FAQ’s

Homeowners get tax benefits and can deduct mortgage interest and real estate property taxes on their income tax returns. Owning a home helps grow the customer’s assets. As the home builds equity, the homeowner’s property value increases. Owning a home also helps build a strong credit history. Additionally, homeowners get to avoid rent increases and all of the hassle that renting comes with.

The first item to start the purchase process is to obtain a Pre-Approval / Pre-Qualification Letter. This letter will provide the Selling agent the ability to show the borrower Mortgage Qualification strength when submitting offers for a purchase.

Typical closing costs include fees for appraisal, title insurance, title search, transfer taxes, settlement services, property taxes, hazard insurance premiums and government recording fees. These fees vary on the transaction type and the geographic location of the property.

A mortgage pre-qualification letter is an estimate of how much you might qualify to borrow and the rates you may be eligible for (as determined using today’s rates), based on a preliminary review of your credit report and information you provided to your lender. A mortgage pre-approval letter means that the lender has checked and verified your credit, along with your income, assets, debts, employment history, etc. A mortgage pre-approval letter means that you are likely to be approved for a mortgage and also states the amount for which you may be approved.

Titan Mutual Lending has developed a process to Pre-Approve all Clients without the borrower defining a home.

Refinancing your home could be the best option to secure a lower interest rate on your mortgage, as well as, save money on your monthly payments. With this loan option, you have the chance to re-evaluate your mortgage terms, including changing the length of your loan or changing the type of rate (adjustable or fixed). If you are in need of extra cash, you can choose cash-out refinancing by borrowing more money from your home equity.

A Fixed Rate loan has a defined interest rate for the full term of the loan. A Adjustable Rate Mortgage (ARM) has a fixed term for usually 5-10 years then adjust on the defined index.

If borrowers plan on moving in the immediate future, have begun the amortization process of their current mortgage, or have a prepayment penalty; they should reconsider a refinance plan.

A lender cannot refinance your property if your home is listed for sale. At a minimum, the property needs to be one day out of the listing process.

The equity of your home is your value minus your current mortgage balance.

You can apply for a reverse mortgage if you are at least 62 years old, the home is your primary residence and most, if not all of your traditional mortgage has been paid.

1. No monthly mortgage payments.
2. Consistent monthly cash flow.
3. Cashing out with no limitation restriction on spending.

Contrary to properly belief, yes you can use a HECM loan to purchase a home. In addition, no monthly mortgage payments would be required.

When both you and any eligible spouse have passed away, heirs wanting to retain the home must pay off the loan through a refinance or any other method. But they will not have to pay back more than the house is worth.

There are no monthly mortgage payments in a HECM loan. Borrowers are still obligated to pay their HOA Dues, Property Taxes and Insurance.

When a HECM loan is obtained the title of the home still remains in the borrower’s name. When the you or a spouses passes, the heirs have a set period of time to pay off the mortgage.