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Frequently Asked Questions
Financing your home, whether purchasing or refinancing, can be a confusing and frustrating experience. The process seems overwhelming, with unfamiliar terms, a mountain of papers to sign and a lot of personal information to divulge. To help ease the process is a list of frequently asked questions. If you have a question that is not covered here, or under More FAQs listed below, please contact us.
Why choose ADL Mortgage? Banks have limited loan programs... theirs, at retail rates. ADL Mortgage has relationships with different wholesale lenders at lower wholesale rates. We also have lower fees and costs than most other companies.
Can less than perfect credit qualify? Lenders look at many different factors to qualify a borrower, so there is probably a loan available that is right for you. Keep in mind that the higher the risk (bad credit, loan-to-value, etc.), the higher the interest rate.
Can I pre-qualify before I buy? You can get an approval letter for a loan before you have a home picked out. ADL Mortgage can give you an approval letter to take to your real estate agent. This letter will give you the confidence to make an offer, knowing you are already approved for your loan.
Can I finance the closing costs needed at closing? Some of the "cash needed to close" as it's sometimes called includes the settlement costs and any funds needed to pay off your existing home loan. Some or all of those costs can sometimes be financed as part of your new mortgage loan. If you have enough equity, you may be able to roll all of the closing costs into your loan.
What does a Mortgage Broker do? We assist you in selecting the best loan program available to meet your personal situation and needs. Process the paperwork and loan documents required by the individual lenders. Work with the lender, appraiser and title company to help your loan to be approved and funded in a timely manner.
When is a rate locked? Most 45-day and 60-day locks can be locked at any
time once the loan application has been taken but will have an extra charge.
A 30-day lock is free and available after the loan has been approved; while a
15-day lock is available once the loan documents are ready to order. A lock
policy will vary by individual lenders.
Click on More FAQs for more questions and answers.
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Residential & Commerical Mortgages
