Frequently Asked Questions


 

Q: What does it cost to submit a loan application?
A: Nothing. You can submit your application and become pre-approved for a loan without incurring any charges. Later on, fees may be incurred when you lock your loan (including the appraisal charge), and eventually you will have closing costs when the loan closes.     

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Q: Don't I need to sign something to actually apply?
A: Your personal loan specialist will forward to you as soon as possible, via DHL, email, or Priority Mail, a fully prepared loan application package with all the necessary forms, regulatory disclosures, and a list of all required documentation to process your loan request.  You are under no obligation by applying online, and even after you sign the loan application documents we send you in the mail, you still are not obligated to the loan until the closing at the attorney or title company's office. 

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Q: What documents will I need to provide after I apply?
A: Basic income and asset documentation, as well as the hard copy application we send you after you decide on a loan program.  A detailed list is here.

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Q: Do I need to pick the property I want to buy before I fill out the application?
A: No, you can fill out the application first, and once your loan is approved you can make changes to it up until the time that your loan rate is locked.     

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Q: What if I don't want to send information over the internet?
A: We can still help!  Just call our toll-free number at 1-877-523-3886. Our customer support representatives will be happy to assist you with locating the best loan for your circumstances.     

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Q: Is goodmortgage.com a mortgage broker or a mortgage banker?
A: We are both a mortgage broker and a banker which gives you the ability to have the lowest rates, a wide variety of loan programs and quality efficient service because can do all types of  mortgages. Because of this flexibility we offer loans to a wide variety of applicants including self employed people who may not show all of their income on their tax returns, people who have less than perfect credit, and people who have higher debt ratios.  For most applicants it means access to lower mortgage rates.

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Q: After I submit my loan, what happens next?
A: Once your loan has been submitted, one of our loan representatives will be assigned to your account and will be calling you with information about your loan.  We'll present up to 4 loan offers based on the information you provide, and help you understand the advantages and disadvantages of each offer.  After you chose your loan, we will send the appropriate disclosures and hard copy mortgage application with detailed instructions on what you will need to return for the processing of your loan.

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Q: Who can I contact regarding my loan?
A: You will have a personal loan specialist assigned to your loan.  These experienced loan professionals will provide guidance on available loan products and provide the required loan paperwork for you.  

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Q: How do I know what mortgage program is best for me?
A: There is no simple answer to this question. Each person must take into consideration:

 

  • How long they plan to own the home.
  • Their prospects for job improvement and advances.
  • Their current financial status.
  • Family needs now and the future.     

 

The best solution is a meeting with an experienced loan counselor. At goodmortgage.com we try to give you the information that will assist you to make the decision best for your circumstances.     

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Q: What is the usual time frame to close a loan?
A: Most loans can close within 2-3 weeks. We will most often pre-approve your loan subject to certain conditions within 24-48 hours.     

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Q: What do you look at when you approve my loan?

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A: At the heart of approving a potential borrower are what lender's call the four "C's". Credit (your personal credit history), Collateral (the market value of the property used a security for the transaction), Cash to Close (down payment) and Capacity (your financial ability to repay the loan). If one or more of these areas is inadequate your loan may become nonconforming in nature. A nonconforming loan may require a slightly higher interest rate to adjust for the added risk associated with your loan.  goodmortgage.com is the type of lender that tries to figure out ways to approve all loan submissions.     

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Q: I don't know much about mortgages, where can I learn more?
A: We understand, mortgages can be complex, we're here to make it simple and stress free for you.  The average person has less than 5 mortgages during their life, and the industry is changing rapidly.  We have two resources to help you.  The first is Mortgage School.  You can spend hours reviewing the information we've provided at no charge.  The second is our mortgage dictionary of terms, if there is a specific term you're interested in learning about.    

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Q: Can I use money in a 401(k) or employee savings plan towards a down payment on a home?
A: Most 401(k) plans will allow for a loan against the savings plan, please check  with your plan administrator for the details and availability of the loan and the repayment provisions.  The mortgage lender will need to know the amount owed, repayment term and monthly payment.

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Q: Is a home equity line of credit considered a second mortgage?
A: Yes, a line of credit is recorded as a lien against the  property for the full amount of the credit line.

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Q: What is a Stated Income or No Income Verification mortgage?
A: A State Income Stated Asset (or SISA) loan is when your income is stated on the application. This is normally used when a borrower is commissioned or self employed, and the income is hard to verify, but employment can be verified. However, if you have a great credit history and equity in the property (either by owning or with a down payment) the rates can be close to conforming rates. The No Income Verification mortgage or NIV is generally used by people with good credit histories who do not wish to document their incomes. The income is stated and employment is not verified, and this program is ideal for the self-employed borrower with complicated tax returns and financial statements

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We believe in educated consumers!