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Many people have questions about mortgages, including the type of loan that
is right for them. You’ll find answers to the most common questions below.
Ron is always available to answer these or other questions in more detail.
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Q. Should I choose a Fixed Rate or Adjustable Rate Mortgage?
A. There is no simple answer to this question, but choosing the right
mortgage for you largely depends on your financial profile and how long
you intend to keep the house.
The advantage of an Adjustable Rate Mortgage is that the initial interest is lower.
However, if interest rates increase, then you could end up paying more. Ron can
explain all benefits and draw-backs for both types of loans.
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Q. Can't I just go to a bank for a loan? Don't they have mortgage brokers there?
A. Banks certainly make some loans to the public. However, banks are usually limited
to a narrow choice of programs. Ron can choose from a variety of
financial institutions to provide the loan package that is best suited (and more
competitive) for the customer.
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Q. Does it cost more to go to a mortgage broker, as opposed to a bank?
A. As a mortgage broker, Ron should be able to obtain a more competitive rate, while minimizing
additional fees.
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Q. How do I determine what price home I can qualify for?
A. How much home you can afford depends on your credit history, how much you
earn and how much you owe, as well as your savings and the type of loan you choose. To help
you determine what you can afford, we will consider your expenses in
relation to your income to determine your maximum payment.
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Q. How long will it take for my loan to be processed once I apply?
A. The answer depends on the lending institution that is being used and
how complete and well organized the customer's documentation is. A loan can
usually be completed between 30 and 45 days after applying. Starting the
process early and getting pre-qualified can save a great deal of time.
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Q. When should I refinance?
A. When you own your home, you may have the opportunity to manage this
important asset by refinancing your current mortgage. Perhaps you need
extra money for college expenses or a major purchase, or perhaps you
are considering an addition or remodeling.
Refinancing may be the best choice for obtaining the lowest interest
rate. You may not need to pay any out-of-pocket cash in the process. In
addition, when rates are favorable, you may be able to lower your monthly
mortgage payment or shorten your loan term.
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Q. As a home buyer, why should I finance through Maine Mortgage Services?
A. Based on his extensive resume, as a Mortgage Underwriter and Bank Branch Manager, Ron
is your greatest asset when financing a home. He is familiar with a wide
range of mortgage programs and is committed to partnering with you to best meet
your goals and needs throughout the mortgage process.
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