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There are many
questions prospective mortgage recipients have when they begin
searching for the right loan plan. Investigate First Atlantic
Mortgage Services FAQs to clarify any confusion you have.
1 How do I
find out if I meet the criteria for a mortgage?
As a general rule, around 28% of your gross yearly income
should be marked for housing costs. Just divide your gross
annual earnings by 12, and multiply that number by .28. That
will give you an estimate of the amount not to exceed per
month for a mortgage payment. Other debts should also be taken
into account. These monthly expenses, plus your housing
expenditure, should not be higher than 36% of your monthly
earnings. First Atlantic Mortgage Services will be glad to
crunch the numbers with you and help you determine your future
mortgage viability.
2 How much
am I required to put down on my new home?
Usually, you can put down as low as 0% to 3% of your house’s
purchase price, or as high as you can afford above that
percentage. However, the more money you put down, the more
loan options become available.
3 Why would
refinancing my current mortgage be helpful?
Refinancing can help lower your monthly mortgage payments,
leaving money for other investments or any other purpose. You
can also use the extra cash to make other home improvements
that will drive up your house’s value.
4 Can you
tell me what points are?
Points are a one-time charge by the mortgage lender, which
grant you the power to receive a lower interest rate. Every
point equals one percent of the mortgage amount.
5 Can my
mortgage payment be automatically taken out of my account?
Of course. Your First Atlantic mortgage means no extra paper
work to misplace or add to your unwanted clutter. With this
pre-authorized withdrawal option, your mortgage payments will
be deducted monthly from the account of your choice. It's a
simple way to make your monthly payment, and you don’t have
to do any extra work.
6 What
should my expectations be at settlement?
You should be ready to sign multiple pieces of paperwork at
settlement, including the mortgage, note and all disclosures.
Make sure to bring the following with you: two forms of valid
identification and a form of payment to cover the remaining
down payment and closing costs.
7 Can you
tell me the total turn-around time?
We will make sure to meet your desired closing date as long as
there is a sensible amount of time until the scheduled closing
day. If we have all of your necessary documentation and the
appraisal and title insurance are finished and accepted, the
closing can be within 20 to 30 days. Mortgage refinances are
usually closed within 45 days.
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