FAQ, Frequently Asked Questions
- How long will it take to process my loan?
- What are the fees?
- How long is the rate quote available to me?
- What is an interest-only option?
- What are the differences between an ARM and a fixed rate mortgage?
- Is my state included in your licensure?
1. How long will it take to process my loan?
Most loans are completed within seven to ten days after submission. We will consistently update you on your mortgages' progress.
2. What are the fees?
No upfront fees or costs on most refinances. We offer 100% financing. There may also be seller paid closing costs on a case-by-case basis.
3. How long is the rate quote available to me?
Typically a rate is locked for 30 days, but in most cases, it may be extended for a nominal fee.
4. What is an interest-only option?
It is an option in which only the interest portion of the loan is required. In most cases, there is no prepay so you can pay any additional principle in any amount, if you wish. It is used primarily for higher Loan-To-Values or for first time homebuyers to give payment relief.
5. What are the differences between an ARM and a fixed rate mortgage?
An ARM typically has a fixed period of 3, 5, 7 or 10 years. Subsequently, the rate adjusts based on a fixed margin and a financial index. A fixed rate remains level for the term of the loan.
6. Is my state included in your licensure?
Click here. to view our corporate license page.
" Whatever your needs may be, let the mortgage professionals at Morgan Financial show you how they can help."
