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HELPFUL QUESTIONS AND
ANSWERS |
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Q:
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What's the best way to make loan application? |
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A: |
The best way to make loan application is to
phone us at (800) 679-5689. Our experienced staff will be
able to answer any questions you may have as well as get the
necessary information in order to process the application.
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Q:
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Is there an up-front application fee? |
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A: |
The only fees collected at the time of
application is $315 for the cost of the credit report and
appraisal. |
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Q: |
At what point can we lock in our interest rate? |
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A: |
Your interest rate can be locked at the time
of application when you pay for your credit report and
appraisal. An Interest Rate Lock-In Confirmation can be
either e-mailed or faxed to you. |
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Q:
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What are the other fees associated with obtaining a loan through
your company? |
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A: |
PMC charges a flat $95
processing fee. This fee is paid at settlement with the other settlement
charges. |
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Q:
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Are there any other lender fees? |
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A: |
Typical lender fees are
as follows: |
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Underwriting Fee:
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$150 |
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Document Preparation
Fee: |
$150 |
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Tax Service Fee:
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$65 |
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Flood Certification
Fee: |
$14 |
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These fees can vary slightly lender by
lender. Our mission is to provide you with the lowest mortgage terms
available in the national wholesale market. |
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Q: |
What about other closing costs? |
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A: |
If you're not choosing a zero cost refinance, there are
other costs associated with obtaining a mortgage loan.
These charges are for items such as title insurance, county
recording fees, settlement agent or attorney fees, etc. For a
definition of standard mortgage closing costs, click here. We would be happy to fax you a Good Faith Estimate of
Closing Costs upon request. |
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Q: |
How long does it take to settle? |
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A: |
From beginning to end,
about three to six weeks. |
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Q: |
When do I know when I'm approved? |
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A: |
Thanks to modern
technology, the mortgage industry has streamlined the processing
procedure. If you're like most folks, the paperwork
required will probably consist of the application and necessary
disclosures, the purchase contract (if applicable), one pay
stub, one bank statement and/or a 401K statement and one W2
Form. |
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Q: |
How much paperwork is involved? |
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Thanks to modern
technology, the mortgage industry has streamlined the processing
procedure. If you're like most folks, the paperwork
required will probably consist of the application and necessary
disclosures, the purchase contract (if applicable), one pay
stub, one bank statement and/or a 401K statement and one W2
Form. |
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Q: |
I've
never heard of your company. Do you have the proper
licenses necessary to conduct business? |
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A: |
PMC Mortgage is licensed in good standing in Virginia,
Maryland, Washington, D.C., Connecticut and Missouri. We are licensed with
the Federal Housing Administration (FHA) and the Veteran's Administration.
There are no state licensing requirement in Colorado and Texas.
Please check out our
Client
Testimonial to read what some of our clients have
to say about us. |
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