FAQ’s

You deserve quick answers to questions concerning buying or refinancing your home. We have them. Call us, email us at dennis@martin-loans.com or review some of the most commonly asked questions below.

Where do I start ?
Before you make an offer on your dream home, give us a few minutes of your time for a FREE consultation. We can show you how much you can afford, the down payment needed (if any) and answer any questions you might have.

What do I need to provide?
In most cases, you simply need to submit a few documents for the process to begin. For some situations, you won’t need to submit anything. Contact us for a list of what’s required.

How long does it take to get approved?
Much faster than you might think. We can give you an answer more quickly than many of our competitors. Contact us today to find out.

Do I need a down payment?
Down payment requirements vary from loan to loan. We offer many programs with very low down payment features. We can show you all your options.

Can I use a “gift” as a down payment?
Yes, money you receive as a gift may be used as a down payment. However, there are certain restrictions. We can tell you what they are and how you can benefit most.

Should I choose a fixed rate or adjustable rate?
The shortest way to explain this is to say fixed rate loans offer terms you can count on over an extended period of time, making monthly budgeting easier. Adjustable Rate Mortgages (ARM), on the other hand, can offer outstanding rates but can be unpredictable. The answer to which option is best for you depends on how long you plan on staying in your home, your risk tolerance and other factors. We can guide you to the most suitable choice for your circumstances.

Should I buy points?
That depends on your goals. Points are money you pay upfront in order to lower your interest rate. Whether it makes sense for you to pay for points depends on how long you plan on staying in your home. For your convenience, we have an easy-to-use formula to help you determine which choice is best for you.

What is an ARM?
ARMs (Adjustable Rate Mortgages) can allow you to get into the home of your dreams by offering you a significantly better interest rate than a fixed rate loan. But rates for ARM loans can also fluctuate upward, dramatically increasing your interest rate and your payment. Ask us how to determine if an ARM is right for you.

What are closing costs and how much will they be?
Closing costs include appraisal fees, title insurance and other fees concerning the transaction. The amount depends on various factors, which we would be happy to explain to you in detail.

How long does it take to close on my loan?
Generally, 30 to 60 days after your application has been submitted.

What is PMI and do I need it?
PMI stands for Private Mortgage Insurance. This insurance is typically required on loans where the down payment is less than 20%. You should know we have options that can help you avoid this additional expenditure.

What is earnest money?
This is your deposit toward a down payment that is submitted to demonstrate your commitment to purchase a property.

How much of a mortgage can I qualify for?
The general rule of thumb is that your total monthly housing expenses amount to less than one-third of your monthly gross income. This varies a bit by the loan program you choose. Call us and we can give you a fast answer specific to you.

When should I refinance?
Refinancing can play a major role in your overall financial goals. Many homeowners refinance to a lower rate to save thousands of dollars over the course of their loans. Or you can use money to pay for everything from a home improvement to a family vacation to college tuition. Give us a call to discuss your goals. We can tell you in a few minutes how refinancing can help you get what you want.

What is a No Income Verification Loan?
As the name implies, this loan does not require you to verify your income. Only your position and length of employment are checked. This is a popular loan for those who cannot or do not want to provide tax returns or pay stubs. It’s frequently chosen by those who are self-employed.

What is a NINA (No Income No Asset) Loan?
No proof of income or assets is required for this loan, allowing borrowers to bypass traditional lending guidelines. To see if you qualify, contact us today.

What is a credit score and how do I find mine?
A credit score is simply a rating of your credit worthiness based upon how you’ve used credit in the past, whether or not you’ve made payments on time, how long you’ve used credit, etc. The higher your score the better. We can help you find your score with a free copy of your own personal credit report! Be sure to ask us right away.

What’s a credit report?
Your credit report is a snapshot of your credit history, revealing how you’ve used credit in the past, which determines your credit score.

If my credit score is low, how can I improve it?
A few things will help. Pay your bills on time. Limit your credit card balances. Don’t apply for credit frequently. There are many other helpful tips to help improve your credit score and we would like to share them with you.

What does it mean to lock in my interest rate?
As you’ve probably seen, interest rates can fluctuate daily. By locking in a rate when it’s low, you can safeguard yourself from sudden rate spikes that could cost you thousands of dollars over the course of the loan. The rate you lock in is the rate you keep.

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