
competitive mortgage rate? |
| ARK Mortgages works with numerous
lenders that have significant experience working with individuals of
varying credit quality. ARK Mortgages will work with you to find the best
lender for your specific needs. |
9. I am self-employed. Will it be more
difficult to get a mortgage? |
| This will depend upon the specific
circumstances and the type of loan required. ARK Mortgages works with
numerous lenders that have deep experience lending to self-employed
people. Please call us for additional details. |
10. Should I consider a fixed loan or a
variable rate loan? |
| What is Private Mortgage Insurance and do I need it?
Private Mortgage Insurance typically insures the top 20% of a new loan against
the borrowers default and is purchased by the borrower. Please call us for
further details to see if this may apply to your unique circumstance.
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11. What happens if interest rates decline
during the loan application process? |
| Please contact ARK Mortgages so we can
best help you decide what may be the most appropriate loan for your needs.
Each has particular benefits depending on your unique circumstances.
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12. Am I eligible for the lower rate prior to
the final closing? |
| Yes. Please contact us for further
details. |
13. What types of mortgages does ARK
Mortgages offer? |
| We offer a wide variety of mortgages
including: Fixed and Variable Terms, no closing cost mortgages, cash out
re-financings, and many others. Please contact us for further details.
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14. What is ARK Mortgages Privacy Policy? |
| ARK Mortgages maintains a strict
confidentiality policy. |
15. Does ARK Mortgages finance multi-family
properties? |
| Yes. Please contact us for further
details. |
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