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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 763-561-9298 to get expert advice on your specific needs from one of our Mortgage Advisors.
We have streamlined the application, underwriting, and closing processes to get your loan closed quickly and smoothly. 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. All pre-closing documentation requirements can be handled via email or fax.
Pre-qualifying is a process whereby one of our Mortgage Advisors gathers 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 will run your loan scenario through a computerized automated underwriting system that will provide a “conditional approval” and allow us to issue you a pre-approval letter, which you will need before 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 and will be looking for documentation to prove that you have gone through the pre-approval process.
Can I still apply for a mortgage if I've had some credit problems in the past?
Yes! Universal Mortgage Company has 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, usually faster. The processing of your loan will be related to how complete your application is and how rapidly you submit any required documentation.
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 Universal Mortgage Company, what you see is what you get. Our rates are true and honest rates for the Minnesota 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 at closing.
Can I put 5 or 10% down and still NOT pay PMI with Prime Mortgage Group?
Yes. Universal Mortgage Company has several “NO PMI” programs available, including 100% financing. However, it makes sense to speak with a Mortgage Advisor to get the specifics on program that's right for you. At times, avoiding PMI is not the least expensive route. Your 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 Universal Mortgage Company 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 Universal Mortgage Company 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?
You may contact your Mortgage Advisor at any time with any questions that you have. If you have any questions prior to returning your loan documents, please call us at 763-561-9298.
Can I get loan program rates over the phone?
Yes. At any time during your loan process you can contact your Mortgage Advisor if you require assistance in the selection of a mortgage product or information about rates.
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. We will provide you with a copy of your appraisal at your request.
When should I lock my rate?
Your Mortgage Advisor will go through the lock options with you and will keep you updated in regards to the rates. Ultimately it is up to you to decide when you want to lock in the interest rate. You will need to contact your Mortgage Advisor to lock in your interest rate.
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 explanation will be provided with you loan paperwork.
What is a Good Faith Estimate?
The good faith estimate is a detailed list of estimated closing costs 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 Mortgage Advisor who works with you until you close, he or she will be able to assist you or your Realtor at any time.
If I need to, can I come to your office and talk to someone?
Absolutely. We are located on the Southeast corner of 694 and Shingle Creek Parkway. Our address is 6300 Shingle Creek Parkway, Suite 275, Brooklyn Center, MN 55430. Please give your Mortgage Advisor a call before you stop in to let them know you are coming.
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